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Speaking at the campaign's official launch at the Bridge Bier Huis on Thursday night, Steve said: "Well done to everyone who has been part of raising that money. What you have done so far is fantastic and it will be a massive benefit to Vince, Pash and everyone working in youth development."
Head of Youth Development Vince Overson said the money will be used to buy an interactive, touch-sensitive "smart board" similar to the gadgets used by Sky TV's Andy Gray. He said: "It is a known fact that with children, in this case we're talking about young players, the best way to learn is to have a visual aid.
"A coach will try to paint as many pictures as he can for a player, especially with young lads. He will explain what he wants tactically and technically as clearly as he possibly can. Some people can take that on board, but the best thing for any young player is a visual display."
Steve said: "The smart board will definitely be a great tool. Football is changing and I think players are getting more in to technology. If you can introduce them to that very early they will learn."
Smart boards, which can also be used by coaches to plan training sessions, cost about £3,600 for a basic package, with various additions available should clubs wish to buy them.
More than £2,000 has been collected in donations alone, and a number of fund-raising events have been scheduled, including the Clarets Mad Late Tea and Clarets Madiham. The initial target of £200 to sponsor a youth team player has been well and truly surpassed, now the next aim must be to raise the £3,600.
Vince said: "I would feel greedy and cheeky if I was to ask for any more, but we would love to send the youth team on a pre-season tour because they haven't had one for years."
He added that the introduction of technology would be the first step on the road to achieving academy status: "We would like to start videoing youth team games. Academies do it, and we want to get as near to them as we can and eventually become an academy ourselves. That is my aim as head of youth development.
"You can stop the video at certain points in a game, use the board to circle players on the screen and move them around the pitch. We can then ask the players what they would do in that situation and ask them to demonstrate to show they have understood."
Steve and Vince both stressed that producing home-grown players is vital if clubs like Burnley are to be successful.
The level of interest and enthusiasm which has greeted the Year of the Youth campaign so far suggests most Clarets fans would agree with them.