The Fondation québécoise de la franchise (FQF), whose mission is to help develop and guide franchise entrepreneurs, is been officially launched after the conclusion of a series of strategic partnerships negotiated by its President Pierre Garceau. The FQF, founded last year, grew out of the work of the Conseil québécois de la franchise (CQF) which Garceau headed for over 11 years. At the outset, the primary focus of the FQF will be to stimulate the development of franchise entrepreneurship by supporting committed university students and academics through scholarships and research grants.
The FQF believes that by investing in development, research and an entrepreneurial knowledge base, it will foster a disciplined and sustained expansion of the franchise sector in Québec that already accounts for some 10% of our GDP. In addition, the FQF will be working to raise Québec’s leadership in this growing field in the international francophone community. The FQF has established close ties with the Fédération Française de la Franchise and will be able to call on its unique expertise and experience on the global stage.
With a view to sustaining exponential development of the already robust and efficient franchising sector in Québec, the grant offered by the Fondation will be aimed at students pursuing undergraduate and graduate studies at many of the leading business schools in the province. Four universities and one Cégep, which already have established entrepreneurship competitions in their business and commerce programs, have been selected. They include, l’Université Laval, l’Université de Sherbrooke, the HEC, the John Molson School of Business and Quebec City’s Cégep Garneau. An FQF grant of $5,000 will be awarded to each winning team in the competitions at each of these institutions for a total of $25,000. The first scholarship has already been granted last month at the Molson School.
The research funds offered by the FQF seek to create a network of university level academics engaged in the specific goal of broadening the understanding and inter-relationships of the franchise community in Québec, its aims and its needs. Each major donor to the FQF will contribute $10,000 annually to a research fund.
The development of CEOs with well-honed competitive skills and the growth of an in-depth research base are fundamental to maintaining the viability of the franchise sector networks. Franchising is a business model vital to Québec’s economy. A recent study by the CQF demonstrates the relative strength of franchising in the heart of the Québec economy. It found that “…the growth of businesses in the general economy is 11.9% while in the franchise sector the growth is 12.82%. Conversely, the annual rate of closures of businesses in the general economy is 11.87% while in the franchise sector it is only 6.94%.”The investments the FQF is making contribute to permanent jobs and long-term wealth creation by responding to the critical need to develop future entrepreneurial leaders for the benefit of all the citizens of Québec. – CNW Telbec