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Building entrepreneurship for young NT entrepreneurs.

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Media Release The Hon Fran Bailey, MP

25 November 2005


A revamped Australian Government program launched today will provide skills development for young Northern Territory entrepreneurs and will encourage more young people to consider starting their own small business.

In the Northern Territory, only 6.8 per cent of its estimated 9,100 small businesses are currently operated by entrepreneurs under 30.

“Australia must become more entrepreneurial, more innovative and more business smart. To compete in the global market place, we must ensure our young entrepreneurs have the right skills and provide every encouragement for other young Australians to start their own business,” Fran Bailey, Minister for Small Business and Tourism, said today.

The Minister launched the revamped Australian Government small business program, Building Entrepreneurship in Small Business, at the Australia China Business Council today. The key change for the program is a focus on young entrepreneurs.

Building Entrepreneurship in Small Businesswill provide funding from $50,000 to $300,000 to service providers in the areas of business skills training, particularly for young entrepreneurs, as well as mentoring and succession planning. This funding will complement the important work of our Small Business Field Officers.

Examples of potentially successful grants might include export development training seminars, accessing finance workshops or providing advice for retiring small business operators to transition their business to young entrepreneurs. The first round is now open and more than $8 million in grants is available in 2005-06.

“We are investing in the entrepreneurs of tomorrow, today. Our future economic success depends on those entrepreneurs having the right skills, the go-get-em attitude and an economic environment that fosters entrepreneurial success,” Fran Bailey said.

“Through this revamped program, we are sending a clear message that we want more young Australians to consider starting their own business. To look at what they do well, learn from others and have a go.”

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