The Prince’s Trust

The Prince’s Trustsupporting 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

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

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

The UK government response

‘The year of enterprise’

CDFIs

Regional Growth Fund

Big Society Capital

New Enterprise Allowance

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

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

Inspire

Explore

LaunchBoost

The Enterprising journeyInspire

Use enterprise as a hook to engage

Support to work out what it means for them

Facilitate short and long term action planning

Explore

Support YP to explore and test their ideas and make decisions

Remove financial barriers

Teach key concepts and skills

Launch

Achieve enterprising outcomes

Start viable and sustainable businesses

Use start up resources carefully

Boost

MentoringSpecialist

supportAlumni

scheme for continued growth and networking

? PlanDistance Travelled

Outcomes

Qual

WIW

Info

se

ssio

n Explore Enterprise Next steps

Progression

BusinessBusiness Launch

Group

Employment

Education & Training

Volunteering

How does it work?

Money

Mentoring

Mentoring

10 engagements

20 young people

Approx. 8hrs each

£185 average

?

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)

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

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)

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

Beyond the Enterprise programme... The future for our young people

Enterprise Network

Young Ambassadors

Enterprise fellows and future business leaders?

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

Thank you for listening

For more information please visit princes-trust.org.uk

Laura Wyatt-SmithNational Head of Programme

[email protected] 7543 1212