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February 25, 2011

Sugar offers start-up funding to The Apprentice winner

Would-be start-ups trying to get their business off the ground have been called on to apply for the eighth series of The Apprentice starting in 2012, where Lord Sugar will invest £250,000 into one winning business idea.

The new format for The Apprentice will be launched in series seven which is screened on the BBC this summer. The winner will no longer receive a £100,000 job working in one of Lord Sugar’s businesses, but instead receive £250,000 to form a joint start-up business with the multi-millionaire entrepreneur.

The winner will choose what type of business they want to set up and will own 50 per cent of the venture.

However, TV production company Talkback Thames has already called on would-be entrepreneurs to prepare for the 2012 series, which will also follow the new format. “Watch our website for updates,” said a Talkback Thames spokesperson. “We will be launching the application process imminently.”

Commenting on the new format, Sugar said: “In the past years I was searching for a candidate to employ, but now I’m looking for a business partner. The good news is that they won’t have to put any money into the new company, I will.

“I will be looking for a person with some expertise who can demonstrate they have a good understanding of all the facets of business, so as to take this venture to another level,” he added.