The £10 starts its journey to Brazil

Posted on 8th November 2012

Student teams from across the University of Chester have collected their £10 notes ready to start Challenge 2013: Destination Rio.

Team ‘Four’ – Students James Hankin, Daniel Sankey, Jack Bladon and Matthew Boxer receiving their £10 investment.
Team ‘Four’ – Students James Hankin, Daniel Sankey, Jack Bladon and Matthew Boxer receiving their £10 investment.

Destination Rio is a new initiative that aims to nurture the next generation of entrepreneurs. This original and innovative project is being run by the University of Chester, the Riverside Innovation Centre (RIC) and is part-funded by the European Regional Development Fund and Cheshire West and Chester Council.

Teams of students have been set the task of turning an initial investment of £10 into the profits necessary to fund travel to the Global Entrepreneurship Congress in Rio de Janeiro in March 2013 through a series of challenges designed to test their enterprise skills.

The teams have been tasked to generate as much profit as possible with only an initial £10 investment in a 48-hour window - from Tuesday, November 13 until Thursday, November 15. The £10 Challenge is kindly supported by the management of the Forum Shopping Centre, which has provided space for teams to trade.

On the evening of October 24, 12 teams came together to generate business ideas, network and take advice from a number of team mentors ahead of the first challenge. Will Mason, President of Chester Enterprise Society, said: “All the teams were generating creative and innovative ideas. You could feel an enormous amount of entrepreneurial spirit in the room; the project has started on the best possible note.”

Several local entrepreneurs, professional mentors and academic staff from the University were on hand to discuss, debate and challenge the teams’ initial thoughts.

Paul Keenan, Operations Director of LearnerVerse and Team Mentor, said: “I think Destination Rio is wonderful! As an entrepreneur I have always felt that it should be an essential part of the curriculum in schools, colleges and universities and all credit to the University of Chester for launching this exciting initiative.

“As a mentor I am delighted to say that the team members I am engaged with have been first rate. They are enthusiastic and keen to learn; I can honestly say that the whole experience has been of a high quality. The atmosphere at the launch event was electric and I am really looking forward to guiding ‘my team’ towards success and a place in Rio. Well done to the University of Chester! Well done to the students!”

The RIC also welcomed to the event Santander Universities, whose business advisers will support teams throughout the Challenge, in addition to providing business banking facilities to the teams. Representatives from Northenden Diamond Travel, which is making travel arrangements on behalf of the University, were also available to offer travel information on Brazil.

The RIC is working alongside the business community and with a number of partners regarding the Challenge. If you would like to find out about becoming a sponsor, please contact Kirsty Badrock on 01244 512252 or k.badrock@chester.ac.uk

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