The program started out as a partnership with Tyresö Municipality in Sweden. Looking at similarities facing the youth on both sides of the continent with the focus of preparing, enabling and empowering youth with the confidence and skills to take responsibility and create their own jobs when leaving school and entering the labour market.
Learners are required to enter teams of between 3 – 6 members. The team puts forward business ideas that fit the talents, skills and interests of its members. Teams are introduced to potential mentors, consisting of local business owners who volunteer their time. Learners then choose a mentor that they feel is the most suitable for their business.
Each team decides on a business idea and a basic motivation is prepared. This is presented to the mentor. Learners are required to complete a number of tasks as part of the challenge, with assistance from their mentor. These tasks include setting up an interview with a CEO of an established local business to investigate what it takes to grow a sustainable business; investigate the process of opening up of a business bank account and how to manage an income and expenditure sheet.
The Biggest Deal Challenge aims to stimulate an environment where participants are exposed to working as a team; planning, managing and organising; overcoming obstacles; quick thinking and problem solving; quick response time; rising up to a challenge; interacting with adults and institutions outside of their comfort zone; generating implementable ideas that make as much money as possible in a short period of time. The team with the highest profit wins the challenge and a grand cash prize of R10, 000 could be invested back into their business.
The key sponsors of the Biggest Deal Challenge are ABSA, Western Cape Government and Theewaterskloof Municipality.