Smooth Cycle rides high with YEA Award

Jared Stretch receives BDC’s Young Entrepreneur Award
for Prince Edward Island

(Charlottetown, Prince Edward Island  – October 16, 2007) – When Jared Stretch was a student at UPEI, little did he imagine that his part-time job at a cycling store would determine his career path. Today, Jared, 27, owns Smooth Cycle, which he has turned into a thriving business that attracts Islanders and tourists alike and for which he has earned BDC’s Young Entrepreneur Award for Prince Edward Island. He will receive the award tonight at a ceremony in Winnipeg, Manitoba.

Smooth Cycle is a full-service bicycle store which sells bicycles and accessories, and also handles repairs and rentals. Smooth Cycle’s bike rental services include shuttle service from tip to tip of Prince Edward Island. The store caters to a wide-ranging clientele, from serious racers to tourists, and people looking to take up the sport as a pastime. 

After obtaining a degree in history from UPEI in 2003, Jared was working at Smooth Cycle and planned to return to university to get his teaching credentials. His career took a new direction when the opportunity to purchase the store came up. An avid cyclist who believed the sport was poised to grow, he decided to become the owner of Smooth Cycle.

Pedaling in the right direction
“It was a rough go starting out,” he says. “I was only 23 and I had no business training.  I had a hard time getting people to give me the time of day.” Undaunted, Jared moved the store to larger premises. He expanded the service department and started selling fleets of bicycles to clients like hotels and garages, which would rent them out. He also redeveloped and grew the Smooth Cycle Web site to increase traffic.  “Our Web site focuses on attracting tourist dollars,” he explains. 

Smooth Cycle has become a visible participant in cycling events across the province, sponsoring the Cycling PEI road racing series and the Canada Games team, as well as the Triathlon By the Sea and the Children’s Wish Foundation Duathlon series. Jared is vice-president of Cycling PEI, a member of the host committee of the Women’s World Tour de PEI and also supports Rigid Riders, a mentorship program that gives young people the opportunity to learn the sport and develop their skills.
 
Jared hires only people who are as avid about cycling as he is. “If you’re a cyclist, it’s a dream job,” he emphasizes. The staff at Smooth Cycle consists largely of students, some of whom are in graduate school and will soon be moving on. “Last summer, I hired two young people who were turning 15 and 16 so they could learn the business and be prepared to take over when the others leave,” he says. 

As the business grew and prospered, Smooth Cycle moved to an even larger location on the busiest street in Charlottetown. “My advice to any young entrepreneur starting out is ‘don’t quit’,” says Jared.  “I never gave up, was always honest with my suppliers and discovered that communication is the most valuable tool you have.” “At a very young age, Jared recognized a great business opportunity and has used innovative techniques to take his company to a whole new level. I congratulate him for his success,” says BDC President and CEO Jean-René Halde. 

Jared has never looked back since he took over Smooth Cycle. “I have the opportunity to have a career that I’m passionate about in a fast-growing industry,” he says. “I plan to take the business a lot further yet.”  
 
Young entrepreneurs in the spotlight
BDC’s Young Entrepreneur Awards are a highlight of Small Business Week, providing the opportunity to honour the entrepreneurial spirit and business success of Canadians between the ages of 19 and 35. Winners from each province and territory are selected by a panel based on the originality of their business concept, its success, growth potential and their community involvement.  The panel also considers the entrepreneur’s age when the business was started and any special challenges that had to be faced.

Small Business Week partners
Contributing to the success of this year’s Small Business Week and Young Entrepreneur Awards are the following national sponsors:  Western Economic Diversification Canada, Export Development Canada and Rogers. Privileged partners are the Pan Canadian Community Futures Group and the Canadian Chamber of Commerce, which has been a privileged partner of the event since 1981.

About BDC
BDC is a financial institution wholly owned by the Government of Canada. BDC actively supports the development and growth of Canadian small and medium-sized businesses through its complementary financial, investment and consulting solutions. BDC is one of Canada's Top 100 Employers for 2008.

Small Business Week is a registered trademark of BDC.

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