WELLINGTON, June 20 (Xinhua) -- New Zealand Youth Minister Nikki Kaye on Tuesday announced details of the 6 million-NZ dollar (4.35 million-U.S. dollar) investment over four years under Budget 2017 to fund more youth enterprise initiatives.
Kaye made the announcement at Victoria University in Wellington, where eight teams of young people had gathered to take part in the Greater Wellington Region finals of a "Dragons' Den" competition, pitching their ideas for innovative companies to a panel of local business leaders for a share of 5,000 NZ dollars (3,625 U.S. dollars) of prize money.
"Youth enterprise funding is about supporting young people to develop entrepreneurial skills through a range of youth-focused business and enterprise initiatives," Kaye said, adding that it was great to announce details of the funding at an event where the ingenuity and business acumen of young people was on show for all to see.
"In a rapidly changing global economy, young people with entrepreneurial knowledge, skills and aptitude are more likely to succeed in all areas of life, so this is about inspiring our next generation of potential leaders and innovators," Kaye said.
The funding announced as part of Budget 2017 will include the contestable Youth Enterprise Opportunities for Young People Fund, the fund supporting the establishment of enterprise start-ups involving young people, the fund supporting organizations working with young people to help them develop entrepreneurial skills, business acumen and financial competencies, and investment supporting partnerships aimed specifically at generating enterprise opportunities.
"Young Kiwi entrepreneurs are already developing new and exciting businesses that are succeeding here in New Zealand and overseas, some already worth millions of dollars," Kaye said, adding that this funding is about inspiring and supporting more of our young people to develop the skills and confidence they need to take their innovative ideas to the next stage and turn them into reality.
Kaye said she expected around 5,000 new opportunities will be created through this funding, adding that the next big company to make waves on the international stage could be born out of one of the initiatives that will be supported.
