A Dragon's Den-style support package has been announced by the Welsh Government which will help 1,200 young entrepreneurs start their own business.
As part of plans to encourage more entrepreneurship in Wales, Economy Minister Vaughan Gething today announced that £5m will be made available over the next three years.
The funding will target young people who are either unemployed, left education or training in the early stage of business to help them become self-employed via a new Young Person's Start Up Grant of up to £2,000 per business.
The Government will also offer pre- and post-start up support for one year including one-to-one business advisory support, entrepreneur mentoring, business planning and financial management.
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. 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."
He added: "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."
The funding is for the self-employment aspect of the Young Person's Guarantee, which provides those under 25 in Wales with the offer of work, education, training, or self-employment.
The £5m funding is part of the £20.9m a year commitment to extend Business Wales beyond the end of EU funding in 2023.
It will build on Big Ideas Wales, run by Business Wales, which provides learning through workshops led by entrepreneurs and a network of Champions to help the transition into work from Further and Higher Education.
Mr Gething said: "The UK Government broke its promise to replace in full the EU money Wales was set to receive. The Welsh Government cannot replace the missing £1.1 billion but we are determined to support young people with the funding we do have. Our support is a down payment on the future success of a modern Welsh economy, powered by skilled workers and ambitious businesses."
He added: "We will continue to press the UK government to back a 'Team Wales' vision where talent is supported and the £1 billion promised to Wales is restored."
