Wednesday, 21 June 2017 07:45

$6m for more youth enterprise initiatives

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Youth Minister Nikki Kaye tonight announced details of the $6 million investment over four years under Budget 2017 to fund more youth enterprise initiatives.

Ms Kaye made the announcement at Victoria University’s Rutherford Building in Wellington, where eight teams of young people had gathered to take part in the Greater Wellington Region finals of a ‘Dragons' Den’ competition, pitching their ideas for innovative companies to a panel of local business leaders for a share of $5000 of prize money.

“Youth enterprise funding is about supporting young people to develop entrepreneurial skills through a range of youth-focused business and enterprise initiatives,” says Ms Kaye.

“It was great to announce details of the funding at an event where the ingenuity and business acumen of young people was on show for all to see.

“In a rapidly changing global economy, young people with entrepreneurial knowledge, skills and aptitude are more likely to succeed in all areas of life, so this is about inspiring our next generation of potential leaders and innovators.”

The funding announced as part of Budget 2017 will include the following investments:

  • Around $1.2 million in the contestable Youth Enterprise Opportunities for Young People Fund, to directly support young people who have a new or innovative enterprise idea or project, to enable them to develop and execute their project
  • Around $1.6 million for a targeted fund to support organisations with a track record increasing enterprise learning in a school environment, and/or supporting the establishment of enterprise start-ups involving young people
  • Around $1.2 million in the contestable Youth Enterprise Fund, to support organisations which are working with young people to help them develop entrepreneurial skills, business acumen and financial competencies
  • Around $2 million in the Partnership Fund, which was set up in 2016 and involves the Government and business, philanthropic and iwi partners working together to grow youth development opportunities – this $2 million investment will support partnerships aimed specifically at generating enterprise opportunities, which enable young people to develop entrepreneurial skills and/or innovative products or businesses.

“Young Kiwi entrepreneurs are already developing new and exciting businesses that are succeeding here in New Zealand and overseas, some already worth millions of dollars,” says Ms Kaye.

“This funding is about inspiring and supporting more of our young people to develop the skills and confidence they need to take their innovative ideas to the next stage and turn them into reality.

“Through the initiatives the funding will support, young people will develop a range of transferable skills such as problem solving, communication, decision making, team work, financial acumen and leadership.

“I expect around 5,000 new opportunities will be created through this funding.

“The next big company to make waves on the international stage could be born out of one of the initiatives that will be supported, just as it could emerge from the young finalists gathered in Wellington tonight.”

| A Beehive release  ||  June 20,  2017   |||