The Prince’s TrustEnterprise programme
Laura Wyatt-Smith
The Prince’s Trust
*The Prince’s Trust was founded in
1976by HRH The Prince of Wales
*Our visionTo help disadvantaged young people in the UK to change their lives and get into work, education or training*Our mission
Every young person should have the chance to succeed
*Our goalto support 100,000 young people a year by 2020
*We need to raise £55 million a year to run our programmes
InspireExploreOne to OneWill it Work?Launch Boost
Enterprise Inputs
Who it helps
*24% educational underachievers
Unemployed
*14% disabled
10% lone parents**
7,000 + to be supported in 2013/14
*9% ex / current offenders *19% non-white
3% care-leavers
*
*
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
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 employersHelps those who’d otherwise struggle:
Define own working hours (young parents)Overcome stigma (offenders)Create own chances (long term unemployed)
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
*83%
Into work, education, training of volunteering* 1 in 5
start a business with The Prince’s Trust
What’s needed
Benefits system needs to support young entrepreneurs Funding; demand exceeds supply in some areasBridge gap between aspirations and ability...Need information / training / test-bedAccess to fundsOngoing support e.g. mentorA real choice – it’s not for everyone