Channel 4 Education have teamed up with Barclays to launch ‘The Stake’, the competition that gives young people the chance to decide how to spend £100,000 to make a real difference, whether it is to start their own business or to support their community.

The competition is for anyone aged 16 -21 and all you have to do is submit your ideas, telling ‘The Stake’ what you would do if you won a share of the money – it can be for a one-off event, a new skate ramp or anything in between; be creative.

If you get through the initial stage once you have submitted your ideas, entrants will need to carry out a series of challenges to win the public’s support in the fight for a share in the money.

Mentors involved in the scheme are Barclay CEO of Retail and Business Banking Antony Jenkins, SB.TV CEO Jamal Edwards, The Apprentice winner Tim Campbell, and MP Esther McVey.

You can submit your ideas or you can apply to be a stakeholder, so you can have your say in where the money is spent.

The top 20 ideas will be revealed on December 23 and the final 6 in January. Each winner will be given up to £20,000, along with support from top financial experts, to make their ideas a reality. A film crew will follow their stories as the young entrepreneurs go through their challenges.

What are waiting for? Get thinking and apply asap!