As the latest unemployment figures spike to a 17 year high, two young entrepreneurs prove that a disastrous job market is no obstacle
Unemployment in the UK has hit a 17 year high this month, putting pressure on the government to come up with a better economic strategy. The number of young people out of work is close to the million mark, with 991,000 16-24-year-olds out of work. The new figures, which take into account the last three months, are the worst since records began in the early 1990s.
Kevin Flood and Mike Harty, despite the doom and gloom of the employment market, have set up a unique online company straight out of university as an alternative to getting lost in the crowded jobs scrum. What’s more they are setting out to topple the online giants in the price comparison site arena.
Shopow.co.uk, their Social Shopping start-up, is a new type of shopping search engine that aggregates thousands of retailers and millions of products across all areas of consumer goods. Not only does this allow users to compare goods by criteria such as price, retailer, service and delivery, it also integrates various social functions so shoppers can find all the information they need to make the right decisions when buying online.
Kevin Flood, CEO of Shopow, said, “Our novel idea has meant that we were able to compete against some of the long established names from the outset. All budding entrepreneurs wishing to succeed shouldn’t underestimate the importance of a strong concept. We coupled this with our hard work ethic, detailed research and willingness to take the odd calculated risk in order to get our business off the ground and gathering momentum quickly.”
This momentum has resulted in the pair winning a Young Guns Business Award. Since the launch of Shopow in May 2010, the business anticipates revenues of over £3m in the first year of trading. The pair are confident they can achieve a ‘critical mass’ in the UK this year, and are looking to expand into the USA and mainland Europe imminently.
The message from Kevin and Mike is that business savvy individuals with a great idea can be masters of their own destiny and bypass the busy job market. Recent measures to tackle unemployment such as the Government Work Programme have generated optimism for some bright sparks, and opened other avenues so that they might create companies of their own.
Kevin Flood, Co-founder and CEO of Shopow, said, “We set up Shopow because of our love of business. There were so few opportunities in the job market that we opted to take a risk and move in a new direction, one which we would strongly encourage other young people to pursue.”