On 4 May, Mishcon de Reya hosted the awards for Young Enterprise's Tenner Challenge - a nationwide competition to find the next generation of budding entrepreneurs. This initiative, launched by leading enterprise and financial education charity Young Enterprise, is a competition for people aged 11-19 who want to understand what it’s like to be an entrepreneur. The young people are challenged to think of a new business idea and make it happen, using £10 to take calculated risks in the business field and make as much money as they can in one month.
Each year, Young Enterprise work with over 250,000 young people aged four to 25, supported by a network of 5,000 volunteers and 3,500 businesses who believe that encouraging enterprise and entrepreneurialism in young people is essential to the future of the UK.
For the next three years, Mishcon de Reya will sponsor The Leap Potential award in the Tenner Challenge. In 2015, reflecting its commitment to entrepreneurs, Mishcon de Reya launched The Leap 100: 100 of the UK's most exciting companies as identified by the firm in partnership with City AM, The Supper Club and The Entrepreneurs Network. Through The Leap 100, the Firm provides a network of support to companies experiencing explosive growth.
The winners of the Leap Potential award, as selected by Director of External Affairs at Mishcon de Reya Lisa Tremble, were a group called Festive Homes from Dixons Kings Academy in the age 11-14 category. Their idea was to make hampers for different festivities throughout the year and a limited edition cookbook made up of recipes from their community. The winners in the 15-19 category were a group called Unite from NE Surrey College of Technology (NESCOT). Their idea was to create an advertising agency that distributes 200 leaflets fortnightly to 'Unite' Surrey businesses with customers.
Commenting on their success, Unite said: "The Tenner Challenge was great for developing the skills that you would need to go into the business world, like teamwork, communication, customer service and sales. You don’t learn how to sell at school or college, so it was good to get that experience. Making our leaflets and the brand felt really good because it was like, this is ours! 21,000 students took part, so winning is quite unreal."
Director of External Affairs at Mishcon de Reya, Lisa Tremble, said: "The great thing about the Tenner Challenge is that it encourages innovation through a very straightforward concept. Creative thinking and innovation is at the heart of our core values, so we are very proud to sponsor an award in this initiative. We were very impressed with the calibre of the competition."
Michael Mercicea, CEO at Young Enterprise, added: "The Tenner Challenge is backed by the British Growth Fund and inspires almost 25,000 young people each year to take part. It has seen teams raise up to £5,000 and is proving to be a great way to encourage young people to get excited about business. We're very pleased to have the support of Mishcon de Reya over the next three years."