Under the pilot stage of the project, iDEA, over 1,000 young entrepreneurs will receive over £150,000 in seed funding. The 20 best ideas will receive a £5,000 grant, mentor support and a business placement.
A study by YouGov launched to coincide with the scheme and commissioned by Nominet Trust revealed that almost two thirds of 16 to 25 year olds believe a formal education is not sufficient to support young entrepreneurs.
Annika Small, CEO of Nominet Trust, said: “Digital technology has fundamentally changed the nature of entrepreneurship, opening up new opportunities for young people to create businesses.”
“In today’s climate, many young people are reticent about taking out a loan, preferring to ‘bootstrap’ their way through the initial stages of their business.
“From working with young people, it is clear that they are looking for small scale support that allows agile and iterative development, building and testing prototypes before going to market.”
The programme will be delivered by a number of learning organisations, including Hackney Community College, The Prince’s Trust and Young Rewired State.
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