British youth lack confidence to run successful business

NEW findings from Innovate UK show that half of the young people in the UK think their age is a barrier to business success, with nearly a third lacking the confidence they need to turn their idea into a reality.

The findings were released as Innovate UK, part of UK Research and Innovation (UKRI), announced a £2.2m Young Innovators Programme in partnership with the Prince’s Trust.

Innovate UK spoke to 2,000 adults across the UK in a survey that explored the nation’s opinions and experiences with entrepreneurialism and innovation.

Ian Campbell, executive chair, Innovate the UK, said: “Just having a great idea doesn’t necessarily guarantee success. We know that there are many challenges that can get in the way of new business ideas -- especially when it comes to young innovators who, of all the ages groups polled, had the strongest belief they could make their innovative business into a reality.

“Our study shows there are plenty of creative people out there with potentially game-changing ideas, but to launch it in the first place is the main challenge.”

The national Young Innovators Awards will be conferred on 18–30-year-olds with a creative and ground-breaking business idea, to support them in turning it into a reality.

The programme will support up to 100 young people over three years with individuals benefiting from a £5,000 grant, one-on-one coaching and an allowance to cover living costs.

Ben Marson, director of partnerships at the Prince’s Trust, said: “…We believe that every young person, no matter their background, should have the chance to thrive in work. We know the immense potential and entrepreneurial spirit of the UK young people but not everyone has the opportunity to turn their ideas into reality.

“Working with partners such as Innovate UK on the Young Innovators programme allows us to encourage and enable entrepreneurship and innovation among more young people and bring diverse ideas and businesses into the economy.”

The Young Innovators Awards programme was launched in 2017 and has already engaged 12,000 young people through a high-profile communications campaign, Ideas Mean Business.