Youth initiative, The Stake, invites 16-to-21-year-olds to win up to a fifth of the £100,000 fund by pitching ideas for a start-up business or one-off event.
Entrants will need to register their idea on Facebook before competing in a series of online challenges designed to encourage business knowledge and skills such as generating awareness for their venture and setting out financial plans.
Business experts including SB:TV founder Jamal Edwards and Antony Jenkins, chief executive of Barclays Retail and Business Banking, will give advice throughout the process and will also help judge the winning pitches.
According to Jenkins, it is “crucial that young people have the opportunity to build their financial skills and confidence and actively participate in the future growth of the economy”.
In addition, participants can register as judges to have a say in which idea will win. The deadline for ideas is the 23 December and up to six winners will be announced in January 2012.
The competition is part of Barclays’ £15m UK community programme, “Barclays Money Skills”, which the bank is committed to until next year.
The tie-up between Barclays and Channel 4 was brokered by youth engagement agency Livity, which also developed the creative concept.
The competition is being supported by a series of 20 sec spots on Channel 4.
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