Enterprise Nation, the small business network and business support provider is partnering with Launch It, the specialist charity for young entrepreneurs to launch an initiative to create 3,000 more young entrepreneurs in London.
The ‘Next Generation initiative’ is aimed at empowering 18-24-year-olds from disadvantaged backgrounds to start and grow their own business.
The project is part-funded by the UK Government through the £220m UK Community Renewal Fund.
The scheme will deliver a free StartUp bootcamp open to applicants from across the city. From there 100 budding young entrepreneurs will be selected for 10 weeks of training, one-to one mentoring, a pop-up on Oxford Street and a grant of between £750 and £10,000.
Emma Jones, CBE, founder of Enterprise Nation, said: “As we start the new year, the appetite and opportunity to be your own boss has never been higher. Generation Z are thought to be the most entrepreneurial generation to date, with high expectations of holding down side hustles alongside day jobs over the course of their careers.
“The Next Generation Hub will help us discover, nurture and teach young Londoners who may not otherwise have access to the tools we can offer.”
Pat Shelley, Launch It CEO, said: “Launch It are thrilled to be delivering the Next Generation project alongside Enterprise Nation. At our charity, we have seen first-hand how the pandemic has stolen the confidence of young people; it has had a huge impact on their mental health and wellbeing. Starting a business helps young people to invest in their passions, build vital skills and to feel optimistic about their futures once more.”
The Next Generation Hub will launch in February and provide free training, events, bite-sized information, access to advisers, peer groups and access to funding. Those taking part will also receive monthly meetings with an Enterprise Manager to provide support and ensure mental wellbeing alongside the opportunity to showcase their products to customers and potential buyers in the Oxford Street store.
The programme will end with a Graduation Ceremony/Festival to celebrate successes and see participants interact with potential further sponsors or retail buyers.
The programme will support thousands of young Londoners who are in the early stages of starting a business (Either they haven't begun trading yet or have been trading less than 12 months.) It will be tailored to those who are socially or economically disadvantaged, or who have been adversely affected by the pandemic who might not have easy access to the finance and opportunities needed to go into business for themselves.
