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Labour: Backing Young Entrepreneurs

The next Labour Government will encourage innovative and driven young entrepreneurs to create a viable business by providing training, a business mentor and up to $20,000 capital for successful applicants in its Young Entrepreneurs Plan, Leader of the Opposition Andrew Little says.

“The changing nature of work is creating a new generation of smart, innovative young Kiwis who need nurturing and capital to get successful ideas off the ground.

“We know that not everyone thrives in formal education or training and some of our best-known entrepreneurs learnt everything they know on the job.

“In January we announced our first major Future of Work policy – three years free training and education across a person’s lifetime. Today’s announcement is an extension of that, allowing smart, young entrepreneurs aged 18-23 to cash that in and capitalise on a great business idea.

This would be in the form of a one-off start-up grant with the safety net of funded business training, an ongoing business mentor and a business plan approved by an independent panel of experts.

“The grants will be capped at 100 per year for the first three years.

“Today’s young people are growing up in an environment that promotes entrepreneurial thinking in ways older generations did not. Their working careers are more likely to involve generating more of their own income and less stable work. Encouraging their business skills will be crucial.

“There are many barriers to young people accessing finance to back good business ideas. But this plan is about much more than just capital. Putting young Kiwis through business training, providing them with an experienced business mentor and requiring a thorough business plan to be successful for the grant provides a real safety net for their idea.

“This will offer real opportunities to young people who have a good business brain and the drive to make their ideas work so they can not only be a part of the Future of Work, but help determine the future of work.

“New Zealand needs more successful entrepreneurs and this small investment will help create the next generation of them,” says Andrew Little.

Read the Factsheet here.

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