Toronto-based children's entertainment company
Spin Master Ltd. has partnered with the Canadian Youth Business Foundation to launch a $500,000
Youth Innovation Fund that offers young entrepreneurs up to $50,000 in start-up financing, as well as mentorship support. In a prepared statement, Spin Master chairman and co-CEO Ronnen Harary said the fund was inspired by 2011 being the Year of the Entrepreneur, and that it was a chance for his company to "give back."
The focus on youth startups is appropriate for Spin Master, not just because they make products for children, but because the company got its start in 1994 when founders Harary, Anton Rabie and Ben Varadi were in university. They had $10,000 to launch a company, and began with an "Earth Buddy" novelty toy�a doll stuffed with seeds that grew living "hair" when watered. Since then, the company has launched dozens of other products for the children's market, opened offices around the world and hired more than 1,000 employees. It is the third-largest children's consumer products company in North America.
It also claims to be the fastest-growing such company, and that growth is evident locally. The company is currently hiring 16 employees for its Toronto office (more in Los Angeles and elsewhere).
Writer: Edward Keenan
Source: Harold Chizick, VP of Global Communications and Promotions, Spin Master Ltd.