RBS unveils scheme to support UK’s young entrepreneurs

ROYAL Bank of Scotland has unveiled a package of support to help Britain’s young entrepreneurs as new research reveals a “confidence gap” for many who plan to start their own business.

Almost two-thirds (60 per cent) of 18-30-year-olds surveyed by Populus aim to start a business, compared to 38 per cent of the total adult population, but only 8 per cent of under-30s are in the process of doing so.

Fear of failure is the biggest barrier to getting started, accounting for 67 per cent of those under 30, compared to 56 per cent of the general population.

More than half of respondents under 30 believe the current economic climate would make it too difficult to start up. Only one-fifth think now is a good time to start a business.

RBS chief executive Stephen Hester yesterday visited Edinburgh-based cakemaker Liggy’s Cake Company where he launched a series of measures to encourage youth enterprise as part of the new RBS Inspiring Enterprise initiative. By the end of 2015, RBS aims to help an additional 100,000 young people and will inject a further £1 million into Scotland.

He said: “What’s frustrating is that the business ambition is there but the confidence isn’t.”

Entrepreneur Sir Tom Hunter described the initiative as “fantastic news for entrepreneurs across Scotland and a shot in the arm to the development of a more enterprising Scotland.

“At a fundamental level, start-ups are the lifeblood of our economy and I believe through initiatives like Entrepreneurial Spark and Youth Business Scotland we can drive and support the next generation of wealth creators for Scotland. What we now need for Entrepreneurial Spark is an entrepreneur in Edinburgh, Dundee, Aberdeen and Inverness to step up and roll-out the model fully across Scotland.”