TV Dragon Challenges North East Teens To Turn Tenners Into Turnover

Posted on the 28 January 2010

TV Dragon Challenges North East Teens To Turn Tenners Into Turnover

Peter Jones, star of TV’s Dragon’s Den, and Chairman of business-led enterprise campaign Enterprise UK, today invited young people from the North East to enter Make Your Mark with a Tenner.

Now in its third year, the highly successful nationwide competition challenges young people to make as much money and social impact as they can with a humble £10 note - in just one month.

Make Your Mark with a Tenner is now open for registration. Schools and colleges in the North East have until February 11 to register students to take part in the exciting initiative and secure a share of the £200,000 Tenner ‘bank’ funded by Peter Jones and Michael and Xochi Birch, founders of social networking site Bebo.

Make Your Mark with a Tenner, run by Enterprise UK is open to young people under 19 years olds. Up to twenty thousand young people will each be given a £10 note and will have just one month (March 2010) to come up with creative, enterprising ideas to multiply their money.

Once the £10 loans have been returned at the end of the competition, participants can either keep their profits to develop their business idea further or donate them to a good cause.

Some of the schools in the North East that have already signed up to the Make your Mark with a Tenner challenge include, Longbenton Community College in Newcastle, Windlestone School in County Durham, Darlington College and Teesdale School in Barnard Castle.

Commenting on the competition, Dena Dalton, business studies teacher at Teesdale School in Barnard Castle said: “Make Your Mark with a Tenner allows our GCSE business studies pupils to see firsthand the benefits of enterprise.

“I think it is a fantastic project that allows them the opportunity to set up their own business in a very creative and innovative way. It really is an inspirational way to learn by enabling them to apply many of the business concepts and issues they have studied whilst also offering them the chance to make a profit.

“There is the additional incentive in encouraging them to think about a social impact. I’m really looking forward to watching their ideas come to life and encouraging possible future entrepreneurs.”

Launching the competition, Peter Jones, chair of Enterprise UK said: “Make Your Mark with a Tenner empowers young people to make their ideas happen. We know that young people are increasingly concerned about the challenges society faces, and we’re aiming to show young people that by acting on an enterprising idea, it is possible to make money and a real difference.

“Make Your Mark with a Tenner harnesses the unrivalled energy and creativity of young people. Their fantastic achievements increase each year that we run it, proof that if you trust young people to act entrepreneurially they will rise to the challenge. I encourage every school and college in the North East to sign up to this, our biggest year to date.”

Sixteen thousand young people took part in the 2009 competition generating an average individual profit of £42. Teenager Henry Pearce from Kent led the field with largest individual profit of £736, for a fashion show project. National Enterprise Academy students in Amersham scooped the largest group profit of £765 which they then donated to The Make-A-Wish-Foundation.

Enterprise UK head of North East region Louise Kempton said: “Make Your Mark with a Tenner is all about trusting young people to show their tenacity and entrepreneurial skills. I’m sure students in our region will prove themselves to be a brilliant investment.”

Make Your Mark with a Tenner is a collaboration between Enterprise UK and entrepreneur Oli Barrett. Commenting on the 2010 competition Oli said: “Make Your Mark with a Tenner hopes to prove that you don’t need millions of pounds, or even several years to create something worthwhile. Learning about business and making a difference go together and should be fun. The big challenge this year is to spread the word across the North East and to get as many schools signing up as possible. It’s been a tough year for the economy and although a month isn’t long, I’m hoping that thousands of pupils from across the region will rise to our challenge”

Teachers and tutors can enter the competition on behalf of their school or college by completing an application form at http://www.enterpriseuk.org/tenner