Tenner school enterprise scheme 'put on hold'

Posted by Dan Martin in Finances, Business trends on Mon, 09/01/2012 - 16:15
£10 note

The successful scheme which gives school children £10 to start their own business has been temporarily suspended. 

Previously run by the now disbanded Enterprise UK, the 2012 version of Tenner, which has worked with thousands of children, will now not begin in March as originally planned, it has been announced.

Set up by entrepreneur Oli Barrett in 2007, the government-funded Enterprise UK adminstered the scheme until it was shut down in January 2011. In February, the scheme was rebranded Tycoon Tenner under the leadership of Dragons' Den judge Peter Jones who pumped £400,000 into the initiative.

The Peter Jones Foundation won the rights to the assets owned by Enterprise UK, including Tenner and Global Enterpreneurship Week (GEW), but after the rights were withdrawn, Youth Business International took over the organisation of GEW. Tenner is still up for grabs.

In a statement, the Enterprise UK trustees said: "Further to recent developments at Enterprise UK, the Trustees can confirm that they will continue the tendering process for the remaining assets of Enterprise (UK) – namely the Tenner campaign. This process will observe due diligence and transparency and be based on full consultation with all parties concerned.
 
"Until this is completed the Trustees have decided that it is not possible to start the campaign for 2012 as Enterprise (UK) does not have remaining resources sufficient to run it to the required standard.
 
"The Trustees wish to express their gratitude to all outgoing staff and trustees for their hard work and commitment to Enterprise UK and the Tenner campaign. The Trustees also restate their strong commitment to ensuring a secure and sustainable future for the Tenner campaign."
 
Posting on Twitter, Oli Barrett said: "I'm disappointed that Tenner 2012 has been put on hold. Ultimately, I hope, in the best interests of the scheme."

 

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