If this is genuine, then it's a great idea!
Most wannabes will have applied to several schemes which only sponsor one or two individuals, and some, myself included, will have narrowly missed out on one or more of the schemes and decided to go down the HSBC route instead.
I think helping several people is the way to go, providing that each successful applicant gets enough to achieve something productive. Perhaps it could be based on the Air League's Flying bursary scheme - you can apply for money to do whatever you want, but you have to explain what you want it for and why you should be selected.
Regards,
Al