Helen Salako doesn’t have time to golf.
Still, she found herself in a virtual golf studio Tuesday morning, eyes glued to an out-of-place podium. There, politicians announced $1.2 million in funding for Futurpreneur, a non-profit that assists startups.
The money from the provincial government, spread over four years, could boost 200 new businesses, Futurpreneur estimates.
RUTH BONNEVILLE / WINNIPEG FREE PRESS Investment and Trade Minister Jeff Wharton with Karen Greve Young, CEO, Futurpreneur (lime green), Luc Buhunicky (rear, white cap), founder, CEO, Avid Golf and a large group of young business owners.
“Private sector knows private sector,” Economic Development Minister Jeff Wharton said after the news conference. “They know what’s best for young entrepreneurs.”
The province will touch base with Futurpreneur on “how things are going,” including return on investment, but largely, the funding will be used at the non-profit’s discretion.
“We’ll continue to grow this, and our young entrepreneurs are going to thrive,” Wharton said.
The new money comes after three years of the Progressive Conservatives giving $250,000 per year to Futurpreneur for the non-profit’s operating expenses and startup program.
The return on investment has been tenfold the first couple years’ funding, eliciting $5.4 million in investment through Futurpreneur programs, according to the PCs.
“I’m grateful that (Futurpreneur is) going to be helping out more people like myself,” said Salako, who paused her own business operations to hear the announcement Tuesday.
She’s been working with the non-profit since 2021, where she got a $45,000 grant for Ozanna Rentals & Event Management.
Prior to, she’d put much of her life’s savings into the rental business to get it off the ground, she said.
“In the heart of COVID, opening our business was not the best idea,” Salako added. “It was difficult.”
But Ozanna is growing, and now, Salako is looking to open an event centre.
“There’s a massive GDP (gross domestic product) impact,” said Karen Greve Young, Futurpreneur’s CEO. “The entrepreneurs that are starting this year, many of them will still be in business in five years, 10 years.”
RUTH BONNEVILLE / WINNIPEG FREE PRESS “The entrepreneurs that are starting this year, many of them will still be in business in five years, 10 years,” said Karen Greve Young, Futurpreneur’s CEO.
The non-profit estimates the businesses it’s supported add $150 million to Manitoba’s GDP annually.
Futurpreneur targets people aged 18 to 39, offering mentorship and financing. The national organization capped its lending rate at nine per cent, which is good in current economic conditions for aspiring business owners who have no collateral or equity, Greve Young said.
Someone going through Futurpreneur might spend 15 to 20 hours meeting with the non-profit’s staff, going through business plans and attending workshops before launching their venture.
Entrepreneurs apply for Futurpreneur financing and mentorship. Over the last three years, Futurpreneur has funded 128 startups — nearly one-quarter of the roughly 600 it’s funded over some 20 years.
Money spent on each startup varies, according to Greve Young.
“Sometimes it’s a long play, sometimes it’s very quick,” added Caroline Ksiazek, Futurpreneur’s regional lead for Manitoba, Saskatchewan and the North.
Meaning, the turnaround for a business launch could take months or years. Futurpreneur aims to use the new funding to assist up to 50 businesses per year for four years.
“We do not want to be a well-kept secret,” Greve Young said. “We want to help more (entrepreneurs).”
In Manitoba, Futurpreneur has worked with Wolseley Kombucha, community grocery stores, accounting startups and Avid Golf, the bar and golf simulator that hosted Tuesday’s news conference, among others.
Its services have stretched to Thompson, Melita, Deloraine and reserves.
“When the province invests, we can amplify those resources,” Greve Young said. “(This) will enable us to travel to where the entrepreneurs are.”
RUTH BONNEVILLE / WINNIPEG FREE PRESS “I’m grateful that (Futurpreneur is) going to be helping out more people like myself,” said Ozanna business owner Helen Salako, who paused her own business operations to hear the announcement Tuesday.
Government funding — provincial and federal — account for more than half of the national non-profit’s operating dollars. Corporate partners, including the Royal Bank of Canada and GoDaddy, cover the latter funds, Greve Young said.
Futurpreneur has a web of more than 2,400 volunteer mentors. It links entrepreneurs to North Forge, Community Futures and the Business Development Bank of Canada, among other lenders, and has programs for Black and Indigenous Manitobans.
“We don’t want the economy to be only for people who have access to what already exists,” Greve Young said. “We want a thriving, resilient economy, and we also want to make sure that it’s inclusive.”
Entrepreneurs who’ve accessed Futurpreneur’s services applauded Tuesday’s announcement.
“It takes a community to raise a startup,” Luc Bohunicky, Avid Golf’s CEO, told a crowd.
He’s used the non-profit for two different startups.
“There’s a lot of people that don’t know where to go, and they won’t be accepted by the banks,” said Rex De Castro, who accessed Futurpreneur financing to expand NurseX, his health-care business. “I hope that there’s some people out there that really deserve (the funding) that get it.”
Gabrielle Piché
Reporter
Gabby is a big fan of people, writing and learning. She graduated from Red River College’s Creative Communications program in the spring of 2020.
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