Young entrepreneurs should use start-up loans to launch global ideas
Fil Adams-Mercer - one of the UK's leading Internet entrepreneurs - said today that youngsters launching businesses with the aid of government Start-Up Loans should 'start local' but 'act global' straight from the off.
"The advance of internet technology creates new business opportunities constantly," said Mr Adams-Mercer who is the founder of international, high-quality iPad and Smartphones cover retailer TheSnugg.com
"TheSnugg.com became a global company virtually overnight after we hooked up with Amazon in nine countries," he said.
The Start-Up Loan Company, chaired by Dragon's Den entrepreneur James Caan, is mandated to help young people - often with no credit history and unable to find funding elsewhere - bring their business dreams to life. Every entrepreneur who receives a loan is also provided with a business mentor.
Applicants, whose business plans are considered potentially successful, receive a £2,500 Start-Up loan that can be repaid over five years at low rates of interest.
"Whilst we are well ahead of our target numbers, I believe that we are only scratching the surface. 2000 young, ambitious and highly motivated people have taken their future into their own hands. At the moment 40 young people are choosing to start their own business thanks to Start-Up Loans every day," said James Caan.
"£2,500 may seem very little to start your first business with but it is a lot more than I had," said Fil Adams-Mercer. "There is nothing stopping a young British entrepreneur conquering global exports overnight with a small Start-Up Loan."
TheSnugg.com was set up in 2010 and originally sold their high-quality, bespoke iPad and SmartPhone covers through Amazon. In less than three years they are selling one million units per year all over the world and have a turnover of £20 million.