LONDON, Ontario (July 21, 2011): Ontario is helping to foster an entrepreneurial spirit amongst London students by encouraging, supporting and developing student initiated business ventures.
The province is investing $285,000 in the London Economic Development Corporation for BizInc., a London-based student business incubator located at the University of Western Ontario.
Business incubators provide education, skills training, networking, mentoring and tangible office support systems to deliver positive results for new business start-ups and student-led ventures.
BizInc. pulls together like-minded individuals who are passionate about their new ideas and will help post-secondary students discover their entrepreneurial potential by educating, equipping and supporting them as they turn their ideas into workable businesses. BizInc. will match students with a talent pool that will help develop their ideas into seasonal companies, part-time companies, post-graduate full-time companies and full business launch opportunities.
“The likelihood of young adults remaining in the community to operate their business increases significantly if they have a reliable support network and a favourable environment in which to operate their businesses,” says John Pollock, Director of BizInc.
BizInc. will provide access to those critical resources both in-house and through community partners in order to retain energetic creative people, develop new business opportunities, attract new businesses to London, and enhance the vibrancy and culture of London.
"Fostering and supporting London's young entrepreneurs builds a stronger economy and more jobs for Londoners," says Chris Bentley, MPP London West.
UWO and Fanshawe College represent a student population of more than 86,000 full and part-time students at the undergraduate and graduate level.
In 2011, the London region is experiencing unemployment of 8.3%. Unemployment in the youth category from 15 -27 years of age is currently experiencing a rate of higher than 15%.
Retaining post-secondary students in London by supporting them in new economic endeavours is one way to build a business base, create employment opportunities and help London employers deal with a tightening labour market. Student retention from post-secondary institutions, UWO and Fanshawe College, will be a key driver to London’s future economic prosperity.
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Media contact:
Michelle De Jesus,
BizInc. & Marketing Coordinator,
London Economic Development Corporation,
Mobile: 226.448.4531
