Pupils from all walks of life take the Prince's Trust challenge to make money for their communities

Published on Tuesday 26 August 2008 19:42

HOW do you turn an investment of £3,000 into a return of £20,000 in just six months?

That will be the question facing seven enterprising teams from schools across Scotland tomorrow as they embark on a business competition to raise money for charity.

The Scholars' Challenge is run by the Prince's Trust Scotland and will see teams of 16 and 17-year-old pupils from state and independent schools compete to find which can make the most money for disadvantaged youngsters.

Each group will be given 3,000 by the trust to start up a business and raise at least 20,000 for good causes to the benefit of their local community. As well as gaining prestige, the winning team will be presented with a mystery prize to reward their efforts.

Edinburgh schools Liberton High and Merchiston Castle will face-off against Madras College, Dollar Academy, Lomond School, Bishopbriggs Academy and Larkhall Academy in the competition, which is formally launched tomorrow at an event at Murrayfield stadium.

At Murrayfield, pupils will be addressed by a motivational speaker and allocated business consultants to help formulate their plans.

Professionals from firms such as Accenture, CapGemini and Ernst & Young have volunteered to help teams with their projects and they will work with them during the next three weeks to prepare a business case to be put before the trust and a panel of Scottish entrepreneurs for approval.

After the plans are accepted, each entrepreneur will mentor a school over the remainder of the competition.

Some of Scotland's top businessmen are involved, including Kenneth Ross, chief executive of property firm Elphinstone, and Gordon Galloway, the chairman of Mobiqa, a company specialising in mobile ticketing for airlines and mass events.

Geraldine Gammell, the director of the Prince's Trust Scotland, said: "We are delighted to announce the launch of The Scholar's Challenge as a unique new fundraising initiative which hopes to offer a rewarding and educational experience to the pupils and schools involved. It is hoped that, as well as raising vital funds for disadvantaged young people across Scotland, some of the projects which will be undertaken can be continued to the benefit of future pupils and of the schools themselves after this particular challenge is over."

Details of each school's project ideas are currently a closely guarded secret. All participants must adhere to strict rules. These include preparation of a budget and business plan and the keeping of accounts and minutes of all meetings. These will also be considered by the judging panel when the competition closes in March.

The Scholars' Challenge is based on the successful Lions' Den competition run by the Prince's Trust last year.

Using a similar format, it saw five Scottish solicitors' firms, including winners Tods Murray, raise more than 300,000 after starting with just 3,000 each.

The Prince's Trust was set up by the Prince of Wales in 1976 to help young people across the UK. It aims to help them into education or training and provides support to those wishing to start up a business.

It currently supports more than 100 young people in the UK each day, and is represented by ambassadors such as the England international and Manchester United defender Rio Ferdinand, former X-Factor judge Sharon Osbourne and the actress Joanna Lumley.

&#149 www.princes-trust.org.uk