The Prince's Trust has partnered with Innovate UK to find the next generation of UK innovators and provide them with much-needed support and funding.
As part of the #IdeasMeanBusiness campaign, the The Prince’s Trust and Innovate UK want to support 18-30-year olds from a wide range of backgrounds, who are simply looking to take their ideas to the next level.
The initiative will enable applicants to quickly receive advice, guidance and the chance to get access to funding to help to turn their ideas into reality. The very best ideas will then be announced in March 2018.
Dr Ruth McKernan CBE and chief executive of Innovate UK explained: “There are young people from all walks of life across the UK who have great ideas. But for some there are barriers that stop those innovations becoming a reality.
“A little advice, finding the right support and inspiration to succeed can make all the difference. By focusing on young people from diverse backgrounds and motivating them to see how their ideas mean business, we hope to unearth the UK’s future innovators.”
In its new report – Ideas mean business: Attitudes to innovation by young, disadvantaged adults, Innovate UK has revealed that unlike long-held social assumptions perpetuated by negative media articles, young people are far from uninspired.
- Two in five young people (39%) have ideas for products and services they think they could sell
- More than half (54%) of young people would like to run their own company
- But, just 8% describe themselves as entrepreneurial
Lindsay Owen, director of Policy and Evaluation at The Prince’s Trust, added: “For thousands of young people across the UK, starting their own business could be a viable route to success, and a sustainable income for themselves and their families.
“Although many of these young people are evidently brimming with ideas and entrepreneurial spirit, a lack of confidence they can succeed appears to be holding them back. While their concerns are understandable, in fact their worries are unfounded; funding and support are available to help get new business ideas off the ground.
“The underlying problem appears to be a lack of knowledge about what support is out there. We’re delighted to be working in partnership with Innovate UK because with the right support from organisations like ours and from Government, there is no limit to how much these young people can achieve.”
To get involved with The Trust and Innovate UK’s Young Innovators’ programme, click here.