Essex Young Innovator winner highlights importance of role models for entrepreneurs
An Essex entrepreneur is highlighting the importance of role models after winning an Innovation Award
An Essex entrepreneur is highlighting the importance of role models after winning an Innovation Award.
The Young Innovators Awards has now been set up to help drive young people's business careers forward and give them a platform to bring their ideas to life.
The winners received a £5,000 grant, a year’s living allowance, and one-on-one business coaching, and Innovate UK also runs a campaign to raise the profile of the winners to inspire other young people into innovation.
Research by Innovate UK revealed that 67% of small business owners are inspired by successful people from the same background and industry as themselves.
Additionally, it showed that 78% of female business owners didn’t see role models who are women, and over half (54%) of people from ethnic minorities didn’t have role models the same ethnicity as them.
Lucy Watts MBE is the founder of lived experience learning limited and was one of last years Young Innovator from the East of England:
“If you don’t see something as possible you don’t necessarily want to achieve it. If no one else has done it, how can I do it? Well actually, they have struggled, why can’t my struggles, rather than being a hindrance, be a help?”
Along with Innovate UK, the FSB found that 29% of small business owners admitted not having a relatable role model made their entrepreneurial journey slower.
With 12% saying not having a relatable role model motivated them more and 75% grew up with dynamic role models.
FSB National Chair, Mike Cherry, says:
“Inspiring young people to set up their own business is crucial to maintaining an innovative, dynamic, and prosperous economy long into the future.
"As this research suggests, relatable role models have an important part to play in ensuring that the dream of starting a business is shared by young people in every part of the UK and from a fully diverse range of backgrounds.
"Without that, the UK will be failing to harness potential entrepreneurial talent, and in turn missing out on future jobs, growth and creative ideas.”
If you’re an inspiring young innovator, check out how Innovate UK could support you here.