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 up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
