The Kivalliq Entrepreneurship program has been part of the Kivalliq Trade Show every year of its existence.
To date, approximately 250 participants have gone through the program, with the program being offered virtually for a two-year period during the COVID pandemic.
Kivalliq Trade Show Society president Robert Connelly said the society sponsors two participants from every community to travel to Rankin Inlet to participate in the program.
He said these are people who are just into business or who are just trying to get into business.
“The program is offered during the trade show itself but, during the past three or four years now, we've been working to expand the program, so it's now being offered in communities.
“To date, it's been offered in Arviat, Baker Lake, Coral Harbour and Rankin Inlet. The last intake was in Rankin Inlet a few months ago and the next intake is going to be in Naujaat this fall or winter. So, the program will be held at a minimum three or four times a year now.”
Connelly said the entrepreneurship program is a limited program that introduces participants to funders first and foremost, because funders help young entrepreneurs get started and engaged.
He said if nothing else, the program introduces them to various funding sources that can offer support with business planning or with investments in the business, whether that's Inuit organization programs, lending programs and government funding sources at various levels of government.
“There's also an aspect of bookkeeping and finance in the program. For a lot of up-and-coming entrepreneurs, or even existing businesses, one of the challenges is managing a good set of books.
“It provides them with valuable, necessary information like, for example, when do they have to get themselves a GST number and how does taxation affect them? This year, the Canada Revenue Agency is going to be talking to them about when those thresholds are going to be important to them.
“Most of the program revolves around making those initial contacts with the people who are ultimately going to help you. They're going to help you create your business if you don't already have an existing business.
“Apart from engaging with a variety of people who present in the program itself, this year, the participants in the Entrepreneurship program will be asked to share some of their experiences on one of the presenting panels. The idea is to introduce the participants to the greater audience. This, in turn, helps them boost their confidence and learn how to properly engage other businesses because, as a businessperson, you need to sell yourself. You need to know how to engage other businesses and your clients, as well.”
