News

We can’t afford to lose a generation of entrepreneurs

24 Jul 2020

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.

The impact the LDC partnership has already made in such a short amount of time is remarkable.”
Partnership Director
The Prince’s Trust

Now, in response to Covid-19, we’re supporting The Prince’s Trust as it pivots to run many of its courses online and redeploy funding to help young, ambitious businesses continue to operate during this trying period.

We hope that these measures are only temporary. While we are supporting through online volunteering, meeting young entrepreneurs in person is something our volunteers find incredibly rewarding. The next generation’s ambition, confidence and determination to succeed are further evidence of the UK business community’s resilience in the face of adversity.

By continuing to back young people during this unprecedented time, we can help better position the UK for recovery and invest in the leaders of tomorrow.

Find out more about our three-year partnership with The Prince’s Trust and the young people it has supported in the brochure below or www.ldc.co.uk/BYA