Internal Press Releases
4th JULY 2005 RELEASE
START-UP’S SECOND PRISONER ENTREPRENEURSHIP DAY AT HMP BRIXTON
START-UP and HMP Brixton are joining forces for a second time on the 18th July to give prisoners and ex-offenders a unique chance to impress a panel of judges with their ideas for setting up their own businesses on release from prison. The best ideas will receive funding from Start-Up in the form of a grant and a low interest loan as well as the support of a mentor. The conference is sponsored by Lloyds TSB.
START-UP, a joint venture between the Royal London Society and Foursome Investments, a venture capital company (), offers ex-offenders the chance of becoming self employed on release from prison. Of the 80,000 prisoners released last year, it is estimated that two thirds will be back in prison within two years. ()
Juliet Hope, CEO of START-UP (3) says, “For every 10 prisoners released, around six will be back in prison in two years. By giving employment to ex-offenders we could halve that figure. The economic case for doing this is obvious (4) but the human one is just as important. Prison sentences damage individuals, families and especially children.”
START-UP works with HMP management to identify prisoners with good business ideas and offers funding in the form of grants and loans as well as the support of a mentor on their release. Juliet Hope adds, ‘Many prisoners are highly entrepreneurial, creative and passionate. Their energy has just been applied in the wrong direction’.
Start-Up is now funding four of the former prisoners who presented their business plans at HMP Brixton in January. Funded projects include a garden design business in Tunbridge Wells, a painting a decorating business in Devon and a web-site design business in North London.
The new venture is being welcomed by an increasing number of prisons in the South East and has the support of the former Chief Inspector of Prisons, Lord David Ramsbotham (5) who is to attend the event at HMP Brixton. The judging panel who will evaluate the ideas and provide live feedback are volunteers from a wide range of organizations.
(Notes on Page 3)
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Notes
(1) Royal London Society
A long established Charity that has been working in the area of ex-offender support for more than 200 years. The organisation focuses on providing grants to help cover some of the initial costs in setting up a business.
Foursome Investments
An international venture capital company that invests in socially responsible start-ups. Their contribution focuses on providing long-term loans to help provide initial working capital for the new businesses.
(2) Source: Reducing re-offending by ex-prisoners
Report by the Social Exclusion Unit, July 2002
(3) Juliet Hope was a fund manager at Rothschild Asset Management for 12 years, based in Asia and later in London where she was Head of Business Development for Emerging Markets.
(4) A report published by the Social Exclusion Unit in July 2002 states that the financial cost of re-offending to be ‘staggering and widely felt’ and estimates that recorded crime alone committed by ex-prisoners to total at least £11 billion per annum.
‘The average cost of a prison sentence imposed at a crown court is roughly £30,500, made up of court and other legal costs. The costs of actually keeping prisoners within prison vary significantly, but average £37,500 per year.’ This excludes the indirect costs involved which can include childcare costs of children taken into care, housing on release and unemployment benefits and administration.
(5) Lord David Ramsbotham was Her Majesty’s Chief Inspector of Prisons from 1995-2001and is author of Prison-Gate, published in 1993 by Simon and Schuster UK Ltd.
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External Press Releases
2nd Feb. 2006
Times Online Article
On the 2nd Feb. Time Online journalist By Gráinne Gilmore published this article on Times Online part of the Times Newspapers Ltd Group. Should this link not activate your web browser please copy and paste it to your web browser address bar.
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