One of the schemes that Ali, Lynn and I have been discussing since last Tuesday is to set up an investment fund for Young Entrepreneurs.
We're still working out the details - so if you have any ideas how we can improve upon what we're thinking - do please let us know. But our thoughts so far are:
- Ali reinvests £500 of the profits made which Lynn and I will match with £500 from each of our Member's Grants pot (total £1,500) into an Young Entrepreneurs Investment Fund;
- We'll ask others, such as the Princes Trust to join with us to put in more funds and local businessmen and women to offer expertise, mentoring and support;
- Local, young entrepreneurs (people 25 and under) who are looking for investment can apply for investment and mentoring support;
- the fund will make small investments - seeking to get a young business off the ground - and look to have the investment repaid in say 24 months along with a modest share of the profits with a view to the investment fund growing and recycling the money.
We're thinking about running a Dragon's Den style event later this year - getting youngsters to make presentations about their ideas looking for investment... as well as explaining to us how they will make their business grow and make a return on our investment.
So that's the bare bones of the idea so far. Please help us refine it. And if you can offer help and support do let us know.