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Students make profits of over £130,000 and donate £40,000 to charity
The Channel Islands Student Business Challenge has been running for seven years and in that time the students have made net profits of over £130,000 through setting up and running their own business.
Many teams decide to give a percentage of their profits to charity and in the seven years of the Challenge over £40,000 has been donated. Charities supported include both local and national charities such as GSPCA, JSPCA, Les Bourgs Hospice, Jersey Hospice, Great Ormond Street Hospital and Cancer Research.
Students are given a loan of £100 to start their business and a business mentor from one of the corporate partners who are Barclays, EY, Ogier and Sure. The teams then have ten weeks to run their businesses and prizes are awarded for profit and marketing. There is also an overall award for the team that has benefited the community most and one overall winner.
Lydia Chambers, Coordinator of the Channel Islands Student Business Challenge said "The return on investment from these teams is impressive, particularly considering that the students that take part are aged 11 - 16. The donations to charity are very generous and one team this year donated 100% of their profits to charity. The sums involved in this Challenge are significant and have increased each year."