Futurpreneur Canada, a group that supports young entrepreneurs, has launched the fifth annual Spin Master Innovation Fund, a competition for innovative young people.

The national organization is looking for innovative Canadian entrepreneurs between the ages of 18 and 39 to apply to the competition by June 19.

The competition’s judges will select as many as 10 contestants to win a  development loan worth up to $50,000 and two paid trips to Toronto to attend mentoring events. Each winner will work with one of Futurpreneur Canada’s 2,800 volunteer mentors, specially selected to meet the winner’s needs.

The contest focuses on young entrepreneurs who are looking to get their startup off the ground, and who aim to revitalize the economy by such efforts as exporting products and creating jobs. The contest is open to any sector, and the entrants need little more than an idea and the business plan that they complete through the entry process.

Last year, no one from Atlantic Canada placed in the top 10 in the competition, said Nicole Osmond, Futurpreneur’s Director Atlantic. She hopes to change that in 2015.

“There is a tremendous innovative spirit in young entrepreneurs across Atlantic Canada, and it would be great for those entrepreneurs to tap into this opportunity and have Atlantic Canada represented in the next Spin Master Innovation cohort,” said Osmond.

Osmond said the organizers are stressing innovation and entrepreneurial spirit in selecting the finalists. Applicants must be able to articulate an innovative vision for their company, demonstrate their benefit to the economy and have a viable business plan.

The contest is now accepting applications, which are available here .

Previous Spin Master Innovation Fund winners include Permission Click Inc. from Winnipeg and BiogeniQ from Montreal. Permission Click Inc. is an application for parental consent and payment collection in grade schools. BiogeniQ is a company focused on collecting genetic and nutritional information and tracking illness to give the user a personalized health assessment.

Following the June 19 deadline for applications, shortlisted candidates must go through a pitching competition in July. For the successful recipients, there is a two-day workshop in Toronto in the autumn followed by a two-day accelerator in the spring of 2016.