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The Lancaster University Young Entrepreneurs Society (LUYES) are holding a competition based on a story of a man who traded a paperclip for a house.
The basic premise of the competition, which was launched on Wednesday of Week Three by the LUYES executive, is that each entrant will be given a single paperclip. The challenge will then be to trade it for bigger and better objects, repeating as many times as possible before the deadline on Friday 7 May.
Kyle MacDonald, the American entrepreneur who inspired the competition, started out with just one red paperclip and, 14 trades later, on 12 July 2006, bagged his dream house.
The final trade will be sold at a charity auction where all the money raised will be donated to the National Society for the Prevention of Cruelty to Children (NSPCC), a charity chosen by LUYES for its hard work and dedication to providing support and protection for young people all over the country. The item that fetches the highest price at this auction will win a cash prize equal to the value of their item’s final sale price (up to the value of £250).
When asked what they hoped to gain from running this competition the President of LUYES, Lauren Dalton-Jarvis, said that the basic aim was to “raise money for a good cause and get as many students as possible involved with entrepreneurial activity, whilst having a great deal of fun in the process.”
To get involved all you need to do is pick up a red paperclip and trading log from your porter’s lodge or download a digital version from www.luyes.eu/paperclip and then register by sending a blank e-mail with the subject ‘TRADE’ to [email]firstname.lastname@example.org[/email]. Further details such as times, dates and locations as well as tips to help you get the most out of your trading experience will be sent over the course of the event upon registration.