AMP Youth Boost Project
Monday, 5th July 2004 at 1:07 pm
The AMP Foundation will spend $1 million to identify and encourage innovative programs to fight youth unemployment in Australia.
The AMP Youth BOOST is a national initiative being run in partnership with Social Ventures Australia.
AMP Foundation commissioned research into the issue of youth unemployment and found that 21 per cent of 15-19 year olds in the labour force were unemployed. Early school leaving costs Australia $2.6 billion a year
Andrew Mohl, the Chief Executive Officer of AMP Limited says that the AMP Foundation is about helping people reach their potential, and in particular young people.
Mohl says parents, teachers, business, government need to make sure there are the right opportunities, the right motivation and the right resources to help Australia’s young people find fulfilling, sustainable, full-time jobs.
Social Ventures Australia will oversee the distribution of the AMP Youth BOOST fund and support the selected Not for Profit organisations with business mentoring and management advice.
Founding Chief Executive of SVA, Michael Traill says the funds would be shared by up to 10 Not for Profit organisations.
Traill says those under consideration will include organisations that encourage school completion or support the transition from school to work, develop and deliver best-practice mentoring programs, improve young people’s sense of connection to their schools and community and foster youth enterprise.
The AMP Youth BOOST will enable the organisations it supports to further develop existing high quality programs and to extend their reach to young Australians.
An example of the type of outstanding organisation that the AMP Youth Boost will be looking to identify and support is the Beacon Foundation.
The Beacon Foundation was one of the first social enterprises to receive funding and mentor support from Social Ventures Australia when the venture philanthropy organisation was established in 2002.
It was created in Tasmania to address the rising levels of youth unemployment in disadvantaged areas. Beacon’s No Dole program, pioneered at Brooks High School, reduced final year unemployment from 30 per cent to 15 per cent in its first year and to zero by year three.
AMP and SVA support of Beacon has contributed to the replication of this successful program in 25 school locations across Australia.
Applications should be made via the SVA website www.socialventures.com.au. The deadline for applications is Monday August 2, 2004.
Short listed organisations will be notified in September. These ventures will then be asked to attend a workshop to be held in November and present to a panel of expert judges. A funding announcement will be made in November.