# Enabling entrepreneurs Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2020-10-23 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Supporting Young Entrepreneurs in the Creative Sector Meta Description: Discover how to help budding entrepreneurs like Ana through corporate venturing, 'pay it forward' models, and government-backed support in the UK. URL: https://financedigest.com/enabling-entrepreneurshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/flexibility-12-1736838770547-compressed.jpg) _By **Erica Wolfe-Murray** works across the creative, cultural and tech sector helping companies to innovate through imaginative use of their intellectual assets/IP._ I’m currently mentoring a young entrepreneur with a really smart idea. Looking to build a digital platform that pulls together existing capabilities in a new way for a growing audience, she has spotted an unmet need in an expanding market. With a developing customer base, awards won, the business is starting to look for seed funding. There are many like Ana – [smart people](https://www.financedigest.com/more-than-twice-as-many-consumers-trust-customer-reviews-over-companies-themselves-according-to-research-from-smart-money-people.html "More than twice as many consumers trust customer reviews over companies themselves according to research from Smart Money People") with good ideas. Her options are varied but it will be tough. As we watch the pandemic unfold and the rising unemployment, it is vital to recognise that many of these newly unemployed or those coming into the [jobs market](https://www.financedigest.com/global-share-markets-rise-bonds-fall-on-u-s-jobs-data.html "Global share markets rise, bonds fall on U.S. jobs data") for the first time will want to take control of their own futures by starting their own companies like Ana. If there are no jobs, they will be determined to create their own. Opportunity always arises out of difficulty and recession. So how can industry, the government and each of us personally support the new entrepreneurs? [**Corporate venturing**](https://www.financedigest.com/corporate-venture-capitalists-eye-startup-opportunities-across-cee.html "Corporate venture capitalists eye startup opportunities across CEE") Can your firm take some start-ups, some young entrepreneurs under its wing and support them in their early days? An offer of space, advice, support, access to skills, the board, technology can all help. It can be that simple. You may want to invest cash too. This type of support is easy and can be a win for both sides. [Give them room](https://www.financedigest.com/how-process-automation-increases-productivity-in-the-insurance-sector-while-giving-employees-room-for-more-high-value-activity.html "How Process Automation increases productivity in the insurance sector while giving employees room for more high value activity") to experiment, fail, flower. This type of arrangement can benefit both parties in so many ways. **‘Pay it forward’ models** Working with entrepreneurs is both refreshing and rewarding. Everyone who has started their own [business has valuable experience to share with those entering the start-up arena for the first time](https://www.financedigest.com/the-role-of-invisible-real-time-payments-in-fueling-the-future-of-cx-in-business.html "The role of invisible, real-time payments in fueling the future of CX in business"). What can you personally offer? Are their [business hubs you can offer](https://www.financedigest.com/surgical-equipment-market-high-trend-opportunities-offers-future-business-growth-by-2030.html "Surgical Equipment Market High Trend Opportunities Offers Future Business Growth by 2030") your time to? Could you mentor and support young entrepreneurs at a local college or school? And bear in mind – this will not be a one-way street. You are likely to learn as much from their enthusiasm and new ways of looking at the world as they will from your support. **Government-backed support** Different sectors across the economy have different [packages of support](https://www.financedigest.com/factbox-reaction-to-uks-energy-support-package-for-businesses.html "Factbox-Reaction to UK’s energy support package for businesses") available to the entrepreneurs starting out or promising growth. For example Innovate UK is looking to invest in audiences of the future, in science innovation, in addressing the climate crisis, the issues faced in an ageing population. And whilst some applications may need larger teams, perhaps combining universities, innovation labs and bigger companies, others do not. I work in the creative industries – before the pandemic it earned £111.1bn – the [second highest sector in the UK economy with the fastest rising employment rate](https://www.financedigest.com/bank-of-england-set-for-second-hefty-rate-rise-in-a-row.html "Bank of England set for second hefty rate rise in a row"). Parts of it have been hammered. But across the sector, I [see pockets of funding](https://www.financedigest.com/global-equity-funds-see-large-outflows-on-slowdown-worries.html "Global equity funds see large outflows on slowdown worries") to help entrepreneurs build their business, whether through business advice grants, coaching or whatever. These small offers of funding and [personal support are as vital as the bigger grants or loans](https://www.financedigest.com/questions-to-ask-when-applying-for-a-bad-credit-personal-loan.html "Questions to Ask When Applying for a Bad Credit Personal Loan"). **Support through the financial** [system](https://www.financedigest.com/the-role-embedded-finance-systems-will-play-as-commerce-goes-increasingly-digital.html "The Role Embedded Finance Systems Will Play as Commerce Goes Increasingly Digital") Two really useful mechanisms of support for entrepreneurs often get overlooked, yet can provide a vital springboard to help young [businesses grow](https://www.financedigest.com/should-you-take-out-a-personal-loan-to-start-or-grow-your-business.html "Should You Take Out a Personal Loan to Start or Grow Your Business?"). Investment schemes like SEIS and EIS allow investors to [support small](https://www.financedigest.com/where-do-small-businesses-turn-when-government-support-dries-up.html "Where do small businesses turn when government support dries up?") entrepreneurial companies whilst gaining tax advantages. And HMRC’s R&D [tax credit system continues to be an inventive lifeline](https://www.financedigest.com/employee-retention-tax-credit-is-a-lifeline-for-businesses.html "Employee Retention Tax Credit is a lifeline for businesses") to both existing companies who are innovating as well as young growing companies. What is so encouraging about this latter mechanism is that you get a tax credit for [innovation research](https://www.financedigest.com/stretch-marks-treatment-market-insights-new-innovations-research-and-growth-factor-till-2025.html "Stretch Marks Treatment Market Insights, New Innovations, Research and Growth Factor till 2025") – whether it is successful or not. **Local opportunities** Whilst the government can [drive national growth](https://www.financedigest.com/how-embedded-insurance-can-drive-growth-and-value-for-the-insurance-and-finance-sectors.html "How Embedded Insurance Can Drive Growth and Value for the Insurance and Finance Sectors") initiatives, entrepreneurs can also search what is available at a more local level. The devolved nations have their own programmes, and in England there are 38 local enterprise partnerships. These bring together local authorities and private sector businesses to [develop opportunities](https://www.financedigest.com/multi-functional-point-of-care-testing-market-growth-analysis-opportunities-trends-developments-and-forecast-to-2028.html "Multi-Functional Point Of Care Testing Market Growth Analysis, Opportunities, Trends, Developments, And Forecast to 2028") to meet the needs of industries in their particular region. As I look to the future, I am aware that it is this mixed economy of help, advice, grants, loans that provide a vital springboard but also a [safety net](https://www.financedigest.com/ecb-weighs-bigger-rate-hike-with-safety-net-for-indebted-countries.html "ECB weighs bigger rate hike with safety net for indebted countries") to entrepreneurs starting out on their commercial journeys. Each level within the economy has a part to play – government, local authorities, companies and individuals. Everyone who can help should. Without exception. Your knowledge and experience is vital to these people who are [facing an uncertain](https://www.financedigest.com/smes-facing-an-uncertain-future.html "SMEs facing an uncertain future") economy. But so too is the hand you hold out, the time you offer for a chat over a cup of coffee. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---