A 21-year-old British entrepreneur is hoping to pay his way through university - and become a millionaire in the process - by selling 1 million pixels of ad space for $1 each on his website's homepage.

Alex Tew, from Wiltshire, set up milliondollarhomepage.com after thinking of ideas to pay for his forthcoming university studies, which begin later this month.

Tew said that being faced with the prospect of a large student debt spurred him into action: "I'd rather not to be riddled with debt when I graduate, so I decided to think of a way to make money before I start."

Despite his site having only been online for 12 days, Tew claims he's already made $1,200 although he admits he sold 400 pixels to his brother Will, who runs a go-karting company in the UK. Will, 25, commented, "I knew Alex would pester me about it, but if it catches people's attention, then it's worth having my logo on there."

Tew, who will be reading Business Management at university, says that people can use the pixels they buy to display an ad or logo and have a link to their own site. "I think this will mostly appeal to businesses," Tew commented, "and perhaps larger companies will buy up lots of pixels to have a more prominent position on the site".

He believes that over time the pixels will offer good value because the homepage will be kept online for at least 5 years, although the aim is to have it up for as long as possible. "It will be like an internet time capsule. Once all the pixels are bought the homepage will never change," Tew explained.

Asked what he will do with any leftover cash should he reach his $1m target, Tew said: "After covering the cost of my degree I'd like to pay for my parents to have some time off, because they work really hard and deserve a break. Then I have some business ideas in the pipeline that I'd like to invest in."