Federal government funding for Futurpreneur sells a future worth your business
Canada’s recent investment will allow the entrepreneurship program to continue realizing the ideas of young business creators
The main reasons people seek to start their own business is for independence and to be their own boss. (Unsplash/Brooke Lark)
The federal government recently announced that a $60 million fund will be given over a five-year period to Canada’s entrepreneur non-profit Futurpreneur. This funding is important because the program will help future entrepreneurs with their career goals and personal growth.
Futurpreneur has been supporting young Canadian business leaders aged 18 to 39 with their creative visions since 1996. The federal government has been a long-time partner since 2001, and with the new funding from Budget 2024 building on their $161.5 million commitment, the program has been able to expand nationally. As of this year, Futurpreneur has helped 18,700 startup founders and 14,700 companies in Canada’s business sector.
This program is worth the additional funding because the world of companies and startups is exciting, especially with the trend of Gen-Z and Millennials wanting to join the growing landscape of entrepreneurship.
The Royal Bank of Canada’s 2023 Small Business Poll reported this trend by surveying Canadians either running a business or wanting to start one.
It found 94 per cent of participants want to begin a business so they can be their own boss, and 78 per cent said they want to earn a living as an entrepreneur rather than having typical desk jobs with nine-to-five work weeks. Among participants aged 18 to 34, 84 per cent reported the same attitudes.
These results indicate how much multiple generations prioritize financial independence above all else, envisioning businesses as the means to acquire more of it. The extra funding for Futurpreneur illustrates the federal government is imperative to adapt to this broad theme.
Moreover, the program is tailored for the current era of side hustles popular among younger demographics. Business Insider reported entrepreneurs are quickly turning to side hustles in order to make money with their online businesses. More funding makes sense to enable a non-profit that gives any up-and-coming creative the chance to build a self-directed career.
Futurpreneur becomes crucial for younger generations because it provides mentorship and resources, not just financing, to teach people the skills and planning to run a full-scale business. With the new $60 million plan, the program can continue aiding new entrepreneurs in their personal growth as responsible company owners.
However, one can argue that the federal government’s newest funding for Futurpreneur can instead be used as grants to address living costs experienced by younger generations.
The RBC poll reported that 88 per cent of its participants are pursuing multiple income sources because being devoted to just one job is impractical to handle rising expenses.
If that’s the case, living costs programs should be focused on and funded instead to give flexibility to people’s varying economic circumstances and financial situations. Not everyone is interested in starting a business, but they still have to deal with inflationary shocks anyway.
Despite our expensive economy, the fact remains that Futurpreneur has positive results in equipping business creatives with the tools to succeed in their endeavours. Afterall, the business world is highly competitive like any other industry. Establishing your first startup is not an easy feat to do without help.
The new federal funding for this entrepreneurship program proves evidently that Canada is taking the ongoing need to provide young generations with stable financial futures seriously. I, for one, am looking forward to what this program will bring in the years to come.
