Got a Big Idea? Win a share of £20,000 from Santander
Research from Santander has found that over a quarter (27%) - equivalent to 375,700 in total have started or plan to start a business venture whilst they are still at university - a lot like our own Joe Levi when he started this site!
The average turnover for these businesses is a not too shabby £6,876 per annum (which just about covers a year's worth of Jagerbombs). However, when asked about their employment plans when they leave university, 80% of students expect to join a company and only 10% of university students plan to start their own business.
The most common reason cited was a lack of experience (40%), followed by a fear of failure (30%), the lack of employee benefits (11%) and the lack of support and information (10%).
So, Santander is launching its 'Big Ideas' competition. If you have an idea to transform the banking industry, put it forward and you could win a share of £20,000 as well as the opportunity to develop the idea.
Simon Bray, Managing Director of Santander Universities UK said:
“Thousands of students across the UK run very successful and profitable businesses whilst at university, but the appetite to continue being entrepreneurial seems to diminish as they come to the end of their studies.
“We want students to continue with their business plans, both during their studies and after they graduate, which is why it’s so important that they are supported every step of the way. At Santander we want to reward and encourage students to dare to invent, innovate, create and be entrepreneurial.”
About the competition
The Big Ideas competition has a £20,000 prize fund, which will be split into:
- Best overall phase 1 submissions: up to 30 prizes of £50
- The future of semantic search category winner: £5,000
- The future of digital authentication category winner: £5,000
- The future of virtual banking category winner: £5,000
- Santander creative thinkers award for the most forward-thinking proposal: £3,500
Finalists will also be given the opportunity to:
- Develop ideas with engagement from Santander’s Innovation team
- Present their idea to Santander’s senior and executive teams
- Gain valuable experience for their CV
- Apply academic theory to real business challenges
- Students retain the right of ownership for their ideas and prototypes.
To enter, visit Santander's Big Ideas page. Good luck!