Business & Economics / Character / Competitions

Tenner Challenge Success

Amee and Megan, currently in year 11, won the national award in the Tenner Challenge competition, with their newly founded business Fabbags.

The two enterprising students set up a business as part of the National Tenner Challenge, run by Young Enterprise and supported by BGF (Business Growth Fund). Their particular award was the Greatest Social Impact award.

In this competition, they were given £10 and four weeks to set up a business, and make as much profit as they could. This year almost 20,000 students took part across the country. The national winners, including Fabbags, were announced in an awards ceremony on 2nd May held at The Bank of England. The awards saw all of the winners tour the Bank of England Museum, hear from young entrepreneur and investor Ben Towers and Chief Cashier at the Bank of England Victoria Cleland, and receive awards from judges from Business Growth Fund (BGF) and Mishcon de Reya.

Fabbags reacted to the 5p charge on plastic bags and created professional, customisable environmentally friendly bags. They designed their own website, sold their bags online and donated all of their profits to Cancer Research UK.

Amee and Megan said: “We learnt that in order to build a business, it takes hard work, passion, resilience and dedication. It was a lot harder than we first thought. As we found out about the competition ourselves, we realised that with initiative and enthusiasm you can achieve pretty much anything.”

Michael Mercieca, Young Enterprise Chief Executive, said: “Tenner is an interactive and fun way for students to learn about running a business and develop key employability skills. Every year the Tenner Challenge has a real impact on young people’s employability skills and helps students fulfil their full potential.”

Stephen Welton, CEO of BGF, said: “The Tenner Challenge promotes employability skills and introduces young people to the idea of entrepreneurship, encouraging them to think creatively about how they could make a profit.