Dragon Peter Jones launches Tycoon in Schools 2013

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The Tycoon in Schools competition led by BBC Dragon's Den Peter Jones CBE and the Peter Jones Foundation has opened for its second year.

Run last November and backed by the Department for Business, Innovation and Skills (BIS), the competition aims to promote enterprising activity in children and schools. Pupils aged 11 to 18 will once again be challenged to start a business and make as much profit as possible within one month.

Applicants must register online where they will then pitch ideas to their tutors and the best business plans will be submitted to the Peter Jones Foundation with the chance to gain a £1,000 loan to launch their business models.

Jones launched the competition after Tenner Tycoon, which started as Make Your Mark with a Tenner, was suspended last year. It follows last year's success where over 500 children and 100 teams competed, with the overall prize for Ultimate Tycoon in Schools awarded to 14 year old Eleanor Bullough for her eco-friendly paper garland business at the ceremony held at Buckingham Palace. This year there is an increased emphasis on getting more school children to take part with new funding of £50,000 from the BIS.

Winners will be assessed in five areas; profit, the business concept, leadership, sustainability and community engagement.

‘Trading' will begin from November 4 to November 29 with the overall Tycoon in Schools winner announced in January 2014.

Peter Jones CBE commented on the launch:   “Last year's Tycoon in Schools competition was a huge success, and I am more determined than ever to ensure that enterprise and entrepreneurship remains a key focus of Britain's education system.”

He added:   “I was thrilled with how many teams got involved last year and hugely impressed by their enthusiasm throughout the competition – I can't wait to see the new businesses and young entrepreneurial talent that emerges this year.”   Entries close on September 9.

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