StartUp Britain supported with enterprise competition and schools plan
Entrepreneurs urged by Government to pitch on how they could deliver better value for money on public services at StartUp Britain launch.
Some of the entrepreneurs behind StartUp Britain (left to right): Duncan Cheatle, Rajeeb Day, Oli Barrett, Richard O'Connor, Jamie Murray Wells and Michael Hayman
By James Hurley 6:11PM BST 28 Mar 2011
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The Innovation Launch Pad competition was one of a series of measures announced as part of Government support for StartUp Britain, a private sector-led scheme aimed at boosting the volume of new businesses in the UK, which was launched on Monday.
StartUp Britain is built around an online portal that offers new entrepreneurs preferential deals from 60 leading companies, such as Google, O2 and Microsoft, to help them launch a business.
Prime Minister David Cameron said the initiative, which will not receive any direct Government funding, would help inspire a private sector recovery "with 'made in Britain' stamped all over it". "As it's run by business, for business, without government mucking it all up, I'm sure it will be a great success," he said. "I believe we can make this decade one of the most entrepreneurial decades in our history."
The business owners with the best ideas for doing the work of government more cheaply or efficiently – as chosen by civil servants – will receive mentoring "from some of Britain's foremost entrepreneurs" and will be invited to present them at a "product surgery" in the summer.
Business Secretary Vince Cable added that schools will be given help to run their own businesses through an Enterprise Champions Programme to give young people practical experience of business.
Tenner Tycoon, a competition led by Dragons' Den star Peter Jones – which this year saw 40,000 young people given a £10 note to start a business with – will also be rolled out to more schools across the UK.
The Government added that it would help open "enterprise societies" in all 89 universities in England that will "provide students with the skills and support to develop and manage a business".
Chancellor George Osborne also confirmed the Treasury is planning to go further to support early stage investors by considering a new 50pc rate of tax relief on sums of up to £100,000 invested in start-ups through the existing tax-efficient Enterprise Investment Scheme (EIS).
"You have to look at different stages of the investment cycle and do what you can to help," he said. "We're looking at a two-tier EIS scheme, with a higher rate of tax relief for first stage money."
A relaxation of the rules in last week's Budget means EIS currently offers income tax relief of up to 30pc on qualifying small business investments.
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