Ontario Marks Year Of The Entrepreneur
McGuinty Government Invests In Youth Entrepreneurship And Businesses
Ontario marked 2011 as Year of the Entrepreneur by welcoming more than 20 entrepreneurs and business leaders at Queen's Park.
The province recognized the significant role business leaders and entrepreneurs have had in helping Ontario's economy turn the corner after the recession.
Ontario will also be helping more than 600 enterprising youth start their own businesses and create new summer jobs through the 2011 Summer Company program which gives students hands-on entrepreneurial experience by helping them run their own company.
Supporting entrepreneurship is a key component of the plan laid out in Ontario's 2011 Budget -- Turning the Corner, to create and support 10,000 new and existing jobs for Ontario families and strengthen local economies.
- 2011 also marks the 40th anniversary of the Canadian Federation of Independent Business and the 15th anniversary of the Canadian Youth Business Foundation.
- In 2010, 650 Summer Companies were launched through the Summer Company program. Non-profit organizations will also develop projects that offer educational and entrepreneurial opportunities to youth through the Youth Entrepreneurship Partnerships program with the province's support.
- A ministry study has shown that 375 summer company projects launched between 2001 and 2006 were still in operation in 2007. This accounted for 870 jobs and $11.4 million in annual revenue.
- Youth under 30 years of age are majority owners of approximately two per cent of Ontario's small and medium enterprises.
- As a result of the tax changes implemented in Ontario, taxes on business investment were cut in half, making Ontario more competitive and encouraging to new business growth.
“Ontario's economy would have never succeeded in turning the corner without the resilience, perseverance and dedication of our entrepreneurs and business leaders. In recognition of this sector's achievements, it is only fitting that Ontario recognizes 2011 as Year of the Entrepreneur.”
“Young entrepreneurs are networkers and builders who possess creativity and fearless determination. They want to open businesses, create jobs that stimulate the economy of their communities and keep Ontario globally competitive. Alongside the Government of Ontario, CYBF works with these young people to create jobs that keep our economy strong.”
“We are pleased to see Ontario's commitment to youth entrepreneurship as well as the province's ongoing support for small and medium business which employs over 2.8 million people. Cuts to the small business corporate income tax rate and new legislation like the Open for Business Act will help to reduce the burden that small businesses face. This is a step in the right direction to help the job-creating small business sector continue to succeed.”