Today, the Business Development Bank of Canada 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, according to BDC.
Most entrepreneurs can relate to a comeback story. In fact, according to a recent Industry Canada report, 80% of enterprises that entered the marketplace in 2008 survived for only one year, whereas 72% that entered in 2007 survived for two years. Despite the odds, most entrepreneurs are not deterred. 34% of experienced entrepreneurs have gone on to successfully start another business after a failure, while almost 60% have started between two and four other businesses.
Nominations are open until June 20 and the winner will be announced in September. 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, says BDC.
The BDC Entrepreneurial Resiliency Award is one of four new entrepreneurship awards BDC is launching this year.