The Princes Trust and Innovate UK have formed a partnership to support young people with business ideas that could become a reality. The nuts and bolts of the scheme are set out below.
Ideas can come from anywhere
The competition - part of the ideas mean business campaign - will help young adults to make their ideas a success, no matter where they come from. Business ideas could be spotting a solution to a problem or a different way of doing things. They could involve:
- changing something for the better in a local community
- a new way of using technology to fix an everyday problem
- a new way to tackle an environmental issue
What support is on offer?
Support is available to young innovators who can commit 15 hours a week to developing their idea.
This award will include:
- an allowance to cover time spent working on the idea
- coaching and mentoring from an innovation champion
- a funding pot for activities or resources, such as travelling to meet customers and partners, training courses, equipment, office space and IT
Who can apply?
To be eligible applicants must:
- be a UK resident that has the right to work in the UK, or is applying for the right to do so
- be unemployed or either working less than 35 hours a week if applying through the online programme, or working less than 16 hours a week if applying through the in-person programme
- not be studying or studying less than 14 hours a week
- be aged between 18 and 30
People currently receiving support from the Prince’s Trust’s in-person Enterprise programme are also eligible to apply.
How to register
Applicants will need to register with The Prince’s Trust, where they will then be able to sign up to attend one of a series of regional events. These events will help young people to develop their ideas and give more information about the application process.
You must attend an event to apply and you will be able to get your costs reimbursed. If you are not able to attend but still want to apply contact email@example.com to discuss.