Details of the new West Prince Prospector program were announced today by Joe McGuire, Member of Parliament for Egmont; Cletus Dunn, Member of the Legislative Assembly for Alberton-Miminegash; and Keith Paugh, Chair of West Prince Ventures Ltd.
The 20-week program will help eight unemployed individuals develop their business skills and gain work experience by researching new and innovative business ideas and products for the West Prince area.
"Individuals and communities are the foundation to building business opportunities and strengthening local economies," said Joe McGuire, on behalf of the Honourable Jane Stewart, Minister of Human Resources Development Canada. "This project is a good example of how the Government of Canada is working with community organizations to ensure Canadians have the skills and knowledge they need to keep up with the rapidly changing demands of the new workforce."
Participants will attend development seminars in marketing, market research, accounting, business plan development and customer service, prior to the researching a number of products and business ideas.
"This project not only provides businesses in West Prince with an opportunity to increase sales, it also provides eight unemployed individuals the experience to acquire proper skills and training to enhance a full-time career in western PEI," said Cletus Dunn, representing Development and Technology Minister Mike Currie. "The Province of Prince Edward Island recognizes the importance of developing projects such as this as an invaluable avenue to community development and employment."
Product lines and business concepts identified through the research process as having good potential in Prince Edward Island will be marketed to businesses in the West Prince area. Prospector participants will work with interested businesses to integrate these product lines and concepts into their existing business.
"West Prince Ventures is always looking to help create viable business opportunities through new business start ups or through the expansion of existing businesses," said Keith Paugh, Chair of West Prince Ventures Ltd. "The Prospector program allows new entrepreneurs to determine the viability of their business ideas and to enhance their long-term success in our region."
At the end of the program, participants will have a well-developed business idea and a completed business plan ready to be taken a step further toward developing a new business or strengthening an existing business in West Prince.
The project will receive up to $60,000 through Human Resources Development Canada (HRDC) and $26,060 from the Canada/Prince Edward Island Labour Market Development Agreement, which is co-managed by HRDC and the provincial Department of Development and Technology. West Prince Ventures Ltd. will provide $2,500 and $1,500 will be provided by Prince Edward Island Business Development Inc.
HRDC's funding for this project was provided for in the December 2001 Budget and is therefore built into the existing fiscal framework. This project has been reviewed to ensure compliance with the Department's administration of its grant and contribution programs.