Saskatoon Tribal Council's Mino-Bimaadiziwin Youth Business Plan Competition giving away $11,000!
- EFN Staff | December 17, 2013
An excellent business idea spinning in the brain of a young First Nation entrepreneur in Saskatchewan may be worth $5,000. Actually over $11,000 is being made available as prize money in the Saskatoon Tribal Council's Mino-Bimaadiziwin Youth Business Plan Competition targeting Saskatchewan First Nation youth between the ages of 16-35.
The 3rd annual contest is gaining in popularity and is helping to create awareness about entrepreneurship in the First Nation community.
"The population in our communities is so young and we always talk about supporting youth," said Kristina Duffee, Youth Entrepreneurship Program Coordinator for the Tribal Council. "These contests are an opportunity for guidance as well as an economic boost for their business. Here is an opportunity to create business and make their lives and community better."
Last year's winner was Shayne Gladue of the Flying Dust First Nation. He won $5,000 for his plan to build a trucking company. With a baby on the way this spring and a newly purchased house, he is still a year away from starting the business, but his experience in the contest was invaluable.
"When I heard my name being called I was overwhelmed. I thought the other contestant's plans were far more advanced and or unique than mine," said Gladue. "To be the first place winner meant the world to me at the time because no matter what anyone said regarding my plan I knew that I am going to reach my dreams soon enough. I left that competition with more confidence and most importantly I believed in myself and what I want to achieve."
The prize money of $11,000 is made possible through the generous sponsorship of PotashCorp for the STC Youth Entrepreneurship Program. The competition encourages the submission of new and existing business plans in order to turn those plans into business realities.
"The quality of the pitches gets better every year," said Duffee. "And it is great for these youth to gain valuable experience and confidence in public speaking and in their business."
Gladue says that he learned three simple but powerful things from last year's competition.
"My advice for this years contestants is never give up, be passionate about what you want to do and know everything possible about your line of business and how you are going to differentiate from the competition."
The judging panel is made up of banking industry representatives and business leaders in Saskatoon. The top plans will win their cash prizes to help turn those ideas into real businesses. Winners will present a quick overview of their business plans at an award luncheon.