Deloitte has launched a £25 million fund specifically for employees that want to create a business of their own.

The auditing giant is inviting its employees to submit their business ideas in return for funding and office space.

City of London

Those employees whose ideas are selected by Deloitte will begin working full time on turning their startup into a reality.

The initiative was launched to stop Deloitte staff leaving the company to pursue their own business ventures.

Over 60 applications have been submitted by Deloitte’s workforce since the initiative was launched two weeks ago.

"We have some of the most entrepreneurial minds in the country right here in our organisation and we want to give them the opportunity to develop in unique ways,” said Simon Owen, managing partner for innovation at Deloitte.

"When it doesn’t work, we will shut it down in an orderly fashion. The employees will remain part of Deloitte and they will return to the mothership. There is no financial risk for them,” Owen told The Telegraph.

Large organisations operating in the financial sector are increasingly looking to startups as a means of innovating their business. 

For example, Travelex and Santander have both launched startup investment funds in the last few months worth £25 million and £58 million respectively. 

However, setting aside a fund for employees to build their own startups is relatively unheard of.