Terms and Conditions for The Richard Hallt Young Entrepreneur Awards

Introduction
 

These Terms and Conditions govern the participation in The Richard Hallt Young Awards organised by 10th Bridge. By entering this competition, participants agree to these terms.

 

10th Bridge recognises the barriers faced by young people when it comes to entrepreneurship. Young entrepreneurs face challenges accessing traditional funding courses, mentorship, and other opportunities when it comes to starting and running their own business. The 10th Bridge Richard Hallt Young Entrepreneur Award is an opportunity to overcome these barriers. Young entrepreneurs between 18 – 25 will all have the opportunity to develop their business ideas into business plans with guidance and support from the competition process and one young entrepreneur will win an equal partnership in a new entity with 10th Bridge, bespoke mentorship throughout the partnership, and at least a £25,000 investment in that business.

Eligibility
1. You must be between the ages of 18 – 25 at the time of application.
2. You must have the Right to Work in the UK.
a. You usually have the right to work if you possess the following: British Citizenship, Indefinite Leave to Remain or Enter, Irish Birth Certificate, Irish Citizenship, and pre-settled or settled status from the EU Settlement Scheme.
b. 10th Bridge will ask you to provide evidence of your Right to Work at later stages of the competition.

3. Your business will be based in the UK and benefit the UK economy.
4. If you win, you will be able to dedicate yourself full-time to starting and running your business after the competition.

What happens after the competition?
1. Your business will be set up as a new entity between 10th Bridge and yourself. This means you will own 50% of the business and 10th Bridge will own 50% of a newly created limited company registered in the United Kingdom (“NewCo”).
2. The investment of at least £25,000 will be invested as capital in NewCo.
3. As part of the partnership, 10th Bridge will share its finance and operations infrastructure with NewCo and provide ongoing mentorship and support to you.
4. NewCo will commit 10% of net profits to be donated to UK Youth for an indefinite period to support their continued youth work.
5. The operating terms of NewCo, including but not limited to roles, responsibilities, and equity distribution, will be detailed in a separate shareholder agreement, to be agreed upon and signed by both you and 10th Bridge.

Intellectual Property

• All submissions remain the intellectual property of the participants.

• By entering, participants grant 10th Bridge permission to use their submissions for promotional purposes.

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Data Protection

• Personal data collected will be used in accordance with applicable data protection laws.

Amendments to Terms and Conditions

• 10th Bridge reserves the right to amend these terms at any time.

 

Acceptance of Terms

• Participation in the competition constitutes acceptance of these terms.

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AI Use

AI can be used to support your business planning, however, it should never form part or most of your business canvas or business plan. If we suspect your submission is not in your own words, we reserve the right to reject your application.