Tuesday 26 May 2026 4:16 am
| Updated:
Monday 25 May 2026 12:36 pm
My father founded Reed in 1960 with just £75. My new fund will help create the next generation of entrepreneurs Britain so desperately needs, says James ReedWhy I’m backing Britain’s entrepreneursBritish entrepreneurs are remarkably resilient. We have a strong culture of innovation and a long history of building successful businesses from scratch. But if we are serious about economic growth, we need to be much more serious about supporting the people who actually create jobs: our entrepreneurs.Too often at the moment, the entrepreneurial community feels overlooked or worse put upon. The Government says growth is its top priority, but businesses continue to face rising costs, higher taxes and increasing caution around hiring. The cost of employing someone on minimum wage in Britain is now approaching £30,000 a year once taxes and other costs are included. That is a significant barrier for small firms trying to grow.At the same time, as Alan Milburn’s review for the Government highlights, approaching one million young people aged 18 to 24 are not in employment, education or training. That should concern all of us. Entry-level jobs are becoming harder to find, traditional career paths are disappearing and AI is quickly reshaping the labour market.We need to think differently about how we prepare young people for work and business creation. Financial education should play a far bigger role in schools. More young people should be encouraged towards vocational and entrepreneurial routes. And culturally, we need to become more comfortable with risk and failure. In America, failed businesses are often seen as valuable experiences. In Britain, we can still be far too cautious.That is one reason why I am launching the All About Business Entrepreneurs Fund.Inspired by my father, Sir Alec Reed, who founded Reed in 1960 aged just 26 with £75, the fund will support 66 young entrepreneurs with £20,000 grants, mentorship and a national platform to help grow their businesses.In the first year, at least six entrepreneurs aged 18 to 26 will receive funding and mentoring support. Applicants must already have a business trading with at least one paying customer, because this is about backing people who have already taken the first step.Britain has enormous entrepreneurial potential. But talent alone is not enough. If we want growth, opportunity and job creation, we must enthusiastically back the people willing to build businesses and create the future.
