Waveney MP Peter Aldous has announced his support for a scheme that sees school kids encouraged to start a business with just £10 each, in the biggest ever Tenner Tycoon challenge.

Aldous is backing the landmark scheme, called Tenner Tycoon, which will see the campaigning charity Enterprise UK loan hundreds of thousands of pounds to young people across the UK to encourage them to start up their own businesses.

Participants in Tenner Tycoon will receive £10 and be challenged to make as much profit and social good as they can in a month.

Mr Aldous said:

“Tenner Tycoon is an innovative scheme that gives young people in Waveney and all over the UK the chance to showcase their skills and ingenuity whilst gaining practical business experience. The programme’s relevance and importance has never been as great as it is this year – the year that aims to kick-start the ‘entrepreneurial decade.”

This year, the challenge is to also ‘give something back’ and participants are encouraged to donate some of their profits to charity. The scheme, supported by the Peter Jones Foundation, has been a huge success since it launched in 2007. Previous winners have made their money in diverse ways such as fashion shows, cookery books and concerts.