‘Inspiring the Vale’, a bursary scheme supporting young entrepreneurs in the Vale of Glamorgan has been awarded the ‘Highly Commended’ citation at the Enterprising Britain awards in the category of ‘Promoting Entrepreneurial Spirit’.
The scheme, funded by philanthropist Heather Stephens’ Waterloo Foundation and managed by local businesswoman Annette Gee on behalf of the Vale Council, was given the award by Small Business Minister Margot James MP at a ceremony in the Palace of Westminster on Tuesday.
Inspiring the Vale began in August 2014 to help young people to set up businesses by providing a grant of up to £3,000 to help cover start-up costs as well as advice and support from experienced business owners.
The initiative has inspired 157 applicants to date, and 41 have received funding to start their business and are trading successfully. A further eight are currently in the development stage.
Originally designed to reverse the outward migration from the rural Vale by providing opportunity for young people there, the scheme has since been expanded to budding entrepreneurs in the more deprived ‘Communities First’ wards in Barry. In the last year, 42% of the new businesses emerging as a result of the scheme have been from these areas.
Annette Gee, the local businesswoman behind Task Force Paintball in Cowbridge, provides follow up support to applicants by organising workshops, mentoring and boardroom sessions to discuss issues and challenges. The aim is to equip young people with the skills and knowledge to deal with potential setbacks and keep up their morale.
It was the only scheme in Wales to be shortlisted for the Enterprising Britain Awards, and has been described as an example of good practice to be adopted in other local authority areas.
Annette Gee said, “It has been a privilege to work with so many enthusiastic young entrepreneurs who are bringing their business ideas to life and boosting the local economy.
“It is a great pleasure to be involved in the process of building enterprises and helping people to realise their potential. I am very glad that the good work of the scheme, so generously funded by Heather Stephen’s Waterloo Foundation, has been recognised.”
Vale MP Alun Cairns, who attended the ceremony in Westminster, said, “Inspiring the Vale has lived up to its name thanks to the dedicated work of experienced local businesspeople like Annette Gee and the generous support of Heather Stephen’s Waterloo foundation.
“I am hugely impressed by their success, with over forty new businesses trading as a result of the scheme. The skill and sheer hard-work of our small business people is often unappreciated, I am grateful that so much of it has been put into helping the next generation of local entrepreneurs.
“The necessary cash and invaluable wisdom provided by Inspiring the Vale to young local businesspeople has had a big impact, and has rightly been recognised with this award.”