The Canadian Youth Business Foundation (CYBF) is developing programmes whereby young entrepreneurs are supported by qualified Mentors, allowing them to benefit from the knowledge that the Mentors can share with them and ensuring a higher success rate. All the businesses sypported financially by the CYBF have to participate in the “Ment2B” mentoring programme. This intensive online training programme, aimed at both the young entrepreneurs and the Mentors, aids the development of productive mentoring relationships.
The experiment carried out by the Prince’s Youth Business Trust in the U.K. showed that mentoring greatly increases the chance of success for young entrepreneurs. Indeed, before the mentoring system was introduced, the success rate of businesses launched by young entrepreneurs with the Trust’s support was only 40 percent. Three years after the introduction of the programme, the rate has risen to 75 percent, thus providing clear proof of the extraordinary effectiveness of mentoring programmes.