What is the $20 Challenge?

The $20 Challenge is an annual entrepreneurship competition for 4th and 5th form students in secondary schools across Barbados.

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The concept is simple

  • 1

    Students receive financing

    Students that wish to participate are loaned $20 to start up a business

  • 2

    Ambassadors provide mentorship

    Students are coached through the ins and outs of entrepreneurship by a $20 Challenge Ambassador

  • 3

    Contest runs for four weeks

    The students present their businesses to the panel of judges

  • Winners are chosen!

What is the BEF?

The Barbados Entrepreneurship Foundation (BEF) was established in 2010, formed from a vision to make Barbados the #1 entrepreneurial hub in the world. The BEF is led by Peter Boos, Chairman Emeritus of Ernst & Young Caribbean, and a group of local and international entrepreneurs called the E-Team. The BEF comprises 5 main pillars: finance, government policy, mentorship, business facilitation, and education & talent. The $20 Challenge is an initiative of the Education &Talent Development Pillar which is co-Chaired by Keith Miller and Derek Browne.

The BEF launched the $20 Challenge to inspire and generate as much interest as possible amongst young students, along with the rest of the country, about the idea of being an entrepreneur. The BEF wanted to bridge the gap between learning in school and entrepreneurship by providing an opportunity to students for real life business experience under the guidance of real business people. The BEF is convinced that the $20 Challenge has the potential to spark the spirit of entrepreneurship in students.

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What is a $20 Challenge Ambassador?

Ambassadors have been handpicked by the $20 Challenge task force. They are all entrepreneurs – big and small alike, covering a wide range of business sectors in Barbados. They are dedicated, innovative and enthusiastic.

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Get in touch

We are always keen to help young entrepreneurs. If you have questions or comments please fill out our contact form, and we'll be in touch.

Contact Details

Barbados Entrepreneurship Foundation Inc.
Woodland Great House
St George, BB 19130
Barbados, West Indies
Tel: (246) 621-2130
Fax: (246) 621-0005

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