The study, based on interviews with 1,627 young people aged 16 to 30 year olds, showed that young people are taking advantage of technology, with 76% saying they use the internet in the running of their business, and more than half saying their business would collapse without it.
One in three young entrepreneurs using Twitter and Facebook for business promotion, while one in five self-employed young people say their business would be less profitable without online banking or internet payment services such as Paypal.
The research is part of a campaign by The Prince’s Trust and RBS Inspiring Enterprise to mark the 30th anniversary year of The Trust’s Enterprise programme, which has helped 80,000 young people to set up in business since 1983.
As part of the campaign, RBS will be painting the town red by decorating its offices at 250 Bishopsgate in London for the month of June. The building will be wrapped from head to foot in red, with information on the Prince’s Trust enterprise campaign and RBS’ support for it prominently displayed across the windows.
The Prince’s Trust website has also unveiled ‘Enterprise Avenue’, an interactive high street which depicts the changes in business from the ‘80s to the present day.
The Trust’s Enterprise programme supports disadvantaged and unemployed young people, aged 18 to 30 years old, who are interested in starting a business. Young people are offered mentoring support and a low-interest loan.
RBS has supported The Prince’s Trust for over a decade. In just one year, The Trust’s Enterprise programme has created more than £49.1 million in social value to the UK.
The figures take into account the value created from the young people’s increased skills, as well as their earnings following the Enterprise programme. They also include the money saved due to the number of young people who are no longer on benefits or in trouble with the law as a result of the scheme.
Investment and social value
The analysis shows that for every £1 invested in the programme, an estimated £4.31 of social value is created in return.
Thom Kenrick, Head of Sustainability Programmes at RBS, said “As a long-time partner of The Prince’s Trust and the largest corporate supporter of the Enterprise programme, we’ve seen the massive difference The Trust makes to young people’s lives. This report confirms, with facts and figures, why it is so important to invest in the next generation. If we supported more young people into business it would represent a significant injection to the UK economy, as well as regenerating communities.”
Visit the Enterprise Avenue and read the full report.
See more information on RBS Inspiring Enterprise.