Tom Lipinski of Ventive, who won an RBS EnterprisingU Award to manufacture innovative, energy efficient ventilation systems.
The scheme invests in both new and existing programmes led by not for profit organsations that support young people aged 13 to 30.
Organisations can apply twice a year for grants of up to £50,000 from an annual funding pot of £500,000 to support initiatives helping young people on their enterprise journey. This includes helping them set up in business, delivering enterprise education, innovative networking events and developing entrepreneurial knowledge.
To be eligible for a grant, organisations must be formally constituted, operate on a non-profit basis, and not currently be receiving funding from RBS Group. They must also have existing links with the target audience of young people and have experience of supporting enterprise development. Schools, however, are not eligible.
The RBS Group supports businesses of all shapes and sizes, in every sector of the economy through RBS Inspiring Enterprise.
One of the funded organisations from the first round of Inspiring Youth Enterprise grant funding is Ambition, a leading youth club charity working with over 350,000 young people annually. Ambition plans to use its Inspiring Enterprise funding to design a business support app, which will be piloted in youth clubs.
The app will include features including tutorials, covering business plan writing and marketing strategies; online mentoring; and the ability to share ideas and learning with other young entrepreneurs. Youth work support and face to face mentoring from professionals will be offered to those young people who develop robust business plans and show a desire to succeed.
Julia Hargreaves, Head of Programmes at Ambition, said: “Youth clubs are often in deprived areas and we wanted to find a way to ensure young people in these communities had the chance to explore opportunities to set up in business."
RBS Group intends to help 100,000 young people to explore enterprise, develop their skills and start up a business, regardless of their background, through Inspiring Youth Enterprise by the end of 2015.
The first round of grant funding was awarded in December last year, with 18 organisations receiving close to £500,000 worth of funding.