The BDC Entrepreneurial Resiliency Award will recognize a Canadian company that has successfully recovered from failure
MONTRÉAL, April 22, 2014 /CNW Telbec/ - Today, the Business Development Bank of Canada (BDC), in partnership with the Turnaround Management Association, Montreal Chapter (TMA-Montreal), launched the BDC Entrepreneurial Resiliency Award. This award is designed to recognize a Canadian business that has come back stronger after undergoing a turnaround or pivotal event in the past year.
Entrepreneurs are synonymous with taking risks and working hard to achieve success, but not all ideas work out. Those with the entrepreneurial resiliency to turn the lessons of experience into opportunities - and come out smarter and stronger - often rise above the others.
Most entrepreneurs can relate to a comeback story. In fact, according to a recent Industry Canada report, 80 per cent of enterprises that entered the marketplace in 2008 survived for only one year, whereas 72 per cent that entered in 2007 survived for two years1. Despite the odds, most entrepreneurs are not deterred. More than one-third (34 per cent) of experienced entrepreneurs have gone on to successfully start another business after a failure, while almost two-thirds (60 per cent) have started between two and four other businesses2.
"Entrepreneurs know that there is no shame in failure. In fact, we should all be inspired by their ability to turn mistakes into opportunities and ultimately find success," said the Honourable Maxime Bernier, Minister of State (Small Business and Tourism) (Agriculture). "Our government is empowering more entrepreneurs to distinguish themselves through their willingness to take risks and Canada's Economic Action Plan puts the right conditions in place for their success."
Nominations are open until June 20, 2014 and the winner will be announced in September 2014. This award will provide a successful Canadian business, which has demonstrated the ability to overcome a challenge, the opportunity to be recognized and profiled on a national scale.
"Resiliency is an essential skill for entrepreneurs. With this new award, we are aiming to recognize that failing is part of the entrepreneurial process," said Michel Bergeron, Senior Vice President, Marketing and Public Affairs, BDC. "Being in business is a high risk venture and growing a business is never a linear process. It is inevitable that entrepreneurs will face bumps in the road, some fatal. The important element is to make sure that they can apply what they have learned. This award is aimed at changing the mindset that having scars is a sign of weakness. In fact, it should be a sign of pride."
"As the pre-eminent organization of turnaround and corporate renewal professionals from all disciplines, TMA-Montreal is thrilled to be partnering with BDC on this new award for Canadian entrepreneurs," said Michael Hanlon, Attorney and TMA-Montreal's First Vice President. "While all businesses start with a plan, and hope for success, few entrepreneurs plan for failure. Learning from difficult situations, embracing lessons learned and moving forward is an important part of any successful restructuring."
The BDC Entrepreneurial Resiliency Award is one of four new entrepreneurship awards BDC is launching this year. Eligibility criteria can be found at www.bdc.ca/awards. Also, look for updates on Twitter (@BDC_News) and BDC Entrepreneur on Facebook.
Canada's business development bank, BDC, puts entrepreneurs first. With almost 2,000 employees and more than 100 business centres across the country, BDC offers financing, subordinate financing, venture capital and consulting services to more than 28,000 small and medium-sized companies. Their success is vital to Canada's economic prosperity.
About the Turnaround Management Association
The Turnaround Management Association (turnaround.org) is the leading organization dedicated to turnaround management, corporate restructuring, and distressed investing. Established in 1988, the TMA celebrates its 25th anniversary with more than 9,300 members in 49 chapters worldwide, including 31 in North America. Members include turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees.
1 Industry Canada, 'Key Small Business Statistics', August 2013(http://www.ic.gc.ca/eic/site/061.nsf/eng/02805.html)
2 Entrepreneurship Foundation, 'Canadian Entrepreneurship Status,'2010. https://www.bdc.ca/Resources%20Manager/misc/CES_2010_EN%20Final.pdf
SOURCE: Business Development Bank of Canada
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