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August 16, 2007
For immediate release

Young Millionaires Are Open for Business During Old Home Week

Development and Technology

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Young entrepreneurs on Prince Edward Island have been making an impression on the local business community during Old Home Week.

Products and services offered by Charlottetown-area participants of the Young Millionaires Program have been available at the Old Home Week Market in the Main Coliseum August 10 - 18.

The program is in full swing as young people between the ages of 8 and 16 operate a total of 148 businesses across the province. The Young Millionaires Program, administered by Prince Edward Island Business Development Inc., is providing a unique opportunity for local youth to develop self confidence as well as strong entrepreneurial and organizational skills.

Richard Brown, Minister of Development and Technology, recently discussed the program with participants.

“This is a wonderful group of young people and I’m very impressed by their enthusiasm in the Young Millionaires Program,” Minister Brown said. “By supporting this program and the entrepreneurial spirit of these young Islanders, we are truly investing in the future of our province.”

Phillip Reid, the coordinator of the Young Millionaires Program, said business advisors are teaching young people how to manage money and promote a product or service.

“These young entrepreneurs have more creativity, enthusiasm and drive than I would have ever thought possible,” said Reid. “I am excited about watching these businesses develop and grow over the summer.”

Successful applicants receive a grant of up to $100 for a sole proprietorship and $150 for a partnership. Participants are awarded seed money after submitting a business plan and completing an interview. The money is used to launch a business and operate it over the summer. In exchange for the grant, participants are required to attend workshops and events that teach responsibility, bookkeeping, time management and public speaking.

The Government of Prince Edward Island, through Prince Edward Island Business Development Inc, is providing $10,000 to the Young Millionaires Program. The Atlantic Canada Opportunities Agency and Central Development Corporation are also partners in offering the program to aspiring young entrepreneurs.

Media Contact: Ron Crozier
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