© copyright PRIME 2011 prime PRIME Presentation to London Employment and Skills Policy Network ~ Peter Bennie Director of Development

© copyright PRIME 2011 prime PRIME Established in 1999 as an Initiative of HRH The Prince of Wales

© copyright PRIME 2011 prime PRIME The only national organisation dedicated to promoting 50+ self-employment and enterprise Originally a wholly owned subsidiary of Age Concern England CORE CLIENT GROUP Over 50s who are unemployed or under threat of redundancy

© copyright PRIME 2011 prime AGENDA Impact of ageing population Why self-employment can be a good option The PRIME Programme, supporting Welfare to Work initiatives

© copyright PRIME 2011 prime Demographic Change Life expectancy in Britain increased by about 30 years in the 20th century. In 1950 a 65 year-old man could expect on average to live until 76. Today he can expect to live until 85. The number of people over age 50 is expected to rise from 19.8 million in 2005 to 24.5 million in 2020, an increase of 23.5%. (The Age and Employment Network, January 2007)

© copyright PRIME 2011 prime Impact on the Workforce Over next 20 years, through demographic change and postponed State Pensions: extra 3.23m people aged 50+ in UK workforce proportion of workforce that is 50+ grows from 25% to 33% London 50+ workforce grows by 560,000 (59%) – highest of any UK region Work Programme period, growth of 155,000 (16%)

© copyright PRIME 2011 prime Self-Employment for Older Workers Benefits: Personal - control, flexibility, sustainability Economic - additional jobs, retains skills Financial Independence (higher earnings) Health and social benefits Realisation of an ambition

© copyright PRIME 2011 prime Self-Employment for Older Workers Around 1-in-5 of working over-50s is self- employed, and increasing Business survival rates are better than for younger people They research and plan more thoroughly, have more experience and a ‘get it right first time’ approach

© copyright PRIME 2011 prime What’s needed for the 50+ Tailored interventions taking account of: Health conditions and caring responsibilities Conditioning/institutionalisation Lack of enterprise awareness or business idea Reluctance to engage with youth initiatives Framework recognising higher initial cost and time to establish sustainable business

© copyright PRIME 2011 prime What does PRIME do? Raise Awareness of the Self-Employment option Inspire and Stimulate Interest in Self-Employment Inform, Support, Motivate Train, Mentor and Advise

© copyright PRIME 2011 prime PRIME ‘Client Journey’ 2011 Awareness Interest Information Reaching out to clients Advice Business support Mentoring Finance Start up support Mentoring Networks Giving back Post start support

© copyright PRIME 2011 prime PRIME ‘Client Journey’ 2011 PRIME Client Liaison Packs & Online Workshops and Training Business Advice Service MentoringFinance

© copyright PRIME 2011 prime Supporting Welfare to Work initiatives DWP: self-employment an ‘eligible job outcome’ DWP ESF ‘Flexible Routeways’ Flexible New Deal Work Programme (London, MAXIMUS and CDG) Opportunities to support other initiatives

© copyright PRIME 2011 prime Contacting PRIME Call: or