Prime Mobilising the full potential of those aged 50+ through self- employment and enterprise Laurie South Chief Executive – PRIME

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Presentation transcript:

prime Mobilising the full potential of those aged 50+ through self- employment and enterprise Laurie South Chief Executive – PRIME

What is PRIME? Prince’s Initiative for Mature Enterprise ~ a charity / not for profit organisation linked to Age Concern England Mission To ensure everyone aged 50+ has the opportunity for financial, social and personal fulfilment through sustainable self-employment, business or social enterprise. prime

The size of the issue in the UK

Labour Market Detachment for 2.7 million aged 50-SPA (source SEU 2004) prime

Different characteristics of 50+ who are detached from the labour market prime Most able, knowledge-able and confident Those who need sign- posting The hard to reach and persuade

prime Business Cycle Business Background No Business Background Recruitment & Awareness Raising NoOutreach MentoringNiceEssential Personal Development NoIdeas, confidence, skills, accreditation Technical Support from agency of enterprise One size fits allBespoke FinanceBankCommunity Development Finance Institution Post Start-up Support NiceEssential Exit SupportNiceEssential; Disadvantaged Groups NoSpecialist Support

So what does PRIME do? prime Recruitment & Awareness Raising ( community work-shops / outreach / internet / work with partners & intermediaries ) Mentoring (from the point of recruitment) Personal Development (workshops / self-help pamphlets) Sign-post on to Partner enterprise agencies (over 130 partners) Loans of last resort (temporarily suspended) Business club (just starting Exit support (pensions information) Research into 50+ self-employment and enterprise

Funding & Impact prime Turnover c 1 million euros p.a. Impact * 80% contacting PRIME detached from labour market * 43% contacting PRIME start a business ( 27% decide it is not for them )

Conclusion Can we afford to do nothing? prime Growing number of over 50s Ageism in the labour market Fewer under 30s for labour market Unemployed become mentally ill physically sick socially isolated Potential social welfare bill in 10 years time

Is the PRIME model a way forward? Pro Linked to client need Not a government agency Flexible Multiple entry points Complements rather than competes Promotes partnership Research & campaign Contra Lack of funding – postcode lottery Funder impatience No curriculum prime

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