Entrepreneurship Opportunities

Lord Storey Excerpts

Thursday 24th May 2012 Lords Chamber

Asked by

[Lord Storey]

To ask Her Majesty’s Government what measures they are taking to develop entrepreneurship opportunities for young people in the United Kingdom.

[The Parliamentary Under-Secretary of State, Department for Business, Innovation and Skills (Baroness Wilcox)]

My Lords, the evidence shows that to build enterprise, ambition and capability in young people it is important to provide hands-on experience at school and ensure ongoing access to support and advice. My Government have therefore developed a range of activities to inspire and give confidence to young people throughout schools, colleges and universities. Next week, my noble friend Lord Young will launch a new start-up loan scheme to improve access to finance for young entrepreneurs.

--- Later in debate ---

[Lord Storey]

I am grateful for my noble friend’s Answer. She may be aware that at the Global Entrepreneurship Congress held in Liverpool Sir Richard Branson suggested that, for many young people who had a business acumen, university was not for them; that we might consider instead that student loans should go to them to establish businesses; and that they should be mentored by business leaders. Does the Minister think that that is a good proposition? If so, how do we develop it? Perhaps a meeting should be held with Richard Branson to develop his idea.

[Baroness Wilcox]

The Government recognise the need to help young people to access the finance that they need to start up their own businesses and to be entrepreneurs. As I just said, next week we will be launching the £10 million start-up loans scheme which is specifically aimed at 18 to 24 year-olds. My colleague the Minister for Business and Enterprise in the other place, Mark Prisk, met Sir Richard Branson last week, and the issue of start-up loans was raised during those discussions. So it looks as though I have missed my chance to fly to the moon with Richard Branson but he is a wonderful role model, and more courage to him.