Channel 4 Education, in partnership with high street bank Barclays launches ‘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.
Jo Twist, Commissioning Editor of Education at Channel 4 said: "Being enterprising and knowing how to turn your passion into a satisfying reality is such an important skill for young people to experience. 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: "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.
"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."
The Stake concept was created and is being delivered by youth engagement agency Livity.
Notes to editors
The Stake (www.thestake.co.uk)
Ideas will be moderated and will need to adhere to the Channel 4 competition terms and conditions.
Potential winners may need to undertake an interview to evaluate their suitability for this project.
Ideas will not be able to make a profit during the implementation period.
About Barclays (www.barclaysmoneyskills.com)
Barclays supports a range of innovative money management projects in the UK, such as The Stake, through the flagship money management programme Barclays Money Skills. Barclays Money Skills is a national programme that helps young people to develop and improve their financial skills, knowledge and confidence. The programme tackles topics such as opening a bank account, budgeting, saving and spending, and gives practical guidance on what to do when something goes wrong.
About Channel 4 Education
Channel 4 Education commissions for 14-19s and their life-skill needs. Programmes and projects, which aim to make the audience think about themselves and the world around them, in ways that are enlightening and thought provoking, essentially content that will help teens survive the next five years using subjects like fashion and music as way into issues which are difficult to talk about or understand.
About Livity (www.livity.co.uk)
Livity is a youth engagement agency that mentors young people from a broad range of backgrounds to co-create campaigns, content and communities for brands, government, charities and broadcasters - benefiting businesses, individuals and society