The ‘Tenner Tycoon’ scheme, will see 40,000 young people up to the age of 19 from schools and colleges encouraged to start their own business using a £10 note.
Those taking part in the scheme will then have one month to use the money to start a business that will “make a difference to their community”, before reporting back on March 31, returning the £10 and deciding what to do with any profits.
Peter Jones said: “Tenner Tycoon provides an opportunity to experience business and enterprise firsthand and learn about being an entrepreneur. It will champion a new generation who are motivated to improve society as well as make a profit.”
Organisers Enterprise UK, the campaign agency which is set to close in the coming months, said the national initiative would help inspire entrepreneurship in young people in the context of “the worst figures for youth unemployment in a generation”.
Tom Bewick, chief executive of Enterprise UK, said: “We know from experience that this campaign can inspire thousands of kids to start their own businesses. This year it is arguably more important than ever given the latest concerning statistics, which put youth unemployment at 20.5pc.”
The £400,000 ‘Tenner Bank’ funding has been donated by Peter Jones, Bebo founders Michael and Xochi Birch and the Big Lottery Fund.
For more information go to: www.tenner-tycoon.org