I warmly welcome the inclusion of the Youth Entrepreneurship Fund in the Action Plan for Jobs 2014 and the overall focus on entrepreneurship to create further jobs.
Today’s announcement of the Action Plan for Jobs for 2014 contains 385 actions to be implemented across all Government Departments, including 26 actions in the section on entrepreneurship.
As part of these actions, an additional €3.5 million is being provided to support start-ups and expansions and to fund the Youth Entrepreneurship Fund.
This new fund will be managed through the new Local Enterprise Offices (LEOs), a ‘first stop shop’ service for local start-ups and small businesses.
As Vice Chair of the Oireachtas Jobs, Enterprise and Innovation Committee, I helped launch a cross-party report last year, Creating Policies that Work, that specifically recommended the setting up of a €1 million Youth Entrepreneurship Fund on a two-year trial basis.
I brought the Youth Entrepreneurship Fund proposal before the Labour Parliamentary Party who endorsed the proposal this time last year. It’s great news this has been carried forward and included in 2014 Government Action Plan.
Why set up this Fund?
Given that youth unemployment in Ireland is at 24%, a Youth Entrepreneurship Fund serving those under 25 is a signal to our young people that we believe in their talent and are willing to back them.
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| Speaking at the Youth Guarantee launch in Digital Skills Academy last year |
Those availing of the fund could also be given business mentoring supports as part of country-wide implementation of the Youth Guarantee scheme, which is another key measure in the 2014 Action Plan.
Many young people have stated their difficulties in accessing start-up credit, due to their age and perceived lack of business experience.
I was left in no doubt that these barriers are preventing business ideas being realised and potentially costing us jobs that we can ill afford to pass up.
Roll of Committee Work - Leads to Actions
Many of the key recommendations of the Creating Policies that Work, such as a Youth Guarantee; a Youth Entrepreneurship Fund, and the use of Social Clauses in public contracts, were included in the 2013 Action Plan and I am glad the Youth Entrepreneurship Fund and the Youth Guarantee will be rolled out and further expanded in the 2014 plan.
The whole-Government approach of the Action Plan for Jobs is working.
It was also announced today that 61,000 jobs were created last year, meaning we’ve gone from a situation where 1600 jobs a week were being lost in 2012 to now where over 1200 jobs a week are being created.
I will continue to work in my capacity as Vice Chair of the Oireachtas Jobs, Enterprise and Innovation Committee to ensure we bring forward more ideas to help tackle unemployment in the country.
More information
You can read the full Action Plan for Jobs 2014 here.
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