Empowering the Next Generation of UK Entrepreneurs

A new briefing paper titled "Empowering the Future" has been released by Ten Entrepreneurs, in collaboration with Youth Business International (YBI), focusing on the need to empower young entrepreneurs in the UK.

• The paper calls for the next UK government to provide young people with the necessary skills and opportunities to launch, grow, and sustain their businesses.
• It highlights the significant potential of young entrepreneurs to drive economic growth and social change in the UK.

Ten Practical Policy Recommendations for Empowering Young Entrepreneurs

The briefing paper presents ten policy recommendations aimed at empowering young entrepreneurs in the UK. These recommendations cover a wide range of areas, including:

• Financial support and incentives for young entrepreneurs.
• Skills development programs tailored to the needs of young entrepreneurs.
• Government initiatives to foster a more entrepreneurial culture.

Bringing Back the Enterprise Allowance Scheme

The paper advocates for the reinstatement of the Enterprise Allowance Scheme (EAS), a program designed to provide financial and support to young entrepreneurs.

• The EAS proved successful in its previous iteration, with nearly two-thirds of participants continuing to run their businesses after 18 months.
• The report recommends a more generous EAS program, offering greater financial support compared to other out-of-work benefits.
• The paper highlights the success stories of entrepreneurs who benefited from the EAS, including Julian Dunkerton of Superdry and Alan McGee of Creation Records.

Incentivizing Young Entrepreneurs to Solve Social and Environmental Problems

The report emphasizes the importance of encouraging young entrepreneurs to tackle social and environmental challenges.

• Previous research by Ten Entrepreneurs and YBI indicates that entrepreneurs under 35 are more likely to prioritize social or environmental impact in their businesses compared to older entrepreneurs.
• The paper suggests increasing funding for challenge prizes, which incentivize young entrepreneurs to develop solutions to pressing problems.

Creating a More Supportive Environment for Young Entrepreneurs

The report advocates for creating a more supportive environment for young entrepreneurs, particularly in terms of access to financial services.

• The paper suggests allowing under-18s to open business bank accounts without credit facilities, enabling them to separate personal and business finances early on.

Launching a New Approach to Empowering Young Entrepreneurs

The "Empowering the Future" report is being launched in the House of Commons by Lord Mawson, a prominent social entrepreneur in the UK.

• Lord Mawson highlights the critical role of entrepreneurship in empowering individuals and driving economic growth.
• He emphasizes the need for a new approach to empower young entrepreneurs and foster a "learning by doing" culture.
• He supports the policy recommendations outlined in the report, believing they will help young entrepreneurs in the UK realize their full potential.

Global Recognition for Young Entrepreneurs

The launch of the report coincides with YBI's Global Bootcamp, which brings together aspiring young entrepreneurs from around the world.

• The Bootcamp provides a platform for young entrepreneurs to learn from industry experts, collaborate with their peers, and showcase their innovative ideas.
• The event culminates in the selection of YBI's Global Young Entrepreneur of the Year, a prestigious recognition for outstanding entrepreneurial talent.

Empowering the Future Generation of Entrepreneurs

The "Empowering the Future" report serves as a call to action for the UK government to prioritize policies that empower young entrepreneurs and foster a thriving entrepreneurial ecosystem.

• The report argues that by investing in skills development, providing financial support, and creating a more supportive environment, the UK can unleash the potential of its young entrepreneurs.
• By empowering the next generation of entrepreneurs, the UK can drive economic growth, address societal challenges, and create a more prosperous future for all.