Goldmine

GOLDMINE

test out your best ideas

We know that one of the biggest barriers young people face in getting ideas off the ground is cash. We're on a mission to help you get over that barrier. If you're between 16-25 years old, not in full-time employment and live in the Bridgend area, you're able to get involved. Lucky you!


Goldmine is a 6-month long project that takes your business idea and gives it some much-needed TLC (tender loving cash). Starting with a seed of £100, we'll work with you to double that money in two weeks time by experimenting with ideas that you might have on making a living. Then we'll do the same to get to £400. Then £800. You get the idea. 

If you make it through to the £1000 point, we'll look at the previous weeks' work and see what was successful. Using that info we'll be looking to make £2000. Sounds good, right?

who can apply

To apply to be in this scheme, you've got to hit a couple of criteria:

  1. You must be aged 16-25 at the time of application
  2. You must be a permanent resident in Bridgend County Borough
  3. You can't be in full-time employment

If you're good on all three of these, you can apply! You can see the application details below, or just click the button to jump directly there.

The full process

Send in your business idea


We want to know your biggest and best ideas for a business in the area. You can send in your idea in whatever way you feel most comfortable in - one side of A4, a presentation, a tiktok video, whatever you think will give you the best chance at communicating your idea. We're not afraid of anything, so send in something that excites you!


We'll pick 10 of the best ideas to join the scheme. These people will be the ones we fund to test out their business acumen and the strength of their idea. You can apply as an individual or as a team.

Get some input


If you're successful, you'll be onto the Goldmine project. Working with us and our partners, you'll be connected with business partners, as well as that initial seed money to get you started. We'll be able to set you up with any necessary insurance, as well as organise some training or equipment that's needed.

Experiment


For the first phase of the project, you'll be able to experiment with business ideas as well as your general money-making chops. In the first two weeks, you'd be challenged with turning your initial £100 into £200 by whatever means you can (though nothing illegal please). After those two weeks, you'll have another three weeks to turn your £200 into £400. Then, after those three weeks, you'll have four weeks to turn your £400 into £800.


Over this nine week period you'll be able to change ideas, try new things out, test out markets, and find out what works and what doesn't. We'll be on hand for advice, as well as supporting you in other ways. This is the time for you to figure out if your big business idea is worth taking into the next round.

Pick the best bits


After the experimentation is over, we'll work with you to figure out what are the best bits to take forward. We'll look at what worked, what happened, where the gaps are, and what you think is the best foot forward.


This is also the time where we'll look at your finances. If you've managed to make the £800 over the experimentation phase, you're automatically through to the next phase. If you haven't managed that, we'll take a look a the reasons and see if the next phase is for you. If it isn't, that's OK. You keep any profit you make over the £100 that we gave you - you'll have to pay that back to us. We'reglad that you've tried stuff out!

Put your idea to the test


Now comes the time to put your big idea to the test. Using everything you've learned, you'll be topped up to £1000 seed money. Then, you'll have eight weeks to double that to £2000. This is where you'll be able to fully explore your idea, with the support of us and the knowledge that you've got the chops to do it.

Keep on making it work


After you've successfully doubled your money (or at least we hope you do), you've reached the top of the mountain! We're still figuring out the finer details of how the future will look for people who've completed the Goldmine project, but we're hoping for big things in the future.


We've got grand ambitions, and we're hoping that you'll have enjoyed your time with us. The future is together, and only you can bring it to life with us. If you've got even the start of a cool idea for a business in the area, please drop us a line.

how to apply

We want to give you the best chance to communicate your ideas. That means that the application process is very casual.

You can apply using any medium you like: written word, voice note, video, whatever you feel will get your idea across the best. Make sure when you apply that you include a few key things:

  • Your name(s)
  • How old you are
  • Where you currently live (so that we know that you're eligible to apply)
  • Your contact info


You can send your application to:

goldmine@caddt.org

or Whatsapp us on +447532 716759


Applications close for this round of on:

12pm (Midday) on 19th July 2024


If you've got any questions, let us know using that email or phone number above and we'll be happy to help.