Lord Sugar insists apprentice award IS enough despite £250,000 investment falling in value
EXCLUSIVE: Chief trainee Lord Sugar insists prize fund IS sufficient despite £250,000 investment falling in value due to rising inflation
Lord Sugar insists the £250,000 prize for winning The Apprentice is STILL enough money to start a business, despite claims the investment has declined in value due to rampant inflation.
The billionaire, 75, told MailOnline he has “no plans” to increase money from the BBC and says it has “proven to be enough in the past”, not taking into account rising inflation rates. .
It was reported this weekend that if Lord Sugar had increased the prize in line with inflation, this season’s winner would receive nearly £400,000. [£395,346].
However, Lord Sugar insists that money, such as it is, is enough to get a successful business off the ground, saying that entrepreneurs simply need to ‘cut the cloth accordingly’.
Lord Sugar insists the £250,000 prize for winning The Apprentice is STILL enough money to start a business, despite claims the investment has declined in value due to rampant inflation
He told MailOnline: ‘The prize money is enough. It’s enough to get a business going and candidates are always told the money is paid out in a 50/50 joint venture with me the day after we sign our shareholder agreement.
‘It is enough and it has been shown to be enough in the past. From small acorns great oaks have grown and I can name about five candidates who have become millionaires through this process. We have no plans to change it at the moment.
However, Mark Dixon, founder of the Fair Market Economy think tank, said: “If I were on the Apprentice, I’d say to Lord Sugar ‘You’re fired!’
‘A prize that is not indexed to inflation gets smaller every year, especially in these times, and will therefore naturally attract less and less savvy entrepreneurs. The sugar needs to sweeten the prize.
The tycoon, 75, told MailOnline he has “no plans” to increase the BBC’s pot of money and says it “has proven to be enough in the past”, not taking into account rising fees. of inflation.
Lord Sugar believes that the current difficult financial climate should not have an impact on entrepreneurs and new business development.
The BBC star insists that now is not the time to sink and that it is possible to overcome difficulties, even if it means retraining in a new field or giving up your dream job to earn money.
He said: ‘I’ve been in business for 58 years and I’ve lived through valleys and mountains of economic downturn, economic boom and disaster and I’m used to being able to guide our way through these things and I’ll have to.
‘Just focus on the business you’re in and some businesses are service businesses like recruiting, and they vary with the number of jobs available.
The Apprentice returned this month with 18 new candidates, including salon owner Rochelle Anthony, who is vying for Lord Sugar’s investment.
‘The restaurant industry for example, people are clamoring for staff and they can’t get the staff, would you believe it? Sometimes people have to lower their goals in life.
“Not everyone can be a rocket scientist and a TV producer, they may have to get a job as a waiter or a waitress or go to work in a restaurant, you have to adapt to the situation and cut your clothes accordingly and that’s what I will do”. with the winner of the next series.’
Lord Sugar last increased the prize, which is now a quarter of a million pounds as an investment in the winner’s business, back in 2011.
The Apprentice returned this month with 18 new candidates, including salon owner Rochelle Anthony, who is vying for Lord Sugar’s investment.
Lord Sugar challenges applicants this week to brand an electric motorcycle and create an advertising campaign, which will be presented to a panel of experts.