Former London Transport manager Campbell, who recently left his £100,000-a-year job with Sir Alan Sugar and Amstrad, says he wants to provide expertise and start-up capital to the next generation of young entrepreneurs.

Speaking at the launch of The Bright Ideas Trust in London, Campbell says: ‘We want to target 16 to 29-year-olds who have a viable business idea – one that’s going to turn a profit.’

Campbell is reported to have come up with the concept for The Bright Ideas Trust after privately commissioning research among the target age group, which showed that thousands of young people want to start their own businesses but lack the advice, encouragement and investment needed to get started.

The Trust aims to raise £1 million from 4,000 existing companies, £250 at a time and hopes to achieve a target of 365 new businesses in a year.

The initiative was backed by Conservative leader David Cameron: ‘We have a social and moral obligation to help young people find positive outlets for their ambitions. Business creation is the best outlet there is, and I am really inspired that Tim has decided to turn his experience and ingenuity to helping other entrepreneurs.’