Barclays has partnered with Channel 4 for an online competition
The Stake, and is offering £100,000 ($158,102) to
encourage young individuals to pitch business ideas, as part of
Barclays’ Money Skills programme.
Barclays is investing the entire capital for
winners of The Stake – an online competition that will
roll out in a TV show format – as part of the initiative to infuse
good money skills among the youth.
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Youth engagement agency Livity came up with
the idea of The Stake.
Up to six young individuals can win the prize
money on offer through The Stake.
This is the first time Barclays has partnered
with a major TV organisation and made a “big foray into an online
competition for young people”.
The Stake encourages young
individuals, between the ages of 16 and 21 years, to submit an
entrepreneurial idea.
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By GlobalDataYoung people can either submit an idea
themselves or by registering as a stakeholder and vote for the
ideas they think should win.
The format of The Stake is game-like
and participants can take challenges and unlock their votes for
other contestant’s ideas.
The challenges for ‘stakeholders’ on The
Stake are based on the Barclays Money Skills programme and
designed to build their financial knowledge and skills.
Head of consumers and community affairs for
Barclays, Michelle Smith told RBI:
“The Stake is a platform for young
people to not only win a chunk of money to make a difference by
creating a business or a community project in their area, but
actually, on the way, learn some skills around money management,
business building capabilities and the business skills they might
need to bring those ideas to life”.
The business ideas have to be submitted online
by 23 December, after which 20 individuals with the best ideas will
be shortlisted. Film crews will follow the contestant’s
stories.
Jo Twist, commissioning editor for Channel 4
Education, 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.”
Expert advice will be provided to the
shortlisted candidates throughout The Stake competition.
Barclays CEO of retail and business banking, Antony Jenkins, will
be one of the mentors for the contestants. Other mentors will
include UK’s digital champion Martha Lane Fox, The
Apprentice winner Tim Campbell, SB.TV founder Jamal Edwards
and MP Esther McVey.
Said Jenkins, “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.
“This innovative competition will identify
some of the business leaders of tomorrow and provide many more
young people with valuable financial knowledge.”
Up to six winners will be announced in January
2012.
Read the full article about Barclays,
its Money Skills programme, and the partnership with Channel
4 for The Stake in the November issue of
RBI.
