Bank of America and PRIME - Working Together to Support the Over 50s to Find Opportunity in Enterprise
December 16th, 2008
2008 DEC 16 -- Research published, commissioned by Bank of America on behalf of
The Prince's Initiative for Mature Enterprise (PRIME), provides new insights into the realities faced by older entrepreneurs in the UK.
The research was commissioned to mark the launch of a groundbreaking GBP2 million three-year partnership between the Bank of America Charitable Foundation and PRIME. It aims to unlock entrepreneurialism in the over 50s in the UK by helping this group get back into employment through setting up their own businesses. The partnership will focus on helping those over 50 realise their potential, challenge direct discrimination and enable more people to capitalise on their talents.
Bank of America's partnership with PRIME forms part of the company's new approach to community investment in the UK, myPotential myCommunity myEnvironment(TM), that focuses on building skills, unlocking and nurturing talent and increasing entrepreneurialism in marginalised communities.
The research shows that 16% of those aged 55 to 64 have considered, but not realised, their ambition of establishing their own business, with 23% wanting more relevant support to help them do so.
Older entrepreneurs are becoming increasingly important to the UK economy. The number of businesses launched by people aged over 50 has increased by half over a period of 10 years and this age group now accounts for 15% of all business start-ups in England and Wales(1).
Laurie South, Chief Executive of PRIME said: "We need to see a fundamental shift in attitudes towards older people and society needs to be more open to the talents and invaluable experience older people can provide to the UK. Through our new strategic partnership with Bank of America, we can continue to build our organisation to provide practical and financial support to even more over 50s throughout the UK."
As the economic downturn continues to threaten employment opportunities for older people(2) the need for increased support remains critical. 54% of the 50+ age group currently seeking work feel that the current challenging financial environment will have a detrimental effect on their employment prospects.
"We are delighted to be partnering with PRIME on such an innovative and significant platform in the UK," said Dennis Arnum, Bank of America Chief Operating Officer for Europe, the Middle East, Africa and Asia. "The ageing demographic across Western Europe, and globally, brings with it significant challenges for society, governments and businesses alike. Our partnership with PRIME will create opportunities by unlocking the barriers to enterprise and releasing the entrepreneurial talent and wealth of experience within our community."
As part of the partnership, Bank of America will also provide counselling through its employee business mentoring programme.
Each business that PRIME helps establish will provide a host of other comprehensive socio-economic benefits for the UK - including greater levels of wealth and job creation and a reduction in dependence on state benefits.
Transferring 1% of the economically inactive over 50s into self employment creates at least 25,000 new jobs and results in savings in welfare payments of GBP175 million(3).
PRIME is strongly supported by the government who are working alongside the charity to realise the above benefits. Secretary of State for Business Peter Mandelson said: "There is no age limit on entrepreneurial spirit.
During the current economic climate it is even more vital that older people have the confidence to make their business ideas a reality.
"We are currently working with PRIME, Business Link, Enterprise Insight and the Regional Development Agencies to make clear the business support available for older people, be it in starting a business or becoming self employed."
Keywords: Bank of America.
This article was prepared by Science Letter editors from staff and other reports. Copyright 2008, Science Letter via NewsRx.com.
