WYEC
Since 1988 Wandsworth Youth Enterprise Centre (WYEC), based in Tooting, London, has been supporting young people aged 17-30 to develop business ideas and start up their own businesses.
Their mission is ‘to increase economic activity and promote entrepreneurial behaviour among young people within disadvantaged communities'.
WYEC's four step model
WYEC's is a four step model which begins with the
Business Launchpad, outreach project, that engages a range of methods to engage
young people onto their business training and counselling programme. The
next stage is for those who are interested in setting up a business to attend
an interactive introductory workshop. At step three those who have decided to
stay on to explore setting up a business, become clients and receive one-to-one
assessment.
WYEC then offers a programme for young entrepreneurs to support them in the first two years of running and establishing a new business, including a business counselling service, skills workshops, training courses and managed workspaces. The Centre has developed a £2.7 million business centre in Tooting to provide income for the charity's work and to provide move-on space for young people moving from WYEC's incubator space.
Success of the centre
Since being established WYEC has supported over 5,000 young people and seen more than 500 businesses started. The Centre has a high survival rate of young businesses with 85-90 per cent trading after two years.