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What is this project about?
The Town of BWG identified that there were key gaps in business services and resources within the community and these were identified as: a need for support targeted to the needs of business start-ups, early-stage entrepreneurs and small business operators; a lack of local programming aimed at assisting companies to start, grow and scale; a lack of access to high-quality business mentors; access to business funding; a lack of collaborative training and networking events. To address these issues, the Town intends to offer a series of workshops, speaker events, mentorship supports, and business-skills training aimed at narrowing the gap.
The BCC will be a business-oriented series of events aimed at local start-ups, hybrid workers and small businesses. The goal of the BCC is to drive its users’ business growth, ensure their financial sustainability, build their entrepreneurial skills, improve their management performance, attract needed funding, and expand their business connections. In doing so, the BCC will build prosperity in the region by adding high-value jobs, attracting talent and investment, diversifying the regional economy, and retaining local companies and workers in the region.
The BCC will offer in-person support in a brick-and-mortar setting. Entrepreneurship programming, delivered by Nottawasaga Futures, York University’s YSpace, and the Georgian College Henry Bernick Entrepreneurship Centre, will be provided to build the skill sets of local entrepreneurs and business owners.
Why is this project important to the community?
Research by Accolade Innovations Inc., on behalf of BWG included focus groups made up of business owners and community business supporters/agencies. Findings indicated that there was an undersupply of business-focused programming aimed at helping entrepreneurs plan and start a business and small businesses to grow.
BWG is experiencing rapid growth. Accolade's research shows that, given the combined totals of projected Business Start-Ups, the Self-Employed, Hybrid Workers and existing micro and very small businesses, there is a potential market of over 7,700 users of a business programming in BWG alone.
Gaps in service for entrepreneurs and small business owners were identified by Accolade as: access to experienced business mentors; access to business programs/training; and access to business funding.
The creation of the BCC will address the under-supply of business mentorship and programming locally.
The business mentoring program to be offered at the BCC includes having two business mentors on site at least 6 hours per week. Startup founders and small business owners will be able to book mentor time with generalist and specialist mentors depending on need. Does mentoring impact business success? Yes, according to MentorCloud:
1) 93% of small and medium-sized businesses recognize that mentoring can help them succeed.
2) 92% of small business owners with a mentor agree that it has directly impacted the growth and survival of their business.
3) 84% of CEOs stated that mentoring has helped them avoid mistakes within their businesses.
4) For businesses, 67% reported an increase in productivity due to mentoring.
5) 55% of businesses state that mentoring had a positive impact on their profits.
According to Innovation Growth Lab, Mentoring by an experienced entrepreneur from the same community increased profits by 20% on average. Forbes magazine states, 70% of small business owners that receive mentoring survive for five years or more. This is double the survival rate
Target Completion Date
December 31, 2026
Location
177 Church Street
Bradford
L3Z 2A9