A new competition for entrepreneurs aged between 16 and 19 has been launched by TransferWise, a financial technology (fintech) start-up, in a bid to support the international ambitions of the UK’s young entrepreneurs.
TransferWise has assembled a panel of big name entrepreneurs and investors to select 20 of the most promising young entrepreneurs in its ’20 Under 20’ scheme. The 20 winners will each receive £1 million in fee-free international payments, mentorship opportunities and a trip to Estonia, home of TransferWise.
They will also get the chance to pitch to TransferWise chairman and co-founder Taavet Hinrikus for £10,000 of ‘no-strings attached’ investment. In addition, they will meet the Chief Secretary to the Treasury, Liz Truss, to discuss ways the Government can support young entrepreneurs.
As Mr Hinrikus commented, the younger a person is, the less likely they are to have a ready-made network to support their business journey. TransferWise wants to start with helping the youngest so that the mentoring support can then be spread onwards through mentee networks over a lifetime.
Interested entrepreneurs who fall into the right age bracket can apply by filming a 90-second elevator pitch about themselves, their business and why they should be chosen.
The directors of the business, which must be a UK-based limited company, must be aged between 16 and 19 on 15 May 2018. They must also be the founder of the business and own at least 50 per cent of its equity.
The competition closes on 17 June.