News
The Prince’s Trust launches new support for youth entrepreneurship in partnership with LDC
24 Apr 2024
Youth charity The Prince’s Trust has today launched an extension of its Enterprise programme in partnership with LDC to help young entrepreneurs sustain and grow their businesses through the first three years of trading, recognising the important role they play in driving economic growth, fostering innovation and shaping the future of the UK economy.
The Prince’s Trust and LDC have worked together to design and develop Enterprise Advance; a comprehensive package of support designed to increase the help available to young entrepreneurs as they navigate the early years of running their business. Enterprise Advance is an extension of the charity’s existing Enterprise programme, which supports young people from all walks of life, including disadvantaged communities across the country, to launch their own businesses by equipping them with the confidence, skills and funding they need to do so.
LDC, the private equity investor that is part of Lloyds Banking Group, first partnered with The Prince’s Trust in 2019 to support the Enterprise programme and has so far helped almost 4,000 young people to turn their dreams into reality.
However, while the majority of businesses launched through the Enterprise programme are still trading, focus groups with Trust-supported entrepreneurs who launched businesses in 2020/21 revealed that many felt they could unlock latent potential and better sustain the growth of their business if they had access to additional tools and support. Help with finding and managing customers, digital marketing and accessing finance were cited as three of the most common challenges young business leaders face.
Through Enterprise Advance, young entrepreneurs can access a designated mentor, structured business reviews to track progress against targets and ambition, workshops and networking opportunities.
Kyle Frank set up his vegan skincare brand, Frank’s Remedies, with the support of the Enterprise programme in 2020. He wanted to help others who had suffered with skin conditions and with the support of The Prince’s Trust, has established a successful and growing business. Frank’s Remedies is now in its fourth year of trading, with retail listings in high street stores such as Superdrug and WHSmith’s, and is forecasting a turnover of £650,000 in 2025. Kyle is also an ambassador for The Prince’s Trust and has received additional support from LDC in the form of networking opportunities and business introductions.
Commenting on the launch of Enterprise Advance, Kyle said: “Starting a business is hard, but growing it is tougher. Enterprise Advance offers tangible support and resources that will be hugely valuable to young business leaders. It’s about more than just business; it’s about breaking barriers and giving everyone an even chance of success.”
Toby Rougier, Chief Executive of LDC, said: “Young entrepreneurs play a significant role in the UK economy, and it’s crucial that we equip them with the necessary tools, skills and funding to grow and sustain their businesses. These individuals are driving innovation, progress and improvements in society, and they’re our next generation of business leaders.
“We have more than 40 years of experience in helping management teams across the UK to drive growth and realise their ambitions, and our partnership with The Prince’s Trust extends that commitment to young entrepreneurs from different backgrounds.”
Together with The Prince’s Trust, we're creating a path for young business leaders that will empower them to contribute to the sustained growth of the UK economy.”
Jonathan Townsend, UK Chief Executive of The Prince’s Trust, added: “Since launching our Enterprise programme in 1983, we’ve supported more than 91,000 young entrepreneurs to kickstart their own businesses and that’s something we’re incredibly proud of. Enterprise Advance takes the support we can offer even further – it’s a flexible, broad-ranging programme that will help young entrepreneurs to go on and grow their businesses in those crucial early years after launching.”
It wouldn’t have been possible without the support and expertise of LDC. They are one of our biggest supporters at The Prince’s Trust and together we’re excited to help more young entrepreneurs to maximise the potential of their businesses.”
Enterprise Advance is being funded through LDC’s multi-million-pound partnership with The Prince’s Trust and has been created with the support of an advisory board consisting of LDC’s employees over the last 12 months. It will launch in the Midlands before being rolled out across the UK over the coming months.
LDC is the leading supporter of The Prince’s Trust Enterprise programme and its partnership is designed to inspire the next generation of UK entrepreneurs. It has contributed towards a more diverse group of future business leaders, as a quarter of the young entrepreneurs supported to-date are from ethnic minority backgrounds and more than half are female.
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Tips for Young Entrepreneurs
To support the launch of Enterprise Advance, we spoke to LDC employees and business leaders in our network and asked them to share their top tips for young entrepreneurs growing a business. From finding your passion to being patient and playing the long game, they share tangible and practical advice for budding entrepreneurs.
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