Chancellor Rishi Sunak has announced an unprecedented £2bn support package to battle unemployment amongst young people and create hundreds of thousands of jobs. This announcement comes after months of Coronavirus lockdown, which has resulted in widespread job losses and a significant lack of opportunities in the job market for young professionals. 

This announcement coincides with brand new nationally representative research from creators of the desktop factory Mayku, which has revealed the vast potential of Britain's young workers.

The research shows a strong entrepreneurial spirit amongst young people, with 18-24 year olds representing the sector of the population most likely to invest money to build their own business. Not only this, but 18-24 year olds are also the most resilient to the impact that Covid-19 has made on Britain's industries - young people are more motivated than any other demographic to create their own business out of the Covid-19 lockdown. 

Key stats 

• 48% of Brits aged 18-24 have considered setting up their own business in a creative sector (vs. 27% of the wider public) 
• 47% of Brits aged 18-24 would invest £2000 in building a business in a creative industry (vs. 29% of the wider public)
• 38% of Brits aged 18-24 have been motivated to create their own business in a creative industry during the Covid-19 lockdown (vs. 24% of British workers across the board)
• Almost 1 in 5 (19%) of Brits aged 18-24 have a creative business that they cannot scale due to a lack of resources

Creative Britain

Mayku's research has also discovered a burgeoning desire amongst British professionals to expand a career or business in the creative sector. With Sunak's recent announcement of a £1.57bn investment from the Government into the creative industries, everyday Brits would also invest £2,000 into businesses across the creative sectors. In total, this could amount to over £16bn invested into micro and small SMEs:

• 13% of people with a business in the creative industries are unable to scale due to the current lack of resources. However:
• 10% of Brits would invest £2000 in an electronic and accessory business (3,033,000)
• 8% of Brits would invest £2000 in a baking and food business (2,189,000)
• 7% of Brits would invest £2000 in a beauty and wellbeing business (2,159,000)
• 5% of Brits would invest £2000 in a visual arts business (1,435,000)
• 4% of Brits would invest £2000 in a fashion accessory business (1,058,000)
• 4% of Brits would invest £2000 in a chocolate and confectionery business (1,092,000)
• 4% of Brits would invest £2000 in a homeware business (1,283,000)
• 3% of Brits would invest £2000 in a model-making business (752,000)

Alex Smilansky, CEO and co-Founder of Mayku, discusses the implication of the research and said: "It is encouraging to hear Rishi Sunak's announcements of multiple support packages aimed at combatting both youth unemployment, and the decline of Britain's creative industries.

"Our research clearly demonstrates the potential of young people in Britain to make significant, long term contributions to the strengthening of our economy and the expansion of British businesses, characterised by a resilience to the changing market conditions and a willingness to take risks to overcome obstacles.

"There is also a desire for everyday Brits to get involved in the creative sectors. Lockdown has lead us to having more time at home, exploring our creative side and realising the enjoyment these ventures give us, so it is not surprising to see how many Brits would love to create a business in them. 

"If only a fraction of the number of people aged 18-24 continue down their path of building businesses, it could represent a huge and significant boost for the wider economy. The same goes for the creative industries.

"Britain has been hit hard by COVID, but this research is a great example of the attitude of young professionals in Britain to kickstart successful businesses, and also an example of the passion that the wider public has for the creative industries. Both the public and private sectors must continue to support the endeavours of such entrepreneurial individuals, as this will lead to long term success and prosperity across multiple sectors."