By Marcus Leach
Channel 4 Education, in partnership with high street bank Barclays, is launching ‘The Stake’ — a competition that provides young people in the UK with the chance to decide how £100k of real money is spent.
The Stake will inspire young people to use their business and enterprising skills to win a slice of £100,000 prize pot to support community or business ideas that will make a difference.
The Stake aims to show the UK’s young people that business and social enterprise can be creative, fun, challenging and that good ideas and passion can be rewarded.
Anyone aged between 16 and 21 years of age can submit ideas about how they would spend a share of the money, be it a start up business, a new school skate ramp, one-off event — or anything in between. To increase their chances of winning, entrants will need to carry out a series of online challenges including winning public support and setting out financial plans, which show their idea can be a success.
There are two ways that young people can take part: they can submit an idea themselves or by registering as a stakeholder they can have a say in whose idea wins. Stakeholders can increase their voting power by completing fun money challenges, which are based on the Barclays Money Skills programme and designed to build their financial knowledge and skills.
Expert advice will be given throughout the competition from mentors including Barclays CEO of Retail and Business Banking Antony Jenkins, the UK’s digital champion Martha Lane Fox, The Apprentice winner Tim Campbell, SB.TV founder Jamal Edwards and MP Esther McVey. The top 20 ideas with the most stakes by 11:59pm on the 23 December will be shortlisted and judged by a panel from Channel 4 Education and Barclays.
Up to six winners will be announced in January 2012. Each winner will be given up to £20,000, along with support from top financial experts, to make their ideas a reality. A film crew will follow their stories as the fledgling community and business entrepreneurs go through their first challenges of bringing their ideas to life.
“Being enterprising and knowing how to turn your passion into a satisfying reality is such an important skill for young people to experience," Jo Twist, Commissioning Editor of Education at Channel 4 said.
"But often you need to know how to manage money to make that happen. In what is a bit like a cross between Kickstarter and strategic gameplay, we hope The Stake will inspire thousands of young people to be more financially savvy and show them that anything is possible.”
Antony Jenkins, Chief Executive of Barclays Retail and Business Banking said young people need the opportunity to build important business skills early in their development.
“It’s crucial that young people have the opportunity to build their financial skills and confidence and actively participate in the future growth of the economy," he said.
“Barclays is excited to be supporting The Stake which is a great way for young people to turn their ideas into reality. This innovative competition will identify some of the business leaders of tomorrow and provide many more young people with valuable financial knowledge.”
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