Nesta has invested half a million pounds in a website to help young people connect with employers and colleges to find apprenticeship schemes.
According to the Office for National Statistics (ONS), the number of jobless 16 to 24-year-olds has risen by 30,000 to 764,000.
The GetMyFirstJob is designed to streamline the way young people look for training schemes.
The web platform claims to improve the speed and quality of matching young people to the right apprenticeship by working with employers and training providers to find apprentices for an appropriate time period. The system already has 160,000 young people registered.
GetMyFirstJob’s co-founder and CEO, David Allison said: "One of the big issues when it comes to apprenticeships is timing. How do you get the right young person into an apprenticeship quickly so that it works for employers? Businesses can’t wait weeks and weeks to find the right person, that’s why it is vital that we have a placement system that’s quick and easy to use."
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Recent figures from the Department of Business revealed that the number of people taking up Government-backed apprenticeships has fallen by almost 70,000 last year
Isabel Newman from Nesta Impact Investments said GetMyFirstJob offers the potential to help thousands of young people get the right apprenticeship.
"We know that one of the most challenging times in a young person’s life is when they leave school or college and look for their first job. Apprenticeships are an ideal way for many young people to make this transition but often the process is long-winded and difficult to navigate."
According to a report by government body the Skills Funding Agency launched in December, only 13,060 people started ICT apprenticeships in 2013/14, a decline of 33% from the previous year. In 2011/12, 19,520 students were recorded to have started apprenticeships.
The figures are the lowest recorded in three years, however the number of ICT apprenticeship applicants has almost trebled from 48,350 in 2010/11 to 133,800 in 2013/14. This equates to more than 10 applicants for every ICT apprenticeship, whereas in 2010/11 this figure was only 2.5.