The Welsh Government will support 1,200 young people to start their own businesses as part of plans to foster a new culture of entrepreneurship in Wales.

Economy Minister, Vaughan Gething announced today that the Government will deliver £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.

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Mr 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.

“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."

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Specialist support will be provided through three key ways. 

A new Young Person’s Start Up Grant of up to £2,000 per business, pre and post start up support for one year and help during Summer Start-Up Week 2022, a collaboration by Further and Higher Education institutions in partnership with Big Ideas Wales.