The Quebec Franchise Foundation (QFF ), whose mission is to encourage and guide entrepreneurs in the franchise sector, is officially launched. This initiative marks the end of a series of strategic partnerships led by Pierre Garceau, President of the FQF. Founded last year, the FQF grew out of the efforts of the Conseil québécois de la franchise (CQF), which Mr. Garceau chaired for over 11 years. The FQF will initially focus its efforts on stimulating entrepreneurship in the franchise sector by supporting motivated academics and students through scholarships and research grants.
The members of the FQF believe that investing in development, research and the creation of an entrepreneurial knowledge base will foster the structured and sustainable expansion of the franchise sector in Quebec, which already accounts for some 10% of our GDP. The FQF will also promote Quebec's position as a leader in this expanding field to the international community. The FQF will also be able to call on the unique know-how and international experience of the Fédération Française de la Franchise, with which it has forged close ties.
To support the exponential growth of Quebec's already dynamic and well-established franchise sector, the Foundation will be offering scholarships to students enrolled in undergraduate or graduate programs at the province's leading business schools. Four universities and one CEGEP, which already organize entrepreneurship competitions as part of their business and management programs, have been selected. Université Laval, Université de Sherbrooke, HEC Montréal, John Molson School of Business and Cégep Garneau de Québec are the chosen institutions. The FQF will award a $5,000 bursary to the winning team from each institution, for a total of $25,000. Last month, the first bursary was awarded to the John Molson School of Business.
The FQF's research funding is aimed at building a network of academic members with the specific objective of deepening understanding of the Quebec franchise community and the professional relationships that underpin it, as well as its goals and needs. The FQF's major donors will each contribute $10,000 annually to this research fund.
The development of CEOs with proven competitive skills and the establishment of an in-depth research base are essential to the continued viability of franchise networks. Franchising is a vital business model for the Quebec economy. A recent study conducted by the CQF highlights the relative strength of franchising at the heart of the Quebec economy. The study showed that "... the business growth rate for the economy as a whole is 11.9%, while that of the franchise sector is 12.82%. Conversely, the business closure rate for the economy as a whole is 11.87%, while that of the franchise sector is only 6.94%". By making these investments, the FQF is helping to create permanent jobs and long-term wealth, by responding to the acute need for training future business leaders for the benefit of all Quebecers.
Source: Press release published on the Quebec Franchise Council website on June 30, 2016.
For more information, visit the Fondation québécoise de la franchise website.
