ABOUT 100 children from schools across Durham took the first step towards becoming the business magnates of the future yesterday at the launch of a competition.

Former Newcastle United manager Sir Bobby Robson was at The Gala Theatre to kick off the Future Business Magnates competition, in which ten schools from across the district will compete over the next nine months.

In a unique project, backed by The Northern Echo and sponsored by Yorkshire Bank and Lafarge, pupils will be teamed up with mentors from the business community to meet a series of monthly challenges.

The mentors include experts from high profile outfits such as Northumbrian Water, B&Q and Durham University.

They will also have a business student from either the university or New College Durham attached to the team for the nine months of the competition to help out with day-to-day advice.

The scheme, devised by the Durham District Partnership, is aimed at budding entrepreneurs in year eight, who will work with their mentors to look at all aspects of running a successful business, from where to locate to advertising.

During the course of the challenge, the latest results and regular updates on the all-important league table will appear in The Northern Echo, leading up to the announcement of the overall winner at a high-profile awards dinner to be held in June at the Ramside Hall Hotel.

There, the budding entrepreneurs will face their most daunting challenge of all - a 20 minute presentation to the panel of judges followed by a five minute presentation at the ceremony describing what their teams did during the competition and what they have learnt.

The winning school will receive a trophy, a £3,000 cheque and £100 in vouchers for members of the winning team, while the runners-up will receive £1,000 for the school and £50 in vouchers for each team member.

Partnership chairman Ron Batty said: "I'm very impressed that there is so much enthusiasm from these youngsters and the businesses that are helping them can't wait to get started.

"This first competition is exclusive to schools in the city and we're hoping that if it's successful it might form a template for other areas of County Durham and Teesside to follow."

Peter Barron, editor of The Northern Echo, said: "The competition is all about helping to develop the bright business brains of the future and we are delighted to celebrate their success."

Sue Hunter, managing director of PSI Global, one of the companies working with the youngsters, said: "I'm confident that from all the children taking part in the competition there will be a number of successful entrepreneurs among them and someone could well become rich and famous. It's a great thought for all of us taking part."

* Follow the progress of Future Business Magnates online at www.businessecho. co.uk

Schools and sponsors

Fyndoune School - Esh Group

Durham Community Business Coll:

Group 1 - Northumbrian Water

Group 2 - Durham Business Club

Gilesgate School - Archibalds

Durham High School - B&Q

Durham Johnston School - Corepeople Recruitment

Framwellgate School - Paxtons

St Leonards - Royal County Hotel

Durham Choristers:

Group 1 - PSI Global

Group 2 - Durham University

Belmont School - Durham City Council

Published: 27/09/2005