SIFE BCIT’s Lions Lair project is a student run project dedicated to helping out individuals with visions of creating sustainable businesses in Vancouver. Working in partnership with EMBERS for the past couple of years (a registered non-profit organization) student volunteers prepare workshop presentations that benefit aspiring entrepreneurs from Vancouver. By gaining valuable knowledge and skills, the industry related workshops aim to benefit all of the participants both in entrepreneurship and quality of life. Students are paired up with the entrepreneurs and act as mentors to provide knowledge, tools and support to create effective and customized business plans.
Lions Lair participants getting to know each other.
While providing mentorship, students introduce business management and teamwork skills from an entrepreneurial approach. The seminars comprised of marketing, presentation, sales, finance and computer application backgrounds. Industry professionals are invited to speak at each workshop. Their words of advice and real world experience offer personality and fuel Lions Lair members to realize their passion.
The workshops lead up to a fundamental night where beneficiaries are given the chance to showcase their own business in an attempt to captivate the judges during a quick 8 minute pitch competition. Using a similar makeup to the hit CBC series the “Dragon’s Den” the participants will present to a panel of Vancouver business leaders in the hopes to potentially seed capital to expand their business. The judges will critique each participant on their pitch, communication skills, target market, financials, use of technology and finally the ability to prove value and sustainability of their business.
The program’s objectives are to empower the clients to rise above the norm while creating future opportunities for themselves and the communities’ economy. By successfully demonstrating effective methods to business management, the SIFE team works hard to create a stakeholder-based business development. The impact is not only defined by facilitating hands on business development but to assist in enhancing job opportunities and economic growth in the city of Vancouver.
The significance this project has will not only be defined by the successful results of these businesses, but the development of both training methods and relationships. By volunteering their time business students are able to put their learned skills to practical use and gain tangible experience through workshop building, presenting and mentorship. By taking part in this unique program, the aspiring entrepreneurs are able to acquire practical business skills, learn tips and tools from business leaders, and have the chance to put time and effort into their business objectives with full support. Every week they participate in interactive activities that give them a deeper understanding of themselves and their ambitions and build relationships with others so that together they can individually expand their business goals.
In 2009, seven entrepreneurs finished the workshop series and presented their businesses to a panel of judges that included the Dean of the School of Business at BCIT and the Head of Small Business Banking from TD Bank. The winner was Laurel Irons, Owner of 5Shen mobile acupuncture clinic. Her story and SIFE BCIT’s role in her success was covered in The Vancouver Sun; Lions Lair Project in Vancouver Sun. In 2010, the Project grew by two more participants, and the winning entrepreneur; Bryony Lake was awarded $2500 in funding. She runs a company called In the Company of Fairies providing memorable fairy birthday parties for children.
To gain a better understanding, please view the Lions Lair video via YouTube here: