Teenage tycoons take Britain by storm

Britain’s youngest entrepreneurs are thriving despite tough economic conditions

27 March 2008 14:59

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Britain ’s tech-savvy young businessmen and women are raking in the cash despite slowing economic conditions, a new report has found.

The research commissioned by Virgin Media found that 21,000 15-16 year old are earning in excess of £60,000 annually online, which is nearly three time the average UK salary.

The rise of internet auction sites such as ebay has made it easier for young people to engage in commerce over the web. Almost half over the 700 teenagers polled claimed to have made money on the internet over the last year.

But there are an elite group who are taking this a step further – over one fifth of respondents said they have set up their own online businesses while still in full-time education.

Tim Campbell, winner of the BBC’s The Apprentice commented that these results are demonstrative of an increasingly tech-savvy culture among entrepreneurs.

“A key factor in making a success of any business is keeping up with the times and these young entrepreneurs are certainly shrewd in taking advantage of the internet to make a success of their ventures.”