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MyKindaFuture

Creating economic opportunity among the UK’s most deprived communities

New business creation represents a powerful opportunity to strengthen and support Britain’s most disadvantaged communities.

To understand and quantify the opportunity, we partnered with The Entrepreneurs Network to speak to 1202 people and small and medium-sized businesses in London’s three most disadvantaged boroughs as well as six of Newcastle’s most underprivileged neighborhoods. Our polling revealed an untapped potential and strong appetite to start a business within the UK communities hit hardest by the pandemic.

The research found that:

 

  • Over four out of ten people (equivalent to more than one million) in the UK's most disadvantaged communities have a start-up idea, but for most there is a lack of confidence and know-how holding them back
  • 80% are held back by fears over administrative, tax and legal compliance
  • Lack of mentoring is a clear barrier
  • 70% of potential business owners do not feel that they have enough money to start a business
  • With the right support delivered in a more targeted and accessible manner, around 20% of individuals would potentially take the leap to become business owners

Breaking Down Barriers with MyKindaFuture

To help inspire more businesses, back potential business builders and elevate communities hit the hardest by the pandemic, Sage is partnering with MyKindaFuture, an organization that supports underrepresented talent. The three-year, multimillion-pound UK partnership provides training and mentorship to unemployed people who would like to be their own boss via Jobcentre Plus.

A bright future for start-ups

To help as many people as possible move from unemployment to new business success, we are aiming to achieve our key goals.

  • Breaking barriers that create unemployment and tackling economic inequality by helping underrepresented groups to start their own businesses
  • Giving people the confidence, support and contacts that they need to start the business of their dreams
  • Enabling people to succeed with an innovative mentoring platform created by MyKindaFuture – Connectr

 

There are six million people in the UK on Universal Credit. It is our goal to support 517 Jobcentres serving 4.2 million people by the third year of our partnership so that as many people as possible have access to the support they need to be their own boss. Here are our goals:

  • Year One: Offer the program to Universal Credit claimants through 74 Jobcentres
  • Year Two: Reach 221 Jobcentres so that we can offer this program to even more people
  • Year Three: Achieve our goal of offering those on Universal Credit who want to be their own boss the education and mentorship needed to achieve their ambitions
  1. If you are unemployed, you can register on the MyKindaFuture website in order to demonstrate that you are interested in starting a business.
  2. You will then be matched with a series of mentors who have the combined experience and expertise to support your start-up success all the way from concept and prototyping to managing finances and marketing tips.
  3. You can access mentor support via the platform whenever you need help and for as long as you need. The platform also provides twelve hours of Sage business start-up content to support you through your journey. 
Discover what else we’re doing to tackle economic inequality and to help people start businesses across the world. 
 
Read more about Fuel for Business

Read about how losing her job was a wake-up call for Tere, but which enabled her to start her own business. 

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