Helen Gresty, Executive Director Innovation Programmes Creating Enterprising Colleges - 01 July 2008 Developing enterprise (& innovation skills!) through work experience related learning

NESTA  Vision – of a creative and enterprising UK competing globally and responding to social challenges  Mission – to transform the UK’s capacity for innovation  Approach – think / do tank  An expert resource on innovation  Endowed finance - independent, risk capital for experimentation  A long term view  Mainstreaming what works

Education – preparing the next generation of innovators and entrepreneurs Context:  rapid social, economic and technological changes  transformation of work and careers  start of a shift in education creates opportunities to build enterprise skills for innovative economy Young people exposed to and ready for future world of work

Refreshing Work-Related Learning: NESTA’s Future World of Work Portfolio

Future World of Work: Researching the Issues 3 Studies - creative economy, rural economy and third sector:  Work-related learning too often seen as just work experience  Use ICT imaginatively to support work-related learning  Don’t overlook small businesses and social enterprises  Effective brokerage is extremely valuable  Sell it!!

Key Findings – Creative Economy  Creative industries bring new ideas, technologies and ways of working essential to the future economy and world of work  WRL can boost the supply of talent and skills  For creative businesses, work-related learning can help spur innovation, creativity, competitiveness and growth  Creative and Media Diploma and Creative Apprenticeships driving demand  But capacity challenges for creative enterprises  Example… The Sorrell Foundation’s matching scheme

Key Findings – Rural Economy  Rural economy is growing, but there is a ‘brain drain’  Exemplifies many features of the future world of work  Challenges arising from small and disparate nature of businesses in the sector  Sell as a means of retaining local talent, reducing youth unemployment and revitalising the local economy  Great potential for ICT to support work-related learning in isolated rural communities.  Example… virtual work experience in the Highlands and Islands

Key Findings – Third Sector  Sector is fast-growing part of UK economy – annual turnover of around £75 billion  WRL helps young people appreciate competing pressures of making money, pursuing a mission and creating an impact  Support needed to encourage greater participation – sell benefits of getting young people involved in fund raising  Need for clearer picture of opportunities and career pathways in sector  Example… Trust Youth’s mini charities in schools

NESTA Pilots  Test out new ways of delivering work-related learning that reflects the dynamics of the new economy  Demonstrate the skills for enterprise and innovation which young people acquire  Examine the benefits for all the participants – students, education, business and wider society  Share learning, influence policy and practice and develop practical tools  Announcement in August – live from Sept 08

Conclusions  The UK needs innovative young people to strengthen the economy, invigorate communities and regions, and develop successful private, public and third sector organisations  Work-related learning is crucial in delivering this.  Recent education developments provide new opportunities  But opportunities will only be grasped if there is a step change in how work-related learning is delivered.