Cormorant Island Entrepreneur Support Program
In collaboration with:
The Cormorant Island Entrepreneur Support Program
Welcome! to the information page for the Entrepreneur Support Program and the link to the on-line application form. Under the Tides of Change Economic Development Strategy, Cormorant Island is collaborating with Reconciliation Canada to bring this Entrepreneur Support Program to the island. Extensive training, coaching and support over 12 months will help you create a new business, or grow an existing business.
Please read the Frequently Asked Questions (FAQ) below before completing the application. If you have any questions that aren’t answered here, please send an email to DeeDee Alfred at [email protected] and we’ll get an answer back to you (and out to others by way of this info page) as soon as possible.
Note that the application has to be completed and submitted in one sitting – the form doesn’t save for you to come back later.
This New Year, resolve to pursue your business dreams.
Click here to fill out the application form.
Frequently Asked Questions
Who should apply to the Entrepreneur Support Program?
Do you have an idea for a business on Cormorant Island that you’d like to test? Do you have a business on Cormorant Island that you’d like to grow? If you have an entrepreneurial spirit and are committed to creating or developing a business that would benefit the Cormorant Island community, the Entrepreneur Support Program can provide the business, technical and network support to make it happen.
What are the elements of the Entrepreneur Support Program?”
- Entrepreneur Training delivered by visiting educators from Simon Fraser University’s RADIUS Ventures, plus remote mentoring (March/April)
- On-site business coach to provide advice, training and help with all aspects of the program (February – July)
- Excel training delivered by Community Futures (January)
- Basic Bookkeeping delivered by Community Futures (June)
- Banking for business and loan workshops delivered by Vancity (various)
- Transition to remote advisors after 6 months (June/July)
- Guest speakers (January 7, others TBA)
How does the Entrepreneur Support Program relate to the Community Futures sessions in October/November?
The Community Futures sessions introduced the broad range of activities an entrepreneur has to consider in creating, running or growing a business. The Entrepreneur Support Program is the logical next step – it provides the training and coaching to help you apply the concepts you learned about, now in the context of your own business. Participants will examine the feasibility of their own business proposal, analyze their financial business model, plan market testing, strategize their leadership and team development, practice pitching their product or service and more.
What are the Criteria for Participation?“]
Participants in the Entrepreneur Support Program will:
- Be residents of Cormorant Island (‘Namgis First Nation, Village of Alert Bay, Whe-la-la-u, RDMW)
- Be existing entrepreneurs and managers, and aspiring entrepreneurs
- Preferably be heads of household
- Intend to live and work on Cormorant Island
What are the Criteria for Business Proposals?
The proposals for new business creation or existing business development will:
- Demonstrate benefit to Cormorant Island community
- Likely provide jobs for other Cormorant Island residents
- Show understanding of Tides of Change Economic Development Strategy
- Demonstrate entrepreneurial spirit/ leadership abilities
What is the Selection Process and Timeline?”
- January 7 (Thursday) – Public kick-off of Entrepreneur Support Program and question and answer session for anyone interested in program – Massey Whiteknife guest speaker
- January 18 (Monday) – Excel training begins
- January 28 (Thursday) – Applications submitted online
- Applications reviewed by Joint Steering Committee
- Selection of up to 8 proposals made by Joint Steering Committee
- February 15 (Monday) – Applicants notified
Should I take the Excel and Basic Bookkeeping courses?
Participants in the Entrepreneur Support Program are required to brush up on their Excel skills by taking the training to be offered late January. As well as being a useful skill for personal and household budgeting, taking the training will ensure that all program participants have a good level of Excel proficiency.
Participants are required to take the Basic Accounting program to be offered in June. A similar level of familiarity with accounting language, journal entries and bank reconciliations will allow the group to have a stronger entrepreneur training experience.
There will be a few spaces in each training for people who are not part of the entrepreneur program. Each person needs to bring their own computer or laptop.
What is the time commitment for the entrepreneur program?
The entrepreneur program is for people who want to work hard to create or grow a business. The time required will start with five to ten hours a week to complete the excel training and prepare and submit your application. In March and April, there will be 10+ hours of training, coaching and group work plus 10+ hours working on your own. This level of time commitment should continue after the training as you refine your plans, prepare and pitch funding applications, work with advisors/consultants on research or implementation, etc.
Will there be funds available for early business costs?
The Entrepreneur Support Program has a pool of funds to apply to business expenses such as incorporation costs, marketing studies, employee searches, etc. This will be disbursed among participants based on readiness of their business venture.
Will the Entrepreneur Support Program affect my Employment Insurance (EI) benefits?
We will apply for a section 25 exemption for a portion of the training which relieves EI recipients from the job search when taking more than 10 hours of training per week.
If you receive an amount from the business expense funds to apply to your business, it will be considered income for you and will have to be included when you calculate your income taxes for the year. A higher annual income may affect your eligibility for EI and related benefits.
Will the Entrepreneur Support Program affect my Income Assistance (IA) benefits?
If you receive an amount from the business expense funds to apply to your business, it will be considered income for you and will have to be included when you calculate your income taxes for the year. A higher annual income may affect your eligibility for IA and related benefits.
Where should I direct other questions?
Email DeeDee Alfred at [email protected].