Everything there is to know about Fiver.
Who can take part in the Fiver Challenge?
Any young person aged 5 – 11 years.
Please note that all participants will need an organisation to register them and act as a guarantor.
I’m a parent, can my child take part?
Yes, but they will need to have a school or youth group to register on their behalf and act as a guarantor. This is to allow for additional support throughout the Challenge and for Young Enterprise to be able to transfer the funds.
My children are home schooled, can they still take part?
Yes. However, we are unable to transfer funds to personal accounts, so you would need to fund the Challenge yourself. You will still have the same access to the website and be able to complete the Challenge along with everybody else, we just cant pledge you any money.
Do participants work alone or with friends?
Either! There is an award for the ‘Most Inspiring Individual’ as well as the ‘Best Group’.
How long will we have to make a profit with the money we are pledged?
Up to 4 weeks. From 5 June – 30 June 2017 or 15th May - 9th June for Scotland or Northern Ireland.
When will the Challenge run?
From 5 June – 30 June 2017 or 15th May - 9th June for Scotland or Northern Ireland
Do my participants need to keep track of what they are doing with their fiver?
Yes. Each participant will be encouraged to complete a Workbook to record their progress throughout the Challenge month.
The Workbook will be available for supervisors to download from the unique area of the Fiver website, to then share with their participants.
Where can I get ideas on how to use the fiver?
Visit our Media Library for inspiration!
How will you judge the national competition entries?
The entries will be divided into 2 different age groups: 5-8 yrs and 9-11 yrs
There will be 6 awards under the following headings:
Most profitable business idea 5 – 8 years
Most profitable business idea 9 – 11 years
Most inspiring individual 9 – 11 years
Best group 5 – 8 years
Best group 9 – 11 years
Best community engagement 9 – 11 years
Entries will be short listed by an internal Young Enterprise panel. The final entries will be given to an external panel of judges to decide on the winners for each award.
Are there any other competitive elements throughout the month?
Yes! There will be weekly competitions to keep participants motivated.
The weekly competitions will take place on 9, 16, 23 June and 30 June.
They will involve uploading entries to the website and will be judged by external judges. Winners will be announced the following week and entries will be available to view in the Media Library.
Entries will be photos and video clips. It is essential for us to have photo/video permission. If you do not already have this for those taking part through your own organisation, you will have to complete and send the Fiver Challenge permission forms before any images can be uploaded.
You will be notified of any other competitions available throughout the month through the weekly newsletter and website.
Please see guidelines for more information.
How much does it cost?
Nothing. The Fiver Challenge is FREE!
How do participants claim their fivers?
Once you have registered, you will be sent a payment form which asks you for your organisations details. You need to complete this and return it by email or post as soon as possible.
Funds will be transferred to you during May - 2 June. We will send confirmation of the transfer by email, so you can ensure the funds are in your organisation's account.
The organisation will be responsible for distribution of the funds to the participants and all supervision of the activities in relation to the Challenge. You must not distribute any funds prior to Challenge date commencing.
What if my participants don’t give back the fivers?
The participants should return the original £5 on completion of the Challenge, or in the event that the participant does not make a profit, they should return at least £3.
If the participants makes a profit they may donate a further 50p per £5 pledged (Legacy Donation) to sustain the Fiver Challenge bank. The organisation will be responsible for collecting the pledge and the legacy donation from the participants on completion of the Challenge. For further information view the full Terms and Conditions here.
We suggest that parents/guardians might be invited to sign an agreement letter to act as guarantors, so that organisations can decide on how to recover any potential losses. If the pledge is not repaid in full, the organisation may not be able to enter the final competition or take part in Fiver Challenge in the future.
How much time will the Challenge take?
This is completely up to you! Schools can dedicate whole lessons to the project or hold lunchtime/after school sessions. The more time the participants can give to the Challenge, the more success they will have!
There are a number of resources available (in the unique area of the Fiver Challenge website) to teachers to help guide their participants through the Challenge.
How many fivers can we have?
We will pledge the organisation £5 per participant up to a limit of £250 (50 fivers). We would like to encourage as many schools and colleges as possible take part in the challenge, we need to do all we can to give everyone a fair chance to access Fiver funds to take part in the challenge.
The funding does not have to be £5 per pupil, it is per business so could be per pair, team, or class. Or can your organisation self fund the remaining amount? The same rules on returning the Fiver will apply so you should receive back this funding within the month.
How is learning supported through the project?
A simple toolkit will be available for supervisors in your unique area of the Fiver website (which you will be granted access to once you have completed registration), to help you support the young people taking part. The toolkit comprises of guidance, case studies, activities, templates and important documents.
What do young people do with the profits made from the fivers they get from this project?
Any profit made is for the young people to spend or give as they wish.
We recommend participants discuss how they spend their profits with their supervisor as part of their Fiver Challenge experience.
If the participants make a profit we ask that they donate 50p per £5 pledged (Legacy Donation) to sustain the Fiver Challenge bank.
We encourage any profits to be invested in to local communities or donations to be given to charity, so that teams have a social impact.
Will there be an awards ceremony?
Of course! Details have yet to be confirmed, but the celebration event will take place in September. We will inform any successful candidates by the end of July.
Further details will be released nearer the time.
There will be an award for the winners of the Competition. No cash alternative will be offered and the awards are not transferrable.
Can we use social media?
Yes, please do! #FiverChallenge (follow @tennerfiverye) and had a presence on Facebook. Any blogs would be great to read too.
Please note any social media activity should follow the individual site guidelines. Therefore, we would expect any activity to come from a supervisor or organisation account due to the age of the young people involved.
Is there anything participants cannot do with their fiver?
They are not allowed to carry out any business which involves gambling, fraud or illegal activities.
You may wish to view the Fiver Challenge terms & conditions and insurance policy, as well as your own before agreeing to any activity.
Can we make and sell food/drink products?
Yes, if your own organisation's insurance policy covers this activity. This is not covered by the Young Enterprise Fiver Challenge insurance policy as detailed here.
What skills will the participants gain from taking part in the Fiver Challenge?
Last year, 95% of teachers believe that all young people in the teams they supported developed at least one of the key skills tested, with Money Management, Teamwork and Communication reported as being the most developed.
As well as introducing activities that encourage children to try out enterprise learning and behaviours.
For more information, check out last year's evaluation.
What happens next?
1. Register your organisation – receive ‘welcome’ email
2. Return your completed payment form – receive ‘important details’ email
3. Access your unique area of the Fiver website
4. View the resources
5. Register your teams
6. Let the Challenge commence!
What happens after the Fiver Challenge?
Please visit our ‘What next?’ page for further information.
Who do I contact if I need further help?
In the first instance email email@example.com
Not been able to find what you are looking for?
Visit our Contact page to ask us a question, or just to get in touch!