Budding young entrepreneurs are invited to show their business skills during an innovative training scheme running this summer.

The Youth Entrepreneurship Initiative, in partnership with the Department of E-Commerce and the Bermuda Tourism Authority, will conduct two seven-day BizCamps at Berkeley Institute for 48 aspiring entrepreneurs between the ages of 13 and 18.

During the intensive programme, students will learn about opportunity recognition, cost of goods, pricing, marketing and many other aspects of running a company. They will also be required to develop and present their own comprehensive business plan.

“The goal is to inspire young people to become business-savvy and economically self-sufficient. Participants are provided with a business plan template, and after learning the concepts, they complete the plan with specific information for their own business idea and present it to a panel of judges selected from the business community,” said YEI executive director Joe Mahoney.

Since its inception in 2002, BizCamp has worked with more than 700 teenagers.

Last year, 41 students received certificates for participating in the programme after developing and presenting 38 business plans. BizCamp staff selected the Super 7 semi-finalists who competed for prizes during the Business Plan Competition, judged by professionals from the business community. Entrepreneurs and financing partners also came in to present real-world practices.

Mr Mahoney said: “The initial objective of BizCamp is to help youth master fundamental business concepts. With that accomplished we strive to change their attitudes about education and their vision for the future.”

And he believes students who learn business and leadership skills empower themselves to a point where they can overcome almost any problem they might face.

There is no cost for students who are accepted to attend BizCamp, with all expenses, including training materials, daily lunch, and prizes, covered by the YEI.

The first camp starts next Monday, July 7, and runs through to July 15. The second session will take place from July 17 to July 25.

Electronic applications are available at www.gov.bm and follow the BizCamp link, or send an e-mail to: e-commerce@gov.bm. Participants will be admitted on a rolling basis until there are 24 for each week.