Entrepreneurial teenagers will be given £10 and told to do whatever they like with it – as long as they make money.
Launched to coincide with Social Enterprise Day, the Make Your Mark with a Tenner competition will see 10,000 future entrepreneurs getting a taste for enterprise as they compete to make the most out of their cash.
The £100,000 scheme, financed by a donation from The Entrepreneur Channel founder Andrew Reynolds will operate on a first come, first served basis. Participants will be given a month, starting on January 29th, to put an entrepreneurial idea into action, make a profit, and even help society.
The launch took place in Stockwell Park High School, and the school’s pupils heard from entrepreneurial role models Tim Smit, chief executive of the Eden Project and Alex Tew, creator of The Million Dollar Homepage, as well as Third Sector minister Ed Miliband.
At the end of the month, the participants will give their £10 back, but are able to distribute the profits as they see fit, whether that involves keeping it, continuing their enterprise, or giving it to worthy causes.
Prizes will be awarded to the 50 individuals or teams who make the most profit, and to the 50 teams who create the greatest social enterprise.
In his speech, Andrew Reynolds challenged the teenagers to show how enterprising they could be: “Some people talk about teenagers being a bunch of ‘hoodies’ – what a load of nonsense.
“We’ll show just how resourceful and enterprising kids can be,” he added.
Ed Miliband stressed how a social conscience and profit-making can complement each other, telling the pupils: “People are often more likely to buy a product if they think it’s for a good purpose.”
The teams whose projects make the biggest social impact will also be eligible for a further £1,000 from The Big Boost fund for young social entrepreneurs.
Any school or further education college can register to participate, and applications will be open from today until the 10,000 limit is reached.
© Crimson Business Ltd. 2006