Rob Wood, who was born and raised in Newcastle, has given the huge sum to create the Rob Wood Enterprising Futures Academy in partnership with Newcastle University, in a bid to raise aspirations, skills and confidence and boost the local workforce and economy.

The academy will not only target Newcastle University students and recent graduates, it is also aimed at young people from the age of 14, in a bid to inspire and nurture entrepreneurial mindsets and help them flourish, thrive in their career or build their own business in the future.

Through a mix of online and face-to-face programmes, it will provide practical insights and inspiration, with a big focus on real life case studies, providing mentors who have taken the step into owning and running businesses, both large and small.

Commenting on his £1.25m pledge to create the academy, Rob said: “I am a strong believer that many people should try to do their own thing at some point in their lives and I am proud to be able to offer support to young people to increase their chance of success should they decide to give it a try.

“I meet so many people who say ‘I wish I’d done that’ and I want to be able to inspire and help young people to be able to make ‘that’ happen.

“I once was that young person; a miner’s son born and raised on a council estate in Newcastle, who knew nothing about the world of business but I managed to achieve success, founding and running my own global organisation. 

“I am a proud Geordie so choosing to partner with Newcastle University was ideal, especially as it is so well-respected around the world and already runs programmes aimed at helping young people start their own businesses.”

The academy will provide a unique offer that supports young people in understanding and considering business creation as a career choice, while opening up access to enterprise for everyone, building aspirations and giving people the skills and choice to design their own future.

Professor Chris Day, Vice-Chancellor and President, Newcastle University, said: “We are delighted to work with and support Rob on the creation of the Rob Wood Enterprising Futures Academy. 

“We operate in an area of the UK where opportunity is hard to find, but we have a great record of our students staying in the area when they leave university and starting up successful companies employing hundreds of people in our region.

“The academy will help further unlock enterprising mindsets from an even younger age, to enable leaners to build rewarding futures, whatever that looks like for them.”