TransferWise is offering Britain’s young business enthusiasts a unique opportunity to expand internationally with up to £70 million in fee-free transfers.
This initiative targets young founders aged 16 to 19, aiming to foster entrepreneurial spirit and encourage global business engagement.
TransferWise’s Vision for Young Entrepreneurs
TransferWise is spearheading two initiatives designed to boost Britain’s youngest entrepreneurs. With up to £70 million in fee-free international money transfers, they aim to make a significant impact on the global business scene. The target demographic is 16 to 19-year-olds, who are encouraged to think beyond local markets.
The ambition is not only to provide financial assistance but also to cultivate a mindset of entrepreneurialism and global interaction among the youth. By supporting early-stage entrepreneurs, TransferWise hopes to contribute to Britain’s economic expansion.
Selection of the 20 Under 20 Entrepreneurs
A prestigious panel including Deliveroo CEO Will Shu, Secret Escapes co-founder Tom Valentine, and investor Robin Klein will select 20 promising young entrepreneurs for additional benefits. This initiative aims to identify individuals who are already breaking barriers in international markets or have strong aspirations to do so.
Each selected entrepreneur will enjoy £1 million in fee-free international payments and access to a mentorship with industry leaders. This mentorship is designed to guide young founders through the complexities of growing a business globally.
The chosen entrepreneurs will have the exclusive opportunity to pitch for £10,000 of no-strings-attached investment during a special trip to Estonia, known for its thriving start-up culture.
Mentorship and Investment Opportunities
One key element of the programme is the mentorship provided by seasoned entrepreneurs and investors.
Participants will receive tailored guidance on navigating international expansion, leveraging mentors’ experiences to avoid common pitfalls.
Flight, accommodation, and a chance to learn from TransferWise co-founder Taavet Hinrikus amplify the value of this opportunity.
The initiative seeks to build a robust network for these young entrepreneurs, providing lifelong benefits.
Emphasis on Global Business Mindset
TransferWise has always emphasized the importance of a global business mindset. This initiative is a continuation of their commitment to removing barriers for young entrepreneurs.
Encouraging young individuals to transcend local markets and engage internationally is at the heart of this initiative. A global business approach enriches the young founders’ experience, offering them comprehensive business exposure.
By fostering international thinking, TransferWise aids in creating a new generation of globally aware business leaders.
Application Process for Aspiring Entrepreneurs
Eligible young entrepreneurs can apply by submitting a 90-second ‘elevator pitch’ on social media.
Videos should highlight their business idea, aspirations, and why they deserve to be recognized among the 20 Under 20.
Social media platforms like Twitter and Instagram, along with email submissions, are the primary channels for application.
The use of the hashtag #TeenWiser is essential for social media submissions.
The Wider Impact of Fee-Free Transfers
The initiative aims to make cross-border business easier and more cost-effective for young entrepreneurs.
By eliminating transfer fees, TransferWise levels the playing field, allowing young entrepreneurs to compete against more established businesses.
This strategic move is intended to catalyze cross-border business activities, enabling young entrepreneurs to implement their ideas without financial constraint.
The economic benefits extend beyond individual businesses, potentially boosting the UK’s global business presence.
Celebrating Innovation and Youthful Ambition
TransferWise supports youths who demonstrate exceptional innovation and ambition in their business pursuits.
This initiative celebrates the drive of young founders and empowers them to make a significant impact on the global business stage.
The £70 million initiative by TransferWise is a significant step towards empowering young British entrepreneurs to scale new heights in international business.
By providing financial and mentorship support, TransferWise is playing a crucial role in shaping the future of global entrepreneurship.