Well on the way to Destination Rio.

Posted on 23rd November 2012

The pressure was on when students from the University of Chester and beyond pitted their commercial wits against one another in a bid to jet off to Brazil.

Student teams Zenith, Linx and Ellevents trade in The Forum Shopping Centre.
Student teams Zenith, Linx and Ellevents trade in The Forum Shopping Centre.

Against the clock they had 48 hours to generate as much profit as possible from a ‘tenner’ and were recognised for their efforts as part of an Awards Ceremony during Global Entrepreneurship Week at the Riverside Innovation Centre (RIC).

The £10 Challenge is the first stage of the Destination Rio, 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 and Riverside Innovation Centre (RIC) and is part-funded by the European Regional Development Fund and Cheshire West and Chester Council.

Teams of students are in the process of meeting the exacting mission of transforming 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 tasks, designed to test their enterprise skills.

Competitors set to work back to campus and in the Forum Shopping Centre, where Lawrence Allen, Centre Manager, said: “The Forum Shopping Centre was delighted to support the University of Chester’s £10 Challenge event. This was a fundraising exercise from which the students will have learned a great deal.”

Winners of categories such as ‘Most Innovative Idea’ to ‘Most Socially Responsible Business Idea’, received a cash boost, donated by Cheshire West and Chester Council, to help them towards their goal.

The most coveted award of the evening, ‘Most Profit Gained’ was won by RIOlise, a team of Wirral Metropolitan College’s Hotel Front Office/Reception students, who raised just over £1,000 by holding an Auction of Talents and Promises, ranging from dance lessons to spray tans. Other profit turning ideas included a Man Vs. Food competition, utilising e-Commerce to sell energy saving devices, pop-up vintage stalls, raffles, and many more…

Jack Miller, from team Ellevents, winners of ‘Most Entrepreneurial Team’ and ‘Best Use of Marketing’ said: “The £10 Challenge is a great experience to improve our business skills, such as pitching and marketing. We were very pleased to have won two awards from the RIC and it has spurred us on even more to go to Rio! With the prize money and our current profit we intend to go in to events management and offer small gigs to young, up and coming artists through contacts that the team has established throughout the Challenge.”

Will Mason, President of Chester Enterprise Society added: “Chester’s entrepreneurial spirit reached a new high throughout the £10 Challenge; the students were determined to make some serious money! Local businesses were especially helpful; in particular, the Forum Shopping Centre and Santander’s University branch have pledged support for students throughout the £10 Challenge. Young entrepreneurs are the route to economic recovery – and this event shows what is possible.”

The Riverside Innovation Centre is working alongside the business community and with a number of partners regarding the Challenge. To find out more about becoming a sponsor, please contact Kirsty Badrock on 01244 512252 or k.badrock@chester.ac.uk