IoD Student £10 Plus Challenge
The Institute of Directors (IoD) and Nottingham Trent University challenge students to lead the fight against cancer with the IOD £10 Plus Challenge - using business to help crack the cancer code.
It was my honour to document the launch of the new IoD £10 Plus Challenge. This challenge is an extended version of the special event laid on in November each year in which students are given £10 and have to make as much money as possible in just a few weeks.
The £10 Challenge
Cari Grice, Events Coordinator at the East Midlands Institute of Directors, set up the first £10 Challenge. Since then the challenge has gone from strength to strength and is now spreading across the regions of the IoD.
Each challenge is supported by a local University. Nottingham Trent University, along with The John van Geest Cancer Research Centre (JvG) support the East Midlands effort.
Students sign up to be student members of the IoD and have the opportunity to take part in the challenge.
Teams of four or five students are created with the mission to raise as much money as possible. All the funds go to JvG, each team starting with only £10. Team members have just a few weeks to plan, execute, and write up their experience.
Teams must manage themselves and ensure that every team member is pulling their weight to achieve the team goal. A task easier said than done!
This is a great opportunity for the undergraduates to put their entrepreneurial skills to the test in a live situation. At the end of the challenge prizes are awarded by the University and IoD after judging by a panel of top local IoD leaders.
The John van Geest Cancer Research Centre
The John van Geest Cancer Research Centre is part of Nottingham Trent University (NTU) which was recently named University of the Year 2019 by the Guardian Newspaper. The Centre itself is one of the most advanced multidisciplinary cancer research initiatives in the UK. The aim of the Centre is to save lives and speed recovery by improving the diagnosis and treatment of cancer.
The Centre has pioneered innovative approaches for diagnosing cancer more effectively; for predicting how the disease will develop and respond to therapy; and for boosting the immune system to fight cancer, known as immunotherapy.
In addition, each team is assigned a local Business Mentor. Mentors come from a wide range of backgrounds and sectors. Professionals from SMEs, charities, public and private institutions provide a wealth of experience and knowledge that is remarkable.
The Plus of the £10 Plus Challenge
The IoD £10 Plus Challenge is a new version of the £10 Challenge that has run for over 5 years across the country.
The Plus Challenge increases the seed money for each group from a guaranteed £10 to a bid for money up to £50. The challenge is extended to 9 weeks and integrates with the theory that students are learning in their lectures.
The first few weeks of the process are set aside for planning and developing a business proposal. Students only get to bid for their £50 seed money after pitching their business proposal to their Business Mentor. After just 4 weeks of money making each group submits their profits and sets about reflecting on, and evaluating their performance.
The £10 Plus Challenge provides excellent opportunities to gain valuable first hand experience of:
- Time Management
- Developing a Digital Footprint
Of course students will also improve their knowledge of business, build new contacts and networks, as well as develop their CV.
This year I am a Business Mentor - hence the lack of group photos! At the final Celebration Evening I will ensure I capture as many images of each group as I can.
In the meantime, "Go team Viktor"!