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The Prince’s Trust Enterprise programme Laura Wyatt-Smith

The Prince’s Trust Enterprise programme Laura Wyatt-Smith. The Prince’s Trust. *. We need to raise £55 million a year to run our programmes. *. *. *. *. The Prince’s Trust was founded in. Our vision. 1976. Our goal. Our mission. t o support 100,000 young people a year by 2020.

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The Prince’s Trust Enterprise programme Laura Wyatt-Smith

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  1. The Prince’s Trust Enterprise programme Laura Wyatt-Smith

  2. The Prince’s Trust * We need to raise £55 million a year to run our programmes * * * * The Prince’s Trust was founded in Our vision 1976 Our goal Our mission to support 100,000 young people a year by 2020 To help disadvantaged young people in the UK to change their lives and get into work, education or training by HRH The Prince of Wales Every young person should have the chance to succeed

  3. Enterprise Inputs • Inspire • Explore • One to One • Will it Work? • Launch • Boost

  4. Who it helps 7,000 + to be supported in 2013/14 * * 3%care-leavers * 14%disabled * * 19%non-white 10%lone parents * * * Unemployed 9%ex / current offenders 24% educational underachievers

  5. Unemployment: the challenges • “A deficit in labour demand” (JRF) • Too few entry-level jobs in popular sectors (AECVO) • Increase in temporary contracts & part-time (ILO) • “Employers prefer local candidates” (JRF) • Vacancies fill and close quickly; those without internet disadvantaged (JRF) • More competitive; unemployed candidates less attractive

  6. Self-employment: the solution? • Addresses ambition gap: 58% of young people want to start own business but only 11% are (RBS) • Creates jobs – but mainly sole-traders, not employers • Helps those who’d otherwise struggle: • Define own working hours (young parents) • Overcome stigma (offenders) • Create own chances (long term unemployed)

  7. Outcomes * * 62% of businesses still trading after 2 years 52% into self employment * * Potential to create SROI of £4.31 for every £1 invested 67% of money lent in loans to young people is repaid * * 1 in 5 start a business with The Prince’s Trust 83% Into work, education, training of volunteering

  8. What’s needed • Benefits system needs to support young entrepreneurs • Funding; demand exceeds supply in some areas • Bridge gap between aspirations and ability... • Need information / training / test-bed • Access to funds • Ongoing support e.g. mentor • A real choice – it’s not for everyone

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