Department for Business, Innovation and Skills
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£1 Million boost to help young people turn their enterprise ideas into businesses

£1 Million boost to help young people turn their enterprise ideas into businesses

News Release issued by the COI News Distribution Service on 03 November 2009

Young people with enterprising ambitions were given a £1 million boost today to help turn their ideas into businesses.

The £1 million from the Department for Business, Innovation and Skills will enable youth charity, The Prince’s Trust, to help unemployed young people explore the viability of their business plans, develop their initial ideas and bring their businesses to life.

In the next five months, 630 young people will take part in The Prince’s Trust’s new ‘Be Enterprising’ course. The Prince’s Trust expects that 270 young people will see their own business come to life through the course, with others moving in to other work, education and training. Fifty young people who have already successfully set up a business with help from The Prince’s Trust will become Young Ambassadors, to inspire other young people to be enterprising – particularly in the most deprived areas of England.

Business Minister Pat McFadden met young business people and those taking their first steps towards becoming entrepreneurs at small business centre in Kennington today. He said:

“It is inspiring to see young people turning ideas into commercial success. It shows that irrespective of background, with the right support, young people have the drive and ideas to build successful businesses.

“The teenager with an idea can become the young entrepreneur of tomorrow and the business leader of the future – with a vital contribution to make to the UK’s future economic prosperity.”

Speaking at the first day of The Prince’s Trust new London course he added:

“What young people need is the support to make these ideas happen and the skills and confidence to get them off the ground and turn them in to sustainable businesses. That is why we are investing in enterprise at the grass roots.”

The Prince’s Trust Chief Executive Martina Milburn said,

“Young entrepreneurs are the spark plugs of our economy. With these vital funds we will be able to inspire young people to be enterprising and realise their potential.”

Claire Pearson, who started her Matlock fashion business – The Bee Tree – with help from The Prince’s Trust, said: “Starting my business has completely changed my life. Before I set up my business I felt like I hadn’t really achieved anything worthwhile. Now I’ve created a future for myself and I’m so proud of what I’ve achieved. I hope I can inspire more young people to reach their potential, in the same way I have.”

Notes to editors:

1. For more information please contact Fiona Cameron in the BIS Press office on 020 7215 5978, fiona.cameron@ukti.gsi.gov.uk or Annabel Kirk at the Prince’s Trust Press Office on 020 7543 1318, nabel.kirk@princes-trust.org.uk

2. Prince’s Trust - The Prince of Wales’s charity has helped more than 600,000 young people since 1976 and supports 100 more each working day. More than three in four young people The Trust helped last year moved into work, education or training. www.princes-trust.org.uk

3. The ‘Be Enterprising’ programme piloted in the South West. These courses will help unemployed young people to explore their options and progress into employment, training or seek further help to start a business. The courses comprise a taster day to identify those young people who are interested and could benefit from the training. This is followed by a 4 day course during which time participants are encouraged to explore the viability of their business ideas. The 4 day course can also contribute towards an OCR Level 2 or 3 qualification in Business Enterprise. Projections are that, as a result of the funding, 195 young people will to go onto start a business with The Prince’s Trust; 79 will go onto start a business independently of The Trust’s financial support but with mentoring support and a further 202 will move into other work/education/training.

Workspace Group PLC is a specialised property-based business providing office, serviced office, studio, workshop and light industrial workspace for small businesses throughout London. Workspace Group PLC assists new and existing small businesses by creating affordable accommodation for rent on flexible and user-friendly terms. Workspace Group PLC owns and manages 116 business centres in London and has more than 4,000 small business customers. Workspace assists the Princes Trust in providing free event space for their seminars and coaching sessions throughout various areas of London. They operate a number of initiatives to help foster entrepreneurial spirit, including: 'Start-up Space' at various centres; QWest for entrepreneurs in South West London; free online customer community TradeLink; tailored insurance for start-ups and small businesses, and a customer reward scheme. Moreover, we are delighted to help any organisation whose sole aim is to improve the chances of small business owners and entrepreneurs. As well as the Princes Trust other organisations such as the British Library (Business & IP Centre) and the London Business Network who operate CompeteFor.com, have also hosted events within Workspace centres to increase their reach among London's small business community. www.workspacegroup.co.uk

Contacts:

BIS Press Office
NDS.BIS@coi.gsi.gov.uk

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