The 2018 Tenner Challenge has now launched with a record 26,000 11 to 19 year olds pledged £10 and given one month to set up and run a student company or social enterprise. It’s fantastic to see so many students across the country being challenged to think outside the box and develop important life skills such as confidence, communication and resilience.
It takes a lot of hard work to make the programme as successful as it is; Young Enterprise is an independent charity and we’re extremely grateful to The Business Growth Fund for supporting the Tenner Challenge, and to the Bank of England who will be hosting the National Tenner Awards in May.
Last year, in only four weeks, students created impressive, creative and profitable companies; it was fantastic to see such variety at the final including origami bookmarks, environmentally friendly bags and ethically sourced coffee. The average team profit was £93, and each year it’s inspiring to see over half the Tenner teams donate all (or a proportion) of their profits to charity.
The deadline to spend or exchange the old £10 notes (1st March) is fast approaching. The paper notes have served the Tenner Challenge for its entire six-year history and have supported almost 100,000 students taking part. As we move towards an increasingly cashless society, young people are becoming less and less exposed to physical money, especially as opportunities for Saturday jobs decrease. These factors combine to make programmes such as Tenner so important for equipping young people with the skills they’ll need in the future.
We’d like to wish everyone taking part in the Tenner Challenge the best of luck and look forward seeing the exciting businesses ideas you have, and the skills you develop. Good luck!