Caven blog

David Cameron to introduce StartUp Britain entrepreneur scheme

The Prime Minister is due to launch a new scheme to incentivise entrepreneurs set up their own business. The scheme will give new start ups around £1,500 in areas such as internet advertising and IT training.

The StartUp Britain launch follows the announcements in the recent Budget to raise tax reliefs for entrepreneurs and create 21 enterprise zones offering tax breaks. In addition, the Government has pledged to reduce the amount of red tape and provide high-speed broadband to help new businesses.

David Cameron is expected to say during his speech that this is the time for those who have dreamed of opening their own business to do so. He will urge the thousands of entrepreneurs-in-waiting to “seize this moment” and “take these opportunities”.

BBC business correspondent Joe Lynam said that the StartUp Britain scheme is part of the Government’s plan to push employment and the economy away from the public sector and into the private sector.

A number of firms have come out in support of the scheme, including O2, AXA, BlackBerry, Google, McKinsey & Co, and Virgin Media.

Sir Richard Branson writing in the Telegraph called on entrepreneurs to “answer the PM’s call and start up those businesses in Britain in 2011.”

He gave the StartUp Britain scheme his full support, saying that “firing up a new generation of entrepreneurs will be a crucial part of recovery and essential for creating sustainable growth in Britain over the next decade and beyond.”

He added that over 60% of private sector jobs are created by start-ups and small firms, highlighting the importance of new business for both the economy and employment in the UK.

Sir Richard Branson offered a few words of encouragement to potential entrepreneurs, saying that the most common mistake is to “give up too soon.” He added that “you have to overcome early adversity.”

39 venture capitalists signed a letter in the Telegraph that welcomed the new investment rules. The letter stated that the rules will make it easier for British and foreign entrepreneurs to “raise the funds they need” which will allow them to “create and grow world-beating business.”

Related Links:

Read more on the story (BBC)
Read Sir Richard Branson’s article (the Telegraph)
Find a local corporate and commercial solicitor near you (Caven)

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