The Open University in Milton Keynes has launched a funding opportunity to support disabled entrepreneurs, investing £25,000 into the new fund.
The Open University’s (OU) brand new Open Business Creators Fund for Disabled Entrepreneurs is now open. £25,000 in total funding is being offered from the OU to help disabled individuals in the UK kickstart their business ideas.
This opportunity has been launched in collaboration with Scope, the UK’s leading disability equality charity, to support disabled entrepreneurs.
Through this initiative, participants will gain the knowledge and resources to start their own businesses, including developing a business plan and presenting their business idea to a panel of judges. The fund aims to boost their confidence to pursue entrepreneurial ideas and will also connect them with valuable business support networks.
Disabled entrepreneurs are a vital part of the UK economy, contributing 8.6% of turnover from small businesses. Yet, a report from Access2Funding reveals that investors are missing out on £500 million in annual returns by not backing disabled entrepreneurs. The new fund aims to change this by offering support and funding to those at the early stages of their entrepreneurial journey.
The fund is open to any UK resident aged 16 or over with lived experience of a disability, as defined by the social model of disability. This model views disability as a long-term physical or mental impairment that impacts daily activities. The fund is designed for those at the idea or early business stage, providing an opportunity to turn their ideas into reality.
Applicants will use a platform called Validate to work through the essentials of their business ideas over September and October 2024. A panel will review entries in November. The deadline to apply is October 25.
The Open University and Scope aim to spotlight the potential of disabled entrepreneurs, offering a platform to share their ideas and access vital support. This initiative will help break down barriers and encourage more investment in businesses led by disabled entrepreneurs.
Robert Wilson, Student Opportunities Manager, organises the OU Open Business Creators Fund competitions.
He said, “Part of our mission with Open Business Creators at The Open University is to reduce inequalities in the entrepreneurial landscape through providing equitable access to support and funding and championing under-represented and under-estimated founders. We are excited to launch this type of entrepreneurial support to those outside our student body for the first time this year.”
For more details or to apply, visit the OpenLearn Create website: OLCreate: Open Business Creators Fund for Disabled Entrepreneurs.
