Technology contributes to a generation of entrepreneurs
During the run-up to the election, many political parties were keen to court the vote of the small business owners and self employed individuals, pledging to provide them with more support and offering financial incentives designed to keep them in business. This could prove a canny move for parties that wanted to attract younger voters as the figures show that huge numbers of young people are choosing to start their own businesses.
With 26,400 people aged 21 and under listed as directors of limited companies in the UK, it appears that there has been a boom in those who are taking their destinies into their own hands and working for themselves. Technology has been a major driving force it appears, as app creation and online media are providing the means for younger entrepreneurs to launch their own businesses.
Some of the most popular websites of recent years have followed this trend, including Masahable, a social media news website which was launched by Pete Cashmore when he was just 19. With 23 million readers around the world, the estimated value of the site is now around $95 million. There are a number of other sites created by young business people, including ‘Deliciously Ella’ which was founded by Ella Woodward in 2013 with the original aim of promoting clean eating. With over 150,000 hits a day, the site now hosts a range of different business streams for the young entrepreneur.
There are also a number of young people who are creating new technology which is providing them with a healthy income, including George Burgess, creator of an app called Gojimo which is designed to help students with their revision. The idea was enough to attract over $1 million in seed funding and interest from tech investment operation Index Ventures. Mr Burgess himself has been running businesses since he launched his first eBay shop at the age of fifteen, turning over £36,000 a year as one of the site’s powersellers. He was only seventeen when he founded ‘EducationApps’ an educational publisher which provides mobile content and works in partnership with the BBC and Oxford University Press.
Technology has provided a rich seam for entrepreneurial activity from young people and with many finding traditional employment hard to come by it is no surprise that low-set-up costs and the potential for huge return on investment make technology an appealing option.
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