Entrepreneur and investor Simon Squibb has launched DreamFund to back would-be founders who lack access to traditional sources of capital.
The fund is powered by 10% of profits from every company in The Dream Group, Squibb says, including HelpBnk and his media business.
Unlike traditional grants, loans or venture funding, DreamFund claims to have no gatekeepers, no equity demands, and no repayment.
The launch comes as a major government-commissioned review warned the UK risks a ‘lost generation’, with more than one million young people now not in education, employment or training – the highest level in over 12 years.
“Entrepreneurship is completely neglected in this country,” said Squibb. “School teaches you to get a job, go to university or get an apprenticeship. It gives kids no help and no money to build something of their own. And we can’t trust the government to change that.
“The only way it changes is through other entrepreneurs. The big conglomerates hog their profits. They make billions and don’t do real good with the profits. That’s why I’m putting 10% of all our companies’ profits into the DreamFund for life, with no equity taken.
“I just want to back people with a dream, and when they make it, they can join the fund too. I’ll give millions away this way, but millions isn’t enough.
“That’s why I’m asking every business leader to join this pledge, so no dream in this country ever goes unfunded again.”
Jack Whettingsteel, co-founder and CEO of Dream, said: “The only money available to support in the beginning was my mum’s £3,000 savings, which was money we couldn’t afford to lose, on a dream that had no guarantee of working.
“I was lucky it paid off, but nobody should have to gamble their family’s savings to chase their dreams. That’s why I’m proud to launch DreamFund.
“We’re looking out for people with ambition, purpose and the courage to start. Whether you are building a business, creating something for your community, or pursuing an idea that could make a difference, we want to hear from you.
“We believe great dreams come from everywhere, and they shouldn’t be reserved for people with wealth, connections or the ability to take huge financial risks.”
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