A scheme by which thousands of children from across Britain are each given £10 to start a business has been re-established with the backing of the Government and entrepreneurs including Innocent Drinks co-founder Richard Reed.
The Tenner Initiative, which is designed to support business thinking among young people, has been relaunched by Young Enterprise, a charity which builds links between industry and schools, after the scheme’s first operators were cut loose due to Government spending cuts.
The Government has recently invested £50,000 in the relaunched scheme’s “Tenner Bank” to give 5,000 more young people the opportunity to experience real business.
Those participating have just one month to use the money to start a business, before reporting back, returning the £10 and making a decision on what to do with any profits.
Chief executive of Young Enterprise, Michael Mercieca, said The Tenner will give “young people a chance to explore their entrepreneurial instincts.”
Organisers said the Government had backed the initiative because “the task of rebuilding the economy and creating new jobs means that the new generation must be encouraged to think seriously about starting their own company.”
Social enterprise charity UnLtd is also assisting with the scheme, which supports students to use profits from their projects to benefit their communities.
The scheme had formerly been operated as “Make Your Mark With a Tenner” by Dragons’ Den star Peter Jones and Enterprise UK, a government-backed organisation which was closed down after its financial backing from the Business Department was pulled in 2010.
More than 18,000 students have signed up to receive a £10 note from a pot of £250,000. Schools wanting to take part have until April 22 to register, with thousands of £10 notes due be handed out next month. Young Enterprise said regional and national winners will be revealed at the end of the competition.
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