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The Prince’s Trust

The Prince’s Trust. supporting young entrepreneurs. Overview. Setting the UK context The scale of need UK government response Overview of The Prince’s Trust The Enterprise programme Support Results Questions. The scale of need.

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The Prince’s Trust

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  1. The Prince’s Trust supporting young entrepreneurs

  2. Overview • Setting the UK context • The scale of need • UK government response • Overview of The Prince’s Trust • The Enterprise programme • Support • Results • Questions

  3. The scale of need Unemployment amongst young people under 25 years old is now over 20 per cent Over one million young people are not in work, education or training One in six children lives in a household with no income from work Youth unemployment is estimated to cost up to £155 million per week in terms of benefit payments and lost productivity Total cost of youth crime is calculated at £1.2 billion each year

  4. The UK government response ‘The year of enterprise’ • CDFIs • Regional Growth Fund • Big Society Capital • New Enterprise Allowance

  5. The Prince’s Trust programmes Enterprise programme – our business start-up programme Team– three-month personal development programme Get into– short vocational courses e.g. Get into Cooking Get Started – flexible short personal programmes xl clubs–a pioneering and transformative in-school education programme Community Cash Awards – cash awards up for projects that will benefit their local community Development Awards – cash awards for young people to access education, training or work Fairbridge – Fairbridge have centres in 15 of the most disadvantaged areas of the UK

  6. The Prince’s Trust Enterprise Programme • Supports young people to: • explore a business idea and decide whether self-employment is right for them • test, plan and start a business or achieve goals in education, training, employment or volunteering • Who is it for? • Young people aged 18-30 in the UK • Unemployed or working fewer than 16 hours a week • Have a business idea they would like help to explore

  7. The Enterprising journey • Explore • Support YP to explore and test their ideas and make decisions • Remove financial barriers • Teach key concepts and skills • Inspire • Use enterprise as a hook to engage • Support to work out what it means for them • Facilitate short and long term action planning • Boost • Mentoring • Specialist support • Alumni scheme for continued growth and networking • Launch • Achieve enterprising outcomes • Start viable and sustainable businesses • Use start up resources carefully

  8. How does it work? 20 young people £185 average 10 engagements Mentoring ? Progression Employment WIW Outcome s Education&Training Info session Volunteering Explore Enterprise Next steps ? Qual Distance Travelled Plan Business Business Launch Group Money Mentoring Approx. 8hrs each

  9. Benefits • Helps them to choose the goal that is right for them • Gives them lots of practical support to make decisions • Helps them to meet other young people who also want to change their lives in a positive way • Flexible timetable of support • Individual and unique – nobody else is offering anything like it • Various opportunities for volunteers • Quality lending decisions and increased chance of business success • Measure success based on what it means to individual young people (self-employment plus other employment / education / training)

  10. Performance 2010 / 11 • Cost: £1900 per young person • 5,676 young people last year • What young people tell us after the programme... • 88 per cent in self-employment, employment, education, training or volunteering • 68 per cent self-employed • 34 per cent employed • 9 per cent in education or training • 2 per cent doing voluntary work

  11. Performance 10/11: Business starts and lending • The Trust started 1,156 new businesses (approx. 1 in 5 YP) • The Trust works with 3,000 business mentors to support start-ups • 57 per cent business survivability over 2 years (62 per cent this year so far) • Average start-up loan £2,747 • Loans Collection team now collect 64 per cent of loans (up 52 per cent last)

  12. What do young people think? Explore Enterprise ‘Very inspiring to hear from someone who has been through the whole process.’ Hayley ‘I only have good things to say...learnt and improved skills. I feel less lonely and feel more confident!’ Jennie Will it Work grants ‘I had a Will it Work grant to test my bridal business idea. My business idea hasn’t changed. But how I market my business will change I'm going to add to my website, collate more literature for giving out at exhibitions. I'd plan to do more in advance & make sure I don't leave things to the last minute.’ Elli Outcomes ‘The whole process is a big learning curve. I’ve learned about finances, how to be careful with money, what works for business and what doesn’t. I really believe that this last year has taught me more about business and life then any other’ Cezary

  13. Beyond the Enterprise programme... The future for our young people • Enterprise Network • Young Ambassadors • Enterprise fellows and future business leaders?

  14. The future of the Enterprise programme • Review of accessibility • Accreditation pilot • Further improvements to lending decisions • Develop and enhance progression mentoring for those pursuing alternative outcomes

  15. Thank you for listening For more information please visit princes-trust.org.uk Laura Wyatt-Smith National Head of Programme laura.wyatt-smith@princes-trust.org.uk 020 7543 1212

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