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.

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.

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 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 £20.9m a year commitment to extend the hugely successful Business Wales service beyond the end of EU funding in 2023.

Economy Minister Vaughan Gething said:

“Encouraging young adults to stay in Wales by building their careers and launching their own businesses here will be instrumental as we re-design our economy post-coronavirus.

“We see this as the start of a new era, which is why we are taking bold action to build a vibrant economy that provides opportunities for all as we sustainability invest in the industries and services of the future.

“Our young people hold the key to Wales’ future success. Their talents, skills and creativity are essential to ensuring our economic success. I am determined we do all we can as a government to help deliver the long-term economic benefits our young people deserve for them all to fulfil their potential.

“By working together towards the vision we have set out for a greener, fairer Wales we can pave a path to prosperity for all young people, regardless of background.”

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.