Touchstone Education is running the Millionaire Maker Challenge, described as an “X Factor-style” competition with the aim of helping as many contestants as possible to generate a seven-figure turnover within 12 months.
The first participant to reach the target will receive a VIP package worth £15,000 including an all-expenses paid trip to a Formula One race weekend.
Touchstone, which operates courses and seminars across the UK focused on investment in property, launched the competition as a way of bringing together staff and investors to share their experiences and expertise.
Around 40 investors on the firm’s Platinum Property Mastermind programme entered the year-long challenge, submitting business plans and explaining what they hoped to achieve from the process, other than additional profits.
The judges selected 25 contestants who have been split into two teams, one mentored by Touchstone chief executive Paul Smith and MD Abi Hookway, and the other mentored by Paul’s wife and business partner Aniko and the company’s commercial director Gordon Dutfield.
Each contestant is keeping a video diary to provide a record of their investment journey and will face a public vote in December.
Paul Smith said: “This X Factor-style competition helps to generate some energy and excitement around the process. By adding a competitive edge, there’s an added incentive for our investors, with help from our staff, to push themselves further and make their property portfolios worker harder for them.
“Even at this early stage, several are on course to reach the £1m mark by the end of the year.”
Contestants Chris Dornan and Tsen Wharton, based in East Lothian, are aiming to fund their business plan to build inspiring retreats with the proceeds.
Wharton said: “Winning this competition would accelerate our goal of creating retreats in amazing properties in spectacular locations around the world.”