Teen Biz Fact sheet
November 1st 2011

APPRENTICE FINALIST & YOUTH ENTERPRISE TRAIL BLAZER CLAIRE YOUNG LAUNCHES “TEENBIZ” IN NOV 2011.

Who am I?
As a young business woman I believe enterprise is core to children's education and personal development. The skills gained - such as working as a team, leadership, using your initiative, problem solving, working under pressure, presentation skills - by participating in enterprising activities are invaluable. The aim of my work is to inspire and motivate students and to encourage them to think for themselves, both independently and as part of a team … starting a life long approach to decision making! As the founder of TeenBiz, the UK’s first start up scheme for under18s, I am passionate about developing long term sustainable plans for enterprise.

Why am I doing this?
There are many one off enterprise initiatives entering schools; however, there is nothing which is long term and available all year round. I believe for enterprise to have longevity there needs to be something which is sustainable. David Cameron is promising us the most entrepreneurial decade we’ve seen yet there are little actions to reflect this. We gear up young people at school to start their own businesses and provide them with very little support and structure to do so. You can be a company director at 16 but no funding or business bank accounts are available till 18.

TeenBiz aims to provide talented entrepreneurs a step on the ladder and over the next 3 years we aim to help 100 new businesses on their way.

TeenBiz
TeenBiz is the UK's first business start up scheme under 18s aimed at teens 13-18. Launching 1^st November, to coincide with Global Entrepreneurship Month www.gew.org.uk. From the 1^st January every month one student will receive up to £500 funding (they must match what we give them), a mentor and a start up pack - we're calling it 'Business in a Box' and will give students items they need to do business for real; for example Companies House set up, business cards, a website, a stationary voucher, office space, USB sticks and virtual PA service.

Students apply at  www.teenbiz.org.uk – website to go fully live 1^st November

TeenBiz is set up not for profit.

What’s the process
Students apply at  www.teenbiz.org.uk
Awards start from 1st January 2011
The scheme is 12 months long (we’re still discussing what happens afterwards)

Application:

• First step is applicants will complete a small business task through the site My Kinda Crowd http://www.mykindacrowd.com/
• Once submitted they can apply - will be a standard application form OR video entry submitted to the TeenBiz channel on
• Applications are reviewed by the TeenBiz team and 5 short listed applicants are passed to the sponsor who chooses the winner.

What’s needed

Companies are getting involved in different ways:

a) some are sponsoring a one off £500 for one student/month. I have a pool of mentors ready to work with winners in these cases.

b) some are sponsoring a one off £500 plus a mentor from their business (the winner would be from your region. The mentor would ideally have some experience with young people, business, have a sensible head and be available maximum 2 hours per month. The scheme is working on a 12 month cycle.

c) some companies are sponsoring an award every month, for example http://www.unltd.org.uk/ are looking to help social entrepreneurs

Partners on the scheme

• Institute Education Business Excellence
• Federation of Small Businesses
• Institute of Directors
• British Chambers of Commerce
• Peter Jones Foundation (Peter Jones is on our board – TeenBiz Team)
• Aldridge Foundation
• National Enterprise Network
• Forum of Private Business
• Entrepreneurs Business Academy
• Enterprise Nation
• Unlimited
• Future Foundations

Sponsorship and Funding

Private donations from individuals and corporates so far means 12 months of the scheme can run. Money is coming in everyday.

Unltd http://www.unltd.org.uk/ are going to sponsor an additional award each month for a social entrepreneur.

£60k bid for the Education Endowment Fund in process.

Business in a Box items have been donated by various corporates, a full list can be provided.

PR and Marketing Plan

• Lots of interest from business press for November launch
• Education PR is key and the press release is being released late October
• I work across nearly every education group and so a perfect ‘gateway’ to introduce the scheme
• Twitter, Facebook plan

Building TeenBiz over time

• The first winners will ultimately become the TeenBiz young board of directors and help influence the business. No better people to ask re young people than young people!

For more information go to
www.teenbiz.org.uk