A new program is trying to spur investment in local Yukon businesses by offering a crash course for both investors and entrepreneurs.
The 10-week Yukon Investment Challenge is a collaboration between Spring Activator, Yukon University, Yukonstruct, and Yukon Venture Angels.
The program aims to teach local venture capitalists how to invest locally, while also teaching local entrepreneurs how to pitch, and apply for funding.
The initiative is funded in partnership with the Canadian Northern Economic Development Agency and will run from March to May 2022.
“One of the things that we’ve really seen over the past few years is there’s just the lack of access to capital for some of these businesses and some of these ideas, especially when they get to the stage where they really want to grow, you know, maybe they’re exporting out of the Yukon,” said Lana Selbee, the executive director of Yukonstruct.
Lana Selbee is the executive director of Yukonstruct. (Paul Tukker/CBC)
Selbee highlighted how there are many existing networks of angel investors or venture capitalists in regions such as Vancouver, Toronto, and Calgary, but none in the territory, until now. An angel investor — also known as a private investor, seed investor or angel funder — is anyone who provides capital for a business or a startup, often in exchange for convertible debt or ownership equity.
“I think it’s important that this is accessible here in the Yukon as much as anywhere else,” Selbee said.
Lauren Manekin Beille, the department head of Innovation & Entrepreneurship at Yukon University, said she’s been working closely with Yukonstruct for the past three years trying to fill the gaps in the entrepreneurial ecosystem.
She said one of the biggest gaps till this day is local investment.
“Yukon is one of the greatest places for people that dream about starting and growing their businesses. Now, there’s more and more activity around investment, and this opportunity is for people to be in a safe place surrounded by mentors who have been doing this for a long time,” said Beille.
The Yukon Investment Challenge is broken down into 10 two-hour weekly sessions on Monday where entrepreneurs and investors will get together to learn about the nuances of investment.
Entrepreneurs and business owners will learn how to access investment to grow their company, how to pitch when asking for funding, and will be guided toward being investment-ready for a chance to win up to $50,000 of investment funding from the investor cohort.
Investors, on the other hand, will learn what to look for in investment pitches and how to evaluate prospective investments.
“Whether they win the $50,000, or maybe it’s a deal that comes a little later down the line, it’s still a great opportunity for entrepreneurs,” Selbee said.
“Something that’s really powerful to grow a thriving business and a really healthy economy is when local investors are actually investing in local companies.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
