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