Data analysed and released by Duport.co.uk reveals Harrogate is producing only half as many young entrepreneurs as the rest of the country.
Of the 1,276 directors appointed from Harrogate in the past year, just 3% of those were under 25, compared to the UK average of 6%.
Young entrepreneurs are seen as key to securing a successful future for the UK, and there are widespread concerns that Britain will develop a “lost generation” due to high youth unemployment, under-employment and the economic downturn.
A long period of unemployment in your youth has a wide reaching affect on your life prospects. As that first crucial step on the employment ladder is delayed, it takes much longer to reach the same employment level as a peer who found work immediately after education. Some graduates find themselves trapped in a continuing cycle of joblessness and part-time or low skilled work.
To combat this, the Government has a number of schemes and initiatives targeted towards encouraging young people to start a business. The Start-Up Loans scheme, announced recently by David Cameron will award loans of up to £2,500 to budding business people aged under 24. The Prince’s Trust is also continuing its hard work, and has been providing advice, support and finance to young entrepreneurs for 35 years.
Commenting on the news for Harrogate, Duport.co.uk Managing Director Peter Valaitis explained:
The news is disappointing for Harrogate and it suggests that not enough is being done to support young business people in this area. The UK fell into recession under the stewardship of an older generation, and it is our responsibility to help provide opportunities to those that will inherit our debt and deficit.
Harrogate’s worrying figures for young directors suggests that the area is in great need of more support and better information for young people looking to start their own businesses.
Duport.co.uk is a leading UK company formation agent, operating in the UK for around 15 years. Duport registers around 10,000 new companies each year using its Companies House approved software. The Company Register which is maintained by Companies House contains public information about Limited companies and directors.