What do you think these UEA students in Norwich did with £10 free money? The answer may surprise you
Archant Norfolk 2017
When you're trying to raise money for charity, the idea of giving money away to a group of students might seem like a step in the wrong direction.
But for the child amputee charity Elizabeth’s Legacy of Hope (ELoH), the move paid off massively as giving £10 to a group of the University of East Anglia’s (UEA) brightest upcoming entrepreneurs resulted in a nearly £700 return on investment.
Tracy Woods, communications module leader for UEA’s business and humanities foundation course, wanted to organise an activity that would test the young people’s business acumen.
So she bravely elected to give them £10 out of UEA’s budget to see they if they could use to start their own money-making enterprise, with the proceeds going to ELoH.
“We gave them the opportunity to do whatever they wanted, so long as it was not illegal,” she said.
“It was all about trying to encourage entrepreneurship. I thought: ‘Let’s give them £10 and see what they can do.’”
With students known to enjoy the city’s night-life, the group was given a strong warning not to go and spend it in Norwich’s bars and nightclubs.
“We know what young people are like with being able to manage money properly,” Miss Woods admitted.
“However this was designed to make them feel better and let them see what they were capable of. They were really proud of themselves.”
Student Darryn Thomas – who made £55 by selling hot dogs, a profit of more than 400pc – said: “Everyone wants money for nothing.”
But he said the moment the £10 note was put in his hands, he felt responsibility to make money for the charity.
“I think the purpose behind it changes your mindset,” the 22-year-old said after hearing about the mission of ELoH to provide prosthetic limbs to amputee children from poorer countries from founder and Harleston resident Victoria Panton Bacon.
“If it was my personal money which I had to give away, I would think twice about it.
“It tells you how to work with money and just how much you can make in a short amount of time.
“Something simple like this has a real ripple effect on your actions.”