Q: How can I register?
A: You can register online*. Go the main menu of this page and click on “Apply.” Follow the steps, or email ymp@centralpei.ca with any questions.
Q: How much does it cost to register in the program?
A: There is no registration fee for the Young Millionaires Program. We just ask that each youth attend all (4) workshops, and makes a genuine effort to create a successful business.
The more effort you put in, the higher your earnings will likely be.
Q: How much time do I need to commit to the program?
A: It all depends on how successful you want your business to be. It is mandatory that you complete the workshop materials, but after that, it will take as much time and effort as you want to put into your business.
Remember: the more time and effort you put in, the more successful your business will be, but it is also important to enjoy your summer!
Q: What if I don't have a business idea right now?
A: You don’t need a business idea to join, but it helps!
You can still join the program. There are workshop materials and group activities to help you brainstorm as many business ideas as you can think of, and our facilitators are here to help you develop your chosen idea into a business.
Hint: your interests or hobbies can be a great place to start when thinking about starting a business. Remember that when you love what you do, it wont feel like work!
Q: Can we have more than two people in a partnership?
A: We generally like to limit a partnership to two people. We find it’s a lot easier when it comes to coordinating schedules, delegating responsibilities, working out disputes, and dividing profits/losses. But it is up to you.
Please keep in mind that no matter how many members to your partnership, your maximum allowable funding amount of $200 will not change.
Recommendation: if you form a partnership , please make sure you respect and like your partners. With a partnership, all members have equal decision making rights. By talking about your goals and your ideas, and how they will work together before you begin a partnership, you can save yourself a lot of frustration!
Q: How long does the program run for?
A: The Young Millionaires Program registration officially opens in May of each year, but youth ages 8-16 can register at any time!
The deadline for annual registration is June 1st. Please consider that some regions may fill up faster than others, and that there is no obligation to continue with the program is you decide it is not for you. If at any time after receiving the micro grant you decide the program is not for you, simply reach out to your regional facilitator to discuss your options.
Our (4) Workshops are meant to inspire confidence and offer essential business information. These are scheduled throughout June (3) and August (1). Interviews are then scheduled to go over each individual plan, and to discuss each business and participant goals. Workshop topics are as follows: Innovation and Creativity, Idea Development, Financial Responsibility and Public Speaking.
Participants are expected to create a simple business plan with the guidance of regional facilitators and their families to be eligible for the micro grant.
Participants accepted into the program are presented their start-up micro grant money around July 1st*. Throughout July and August, participants are operating their businesses and facilitators are checking in with participants.
Group Vending Events : Please contact the Provincial Coordinator at ymp@centralpei.ca, or add Provincial Coordinator on Facebook to keep up to date on all regional and provincial opportunities across our Island.
Celebration Night is our annual regional closing ceremony and is usually held in late August or September. This is a fun event that allows our young entrepreneurs the opportunity to tell us all about their challenges, accomplishments and lessons learned in this new adventure. It allows each region to come together and celebrate these accomplishment and achieved milestone with their peers and families.
Q: Do I automatically get $150 for signing up for the program?
A: No. To receive the grant money (up to $150 for sole proprietorships, $200 for partnerships) you must attend the workshops and pass in a completed simple business plan (which we can help you with).
If you’ve worked at your business plan and can show that you’re enthusiastic and dedicated to making your business work, you will most likely be accepted into the program and receive a start-up grant.
Second Year Youth: returning Second Year YMP Youth may receive funding IF they attend all workshops AND complete a second business plan. Preference may be given to new businesses.
Q: What is the grant money for?
A: The non-repayable grant, received by successful applicants, is for the sole purpose of starting up your business.
It is for business expenses only.
Your profits, however, are yours to do what you wish with.
If you do not spend the grant money for your start-up costs as expected, you may be asked to give it back. Please keep accurate records to show expenses and profits.
Q: Do we have to pay back the grant money?
A: No, the money given to successful program applicants is non-repayable. You do not have to pay this back.
However, if you have not made a genuine effort to make your business work, we may ask for some or all of the grant money to be returned.
Q: I participated last year. Can I participate again this year?
A: If you have participated in a previous year, you can participate again. All youth are welcome in our workshops regardless of age or YMP status.
However, you may not receive the start-up grant money. If you require financial assistance, let your regional coordinator/facilitator know and you will be placed on the Second Year Youth micro grant waiting list.
After the interviews are conducted, if there is left over grant money available, we will review the business plans of those Second Year Youth requesting financial assistance.
If you have already established your YMP business, or are a young entrepreneur between the ages of 8 and 16, you will still have access to all YMP events! Please let the Provincial Coordinator know if you are interested in attending any YMP events and we will do what we can to include you!
Our goal is to provide an equal opportunity to all Island youth to join our community. Our purpose is to create a supportive and resourceful community to provide ongoing opportunities to all youth regardless of whether they join our programs or choose to forge their own paths.
We want to thank you for your continued support and interest in the Young Millionaires Program!
Q: What can i do after ymp?
A: Anything.
Once a YMP youth has exited our program, they are capable, knowledgeable and resourceful communicators who understand how to set and achieve their goals. They are prepared to continue their businesses, to enter into the world of employment, and to consider future careers based on their interests, likes and dislikes. YMP youth are confident, community-minded problem solvers who think outside the box to find unconventional solutions to existing problems.