Intel and Simon Woodroffe call for 'late starters' to make an e-pitch and win
Swindon, UK, 13th July 2006 - Intel® has launched a new competition aimed at rewarding the cream of British business talent in the 50+ age group, a section of society which currently holds the key to many pivotal entrepreneurial opportunities. Intel has enlisted the help of one of Britain's most successful 'late-starters' - Yo! Sushi founder and BBC Dragon's Den judge, Simon Woodroffe - who is sharing his top tips for success in business with potential entrants, and acting as a judge for the
profit@50
competition (
www.profitat50.com
).
Intel's profIT@50 aims to showcase and reward those people over 50 in the UK who would like to further develop an existing online business or have a good idea but need support to get it off the ground. Entrants are asked to complete a simple online entry form at www.profitat50.com, or call the competition helpline on 0870 990 5491. The closing date for entries is 31 August 2006. In addition to the renowned 'dragon' himself, the judging panel will include experts from Intel and the PRIME Initiative, a non-profit organisation dedicated to helping over 50s set up in business. The national winner will receive a £8000 grant from Intel, as well as a one-to-one mentoring session with Simon Woodroffe. The winner and two runners-up will also receive top-of-the-range Intel® Centrino® Duo Mobile Technology laptops.
Changes in population structure mean that older workers are playing an increasingly important role in the labour market. Currently only 70% of people between the ages of 50 and the State Pension Age (SPA) are employed and the cost of the under-employment of older people has been estimated at least £12 billion annually .The government has set itself a target of increasing the employment rate in this age group to 80%, encouraging 1 million more older people back into the workforce.
"There is a wealth of potential amongst the UK's over 50s, a huge number of whom are currently out of work but wish to remain economically active," says Intel's Director for Public Sector, Tristan Wilkinson. "It's clear that entrepreneurship plays a key role in harnessing their skills, but for too long emphasis has been placed on nurturing entrepreneurship amongst the young. This is why Intel has teamed up with Simon Woodroffe, to encourage seniors to get back into business," he added.
Announcing the nationwide call for entries today, Simon Woodroffe said: "Older entrepreneurs should look at their age as one of their biggest advantages. When I set up YO! Sushi a few years ago, banks said my age made me far more 'investable', as older people have valuable life experience and are often more highly motivated to succeed. With Intel's profit@50 competition, I want to encourage other potential 'late starters' to go out there and turn their business dreams into reality". On the competition's technological element, Woodroffe commented that: "Computers and the internet have such a crucial role to play - businesses can't survive without them, whilst they make it easier for retirees to remain mentally stimulated and financially independent, by working for themselves at home".
Many British over 50s have set-up successful businesses already. Research has shown that rival rates for business start-ups with owner/managers over 55 is far higher than the national average - 70% and 19% respectively . The embracement of technology, above all as a medium of communication with the widest possible customer base, goes hand-in-hand with this success.
Endorsing profIT@50, Executive Director of the PRIME Initiative, Laurie South, added: "We believe passionately that everybody should have the opportunity for self-fulfillment and independence that starting your own business can provide. This competition is a great way of encouraging anyone with an entrepreneurial dream to unlock their experience, talent and potential".
This competition is part of Intel's wider programme to help reduce the digital divide affecting many of Britain's older people. Recent research commissioned by Intel and Age Concern reveals that Britain's digital divide shows no signs of diminishing, with almost half of the UK's over 50s having no access to a computer or the internet .
About ProfIT at 50+For further information or to request an application form please call 0870 990 5491 or visit www.profitat50.com
About Intel
Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. Additional information about Intel is available at www.intel.com/pressroom.
Intel and the Intel logo are trademarks or registered trademarks of Intel Corporation or its subsidiaries in the United States and other countries. Other names and brands may be claimed as the property of others.
About PRIME
The PRIME Initiative was set up by the Prince of Wales to help older people rejected by the labour market find a way back into work via self-employment or setting up a business. PRIME is now a registered charity number 261794-2 linked to Age Concern England. For further information see www.primeinitiative.org.uk.
