Number of young people launching start-ups rises by 700 per cent

Wiseman Admin2020, CommercialLeave a Comment

The number of teenagers in the UK launching their own start-up has rocketed by 700 per cent in the last decade, a new report has revealed.

The study, published by financier OneFamily, shows that 4,152 businesses were run by teens in 2019, compared to just 491 in 2009.

The data, obtained under the Freedom of Information Act, also reveals that entrepreneurship sentiment is strong among young people aged between 16 and 19, with one in five (19 per cent) looking to work for themselves rather than under an employer.

The most popular sectors included tech, clothing and apparel, and make-up brands, with ethical motives and sustainability being key drivers.

Meanwhile, teenagers were most likely to source finance through their university’s entrepreneurial fund, or through the Government’s Startup Loans scheme, which provides start-up finance and up to 12 months of mentoring support.

Advice is also available through the Government’s Support for Young Entrepreneurs hub.

Commenting on the report, Nici Audhlam-Gardiner, from OneFamily, said: “Generation Z were born after Google and have grown up with social media, so it’s no surprise that these teens are already using their networks to help build their career.”

The research comes shortly after accounting software provider Xero found that almost two in five small businesses in the UK are now run by millennials.

In total, some 38 per cent of small business owners are under the age of 35, while the average millennial business owner founded their enterprise at the age of 22.

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