2024 Student Entrepreneur National Competition; Making way for entrepreneurial growth

BY SIMONE J. SMITH

Entrepreneurship has indeed become a significant driving force in the modern global economy and is often touted as a pathway to innovation, economic growth, and job creation. Entrepreneurs are often at the forefront of innovation, developing new technologies, products, and services that address evolving market demands. Small and medium-sized enterprises (SMEs), often founded by entrepreneurs, are significant sources of employment in many economies. By starting new businesses, entrepreneurs contribute to job creation and reduce unemployment rates.

Entrepreneurs often identify pressing societal issues and develop innovative solutions to address them. Social entrepreneurship, in particular, focuses on creating ventures that have a positive impact on society. It empowers individuals to take control of their destinies, and it provides an avenue for people, especially in developing countries, to create economic opportunities for themselves and their communities.

Now, anyone who is currently an entrepreneur knows that being one comes with challenges such as: high failure rates, financial risks, and the need for a supportive business environment. Thankfully, there are organizations that are providing resources for entrepreneurs, more specifically our younger entrepreneurs. Last week, Enactus Canada, was proud to announce that nominations were now open for the 2024 Student Entrepreneur National Competition.

Enactus Canada, the country’s largest post-secondary experiential learning platform, is shaping entrepreneurial leaders who are passionate about advancing the economic, social, and environmental health of Canada. Guided by academic advisors and business experts, more than 1,600 entrepreneurial post-secondary students led 166 community outreach projects and business ventures last year in communities coast to coast, directly impacting over 42,000 lives. As a global network of 33 countries, Enactus uses the power of entrepreneurial action to transform lives and shape a better, more sustainable world.

Three finalists will pitch their businesses to a panel of business executives and compete for a grand prize of $10,000. The Student Entrepreneur National runner-up will receive $4,000, and the second runner-up will receive $2,000.

“We’re proud to host the Student Entrepreneur National Competition for the 27^th year” says Allyson Hewitt, president of Enactus Canada. “Student entrepreneurs are the future of this country’s economy, and we are proud to support those young, hardworking students who are creating new jobs and working together to advance the Canadian ecosystem.”

The Student Entrepreneur National Competition aims to help young business leaders network with like-minded students, showcase their ventures to top executives and entrepreneurs, and accelerate the growth of their businesses.

Past competition winners include: Arielle Lok, of Peko Produce, Western Canada’s #1 online grocery marketplace that delivers “peculiar” or surplus groceries at up to 40% off retail prices, Amr Abdelgawad, COO of NERv Technology, a health-tech startup, and Alex MacLean, founder of EastCoast Lifestyle, a notorious clothing and lifestyle brand worn by celebrities such as Sidney Crosby and Ed Sheeran.

To be eligible for the competition, students and their businesses must meet the following criteria:

• Be a full-time student at a Canadian university or college for the current academic year.
• Be a founder and have at least 25% ownership of the company with no other individual or group with greater ownership and be the individual primarily responsible for the business’ operations.
• Have not been a previous National Champion of this competition or competed in the final round of the Student Entrepreneur National Competition last year.

African Caribbeans are much less likely to be entrepreneurs than their White counterparts. Part of the explanation is that for centuries, they were prevented from becoming business owners through violence as well as racist regulations and unofficial rules. I introduce this opportunity to our African Caribbean youth to ensure that they have access to the tools they need to build successful careers, including skills development and professional mentorship.

The rise of African Caribbean businesses is accompanied by a grander hope for the future. Mentorship, investment, and a change in perspective can radically shift the landscape of industries — making way for entrepreneurial growth.

Share this far and wide; nominations, including self-nominations are due by December 5^th, 2023 at enactus.ca/nominate-a-student-entrepreneur.