The Welsh Government will support 1,200 young people to start their own business as part of plans to foster a new culture of entrepreneurship among young people in Wales, Economy Minister, Vaughan Gething announced today (21 June 2022).
- Economy Minister commits £5 million to foster new culture of entrepreneurialism among young people in Wales
- plan part of Welsh Government mission to make Wales a place where more young people feel confident in planning their future.
Announcing £5 million over the next three years to deliver on the self-employment aspect of the ambitious Young Person’s Guarantee, the Minister said supporting young entrepreneurs will form a vital part of making Wales a place where more young people feel confident in planning their future.
The Welsh Government is determined that there will be no lost generation in Wales as a result of the COVID-19 pandemic. The Young Person’s Guarantee will provide everyone under 25 in Wales with the offer of work, education, training, or self-employment.
The investment is included in the £20.9 million a year commitment to extend the hugely successful Business Wales service beyond the end of EU funding in 2023.
The £5 million funding will build on the success of Big Ideas Wales, run by the Welsh Government’s Business Wales service, which provides learning through workshops led by entrepreneurs and a network of Champions to aide transition from Further and Higher Education into the world of work.
Specialist support will be provided via:
- a new Young Person’s Start Up Grant of up to £2,000 per business. This will support 1,200 young people that are unemployed, left education or training in the early stage of business to become self-employed.
- pre and post start up support for one year, designed to help individuals overcome any barriers to starting a business, including one-to-one business advisory support, entrepreneur mentoring, business planning and financial management.
To read the full announcement please, visit GOV.Wales