EXCLUSIVE: Apprentice boss Lord Sugar insists the prize fund is enough despite the £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 lost value due to rampant inflation.
The 75-year-old billionaire told Web he has “no plans” to increase the BBC’s pot of money, saying it has “proven to be sufficient in the past” without factoring in rising inflation rates.
It was reported this weekend that this season’s winner would receive nearly £400,000 if Lord Sugar had increased the prize to match inflation [£395,346].
However, Lord Sugar insists that by the looks of it, the money is enough to boost a successful business, saying all entrepreneurs need to do is “cut their hat 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 lost value due to rampant inflation
He told Web: “The prize money is enough. It is enough to start a business and candidates are always told that the money will be deposited into a joint venture company the day after we sign our 50/50 shareholder agreement with me.
“It is enough, and it has proven to be sufficient in the past. Large oak trees have grown from small acorns and I can name about five candidates who have become millionaires through this process. We have no plans at the moment to change that.”
However, Mark Dixon, founder of the Fair Market Economy think tank, said: “If I were at the Apprentice, I would say to Lord Sugar, ‘You’re fired!’
“A price that is not linked to inflation is getting smaller every year, especially in these times, and will therefore logically attract fewer and fewer smart entrepreneurs. Sugar must sweeten the price.”
The 75-year-old mogul told Web he has “no plans” to increase the BBC’s pot of money, saying it has “proven to be sufficient in the past” without factoring in rising inflation rates
Lord Sugar believes that the current difficult financial climate should not impact entrepreneurs and new business development.
The BBC star insists it’s no time to drown and it’s possible to rise above the odds, even if it means re-skilling in a new field or leaving your dream job to make money.
He said: “I’ve been in the business for 58 years and I’ve seen troughs and peaks of economic downfall, economic upswing and downfall and I’m used to being able to guide us through these things and I have to .
“You just focus on the business you’re in and some companies are service businesses like recruiting and they vary with the number of jobs available.
The Apprentice returned this month with 18 new contestants including salon owner Rochelle Anthony vying for Lord Sugar’s investment
“In the restaurant industry, for example, people are clamoring for staff and they can’t get the staff, you think, and sometimes people have to lower their life goals.
“They can’t all be rocket scientists and TV producers, they might have to get a job as a waiter or a waitress or work in a restaurant, you have to adapt to the situation and cut your clothes accordingly, and I’ll do that 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, in 2011.
The Apprentice returned this month with 18 new contestants including salon owner Rochelle Anthony vying for Lord Sugar’s investment.
Lord Sugar this week challenges the hopefuls to brand an electric motorcycle and create an advertising campaign that will be presented to a panel of experts.