The Young Entrepreneur Awards 2006, sponsored by the Business Development Bank of Canada, are now open. The deadline for nominations is June 8, 2006.

First launched in 1988, the awards recognize one company from each province and territory that is led by a young entrepreneur between the ages of 19 and 35. Candidates must be Canadian and have at least 2 years experience as an entrepreneur.

Award winners will be flown to the national launch, receive a media workshop with industry specialists and will be presented with a trophy. From the group of 13 winners two companies will be selected for the Export Achievement Award and the WestJet Creative Mind Award, each of which includes a $15,000 cash grant.

In addition this year's award competition has a new category that is open to all Canadian entrepreneurs, regardless of their age. The Ongoing Achievement Award will recognize entrepreneurs who have successfully completed a business succession.

"All Canadian entrepreneurs who have successfully carried out a business succession project in the past 5 years are eligible for the Ongoing Achievement Award," notes the BDC on its website. "The new owner must hold at least 33% of the effective control of the company, occupy a management position and have been active in the company's daily operations for at least 1 year."

Both the buyer and seller will be honoured and the company will receive a $20,000 grant.

Nominations can be made online and the winners are announced during Small Business Week in October. For more information visit: http://www.bdc.ca/yea.

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