Channel 4 asks young people how to spend £100k

Channel 4 Education has teamed up with Barclays to launch The Stake, a competition offering young people in the UK the chance to decide how £100,000 in real money is spent.

The Stake aims to inspire people aged between 16 and 21 years of age to show off their enterprising spirit and secure a portion of the £100k to support "community or business ideas that will make a difference".

Entrants can pitch their ideas for how the money should be spent, be it on a start-up business, a one-off event or a school skate ramp. To increase their chances of winning, candidates must carry out a series of online challenges to outline their financial plans and win public support for their idea.

Anyone who does not want to submit an idea themselves can register as a "stakeholder" to have a say on which ideas win a share of the money. Stakeholders can also increase their voting power by completing challenges based on the Barclays Money Skills programme.

A series of experts will offer advice through the competition, including Barclays chief executive of retail and business banking Antony Jenkins, the UK's digital champion Martha Lane Fox, and former The Apprentice winner Tim Campbell.

The top 20 ideas with the most stakes by 11.59pm on December 23 will be shortlisted and judged by a panel from Channel 4 Education and Barclays. Up to six winners will be announced in January 2012, each winning up to £20,000 for their idea and support from top financial experts to make it a reality.

A Channel 4 film crew will follow the winner's stories as the selected community and business entrepreneurs are put into operation.

Channel 4 commissioning editor of education Jo Twist said: "Being enterprising and knowing how to turn your passion into a satisfying reality is such an important skill for young people to experience. But often you need to know how to manage money to make that happen.

"In what is a bit like a cross between Kickstarter and strategic gameplay, we hope The Stake will inspire thousands of young people to be more financially savvy and show them that anything is possible."

Jenkins added: "It's crucial that young people have the opportunity to build their financial skills and confidence and actively participate in the future growth of the economy.

"Barclays is excited to be supporting The Stake which is a great way for young people to turn their ideas into reality. This innovative competition will identify some of the business leaders of tomorrow and provide many more young people with valuable financial knowledge."

The Stake was created and is being managed by youth engagement agency Livity.

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