For the second year running the Canadian Youth Business Foundation (CYBF) has joined together with Spin Master Ltd., to offer the Spin Master Innovation Fund. The fund which offers financing, mentoring and innovation workshops, is available to ten lucky young innovative entrepreneurs. 

The Prizes

If you are successfully selected as one of the ten winners, you will receive:

• Up to $50,000 in Start-Up Financing . Financing will provided by CYBF and Entrepreneur Gateway Canada. All loans will have low interest rates and no principal repayment in the first year
• Personally-Matched Mentor . You will be personally matched with one of CYBF’s mentors and become part of their world-class mentoring program. As part of the program you will have access to key business leaders for expert advice to help you navigate the challenges of launching and growing your start-up
• Paid Trip to Innovation Launch Pad Workshop . The Innovation Launch Pad Workshop takes place in Toronto, over two days in September. The paid trip will include one-on-one meetings with Spin Master executives to get advice, guidance and contacts help you launch or grow your business.
• Attend the Acceleration Workshop. Six months after the Innovation Launch Pad Workshop, you will be invited to attend the Acceleration Workshop to reconnect with experts and peers and discuss your progress so far.

Personal Criteria

To be eligible for this contest you must be:

• Aged 18-34 
• A Canadian citizen or a permanent resident of Canada
• Not a full-time student
• Have experience or training relating to your business idea
• Not have been discharged from bankruptcy for at least 5 years
• Innovative and willing to push boundaries
• Articulate and able to express your vision for your company 

Business Criteria

Your business must also adhere to the following criteria:

• Have a complete and viable business plan that clearly demonstrates how the venture is going to be profitable and how it is innovative in its sector
• Have been operating for less than 12 months, or just starting.
• Must not be sexually exploitive or that feature sexually explicit entertainment, products or services
• Must not be engaged in or associated with illegal activities
• If a partnership or incorporated company, the entrepreneur must own 51% or more of the shares and be involved in the day-to-day management of the business.

How to Apply

To register your interest in participating in the program you must complete the application form on the CYBF website.  Applications must be received by May 10th, 2012.

If selected, you will be invited to pitch your business to a panel of Spin Master executives and industry leaders at ‘The Spin’.

To find out more visit the CYBF website.