Not entirely

http://en.wikipedia.org/wiki/Youth_Olympic_Games

As you will notice, the lower age limit is still 14 (and 18 the upper). That is a lot lower than in the main event for many sports (as in most of them competitors are in their 20s, and in some, 30s are still common), but not so much for others. In the case of gymnastics, it's lower than today's lower limit at the main event, but considering Comaneci won at 14...

Again I have to criticize the IOC. If it wasn't for their grip on organized multi-sport events, there could easily be a Pre-Youth Games with competitors younger than 14 (or 15 or 16 maybe, and with two or three tiers by age if necessary). But as it is, all such events would have to pass in some way or another under the control of the IOC and its regional and national affiliates, and they'd be able to withdraw their support for them and even coerce sports federations not to recognize them.