Effective this week, the Startup Program offered by the Canadian Youth Business Foundation (CYBF) will be open to individuals 18 to 39 years of age.
The age limit was previously 34.
It represents the first program adjustment, designed to explore new market opportunities and better serve aspiring entrepreneurs.
The change was made possible by a recent organizational shift from charity to not-for-profit that enables CYBF to actively engage and assist a larger diversity of entrepreneurs.
The core mandate of CYBF is to serve young and emerging entrepreneurs with a program of startup financing, pre- and post-launch coaching, business resources and mentoring. The expansion in age criteria continues towards these goals while opening the opportunities to a larger market.
A longitudinal survey conducted by the Kauffman Foundation, the world’s largest foundation devoted to entrepreneurship, from 2003–2008 found that the average age of small business founders had increased for all new businesses categories over five years, an example of this shift being technology startup founders at an average age of 39.