The City of London Corporation has pledged £50,000 to help graduates start their own businesses.
With more young people struggling to find employment, the Entrepreneur First scheme is looking to give ambitious university leavers a better chance of becoming successful businesspeople.
Once the initiative is up and running, the City of London Corporation is also planning to take a hands-on role in the mentoring of the graduates, along with a number of Britain’s most successful entrepreneurs.
A total of 35 youngsters will be taken on to the scheme, with the Entrepreneur First’s Kick-off Weekend set to take place at the City of London’s Innovation Warehouse, Smithfield, on March 31 and April 1.
At the event the graduates will receive training and advice as they work towards putting their business plans into practice by September 2012.
Stuart Fraser, chairman of the policy and resources committee at the City of London Corporation, will also hold a reception for the youngsters at the Guildhall in the City on April 5.
He said: “Small businesses will provide the vast majority of new jobs in the coming years, therefore it’s vital that budding entrepreneurs and high-growth ventures are nurtured.
“We are already seeing bubbles of innovation, with Tech City an example. However, if London’s positioning as a global business hub is to be maintained, this success needs to be further propelled through pioneering programmes like Entrepreneur First.”