We can’t afford to lose a generation of entrepreneurs

We are all working to contend with one of the biggest public health crisis in living memory. Covid-19 has impacted every business in the UK and unprecedented steps have been taken to protect jobs and the economy.

The situation is still fast moving, and the outlook for businesses through the end of 2020 is impossible to predict. But, as we start to move out of lockdown, it’s critical that entrepreneurs at the start of their growth journey are given the same support as the UK’s biggest firms.

Young entrepreneurs are disruptors and champions of progress. They challenge established ways of thinking and push entire industries in bold new directions. If we don’t support them now, the spirit of innovation that propels the UK economy forward will be lost for a generation.

While the pandemic cannot stifle young entrepreneurs’ creativity, the restrictions in place to halt its spread makes getting to grips with running a business and securing the support needed to grow an even steeper hill to climb.

Start-ups rely on collaboration and the connections they make with everyone from new partners and customers, to manufacturers and distributors. They need information, guidance, the opportunity to acquire new skills and, perhaps most importantly, funding to get themselves off the ground and sustain the exponential growth required in the early years of a company’s life.

Ambition, grit and determination go a long way. But accessing all of the resources needed to make a new enterprise a success is hard. Today, doing so remotely, in such a turbulent environment, can feel like an insurmountable challenge – which is why the work of organisations like The Prince’s Trust is now more valuable than ever.

The Prince’s Trust helps young people find employment, education and training. In March 2019, we kicked off a three-year partnership with the charity to help equip young people interested in self-employment with the support they need to start their own business.

In the last year, our Backing Youth Ambition partnership has contributed £431,000 to support more than 650 young entrepreneurs, through donations, volunteering, event attendance and mentoring.