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

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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