Some Frequently Asked Questions about Fiver

Taking part in Fiver

Who can take part in the Fiver Challenge?
Any young person from age of 5 - 11 years can take part, all participants will need an organisation/adult to register on their behalf for the challenge.

When does the Challenge run in 2023?
The challenge will run from 5th - 30th June 2023.

Can participants work on their own as well as in a team?
Yes, absolutely! You are welcome to take part in the Fiver Challenge as an individual or as part of a group.

We suggest teams of between two and eight participants - more than eight participants can sometimes leave students feeling disengaged within the group.

What products and services can the participants sell?

Check the Terms and Conditions for guidance on products and services which can be traded under Young Enterprise’s insurance. Organisations must ensure that they have the appropriate insurance in place for products and services not covered by YE’s insurance policy.

Funding for the Fiver Challenge

What is the difference between self-funding and requesting funding?
During the registration process you will be asked if you wish to self-fund or submit a request for Fiver funds:
- Self-funding means that your organisation will provide the £5 for your students to use at the start of the Challenge.
- Requesting funds means that you will complete an easy online form specifying how much you are requesting from the Fiver Challenge Bank.
- You'll be notified if your request has been successful, funding is limited so apply early!

How do I apply for funding for my school?
We will open the funding submission sheet for applications in April 2023 (date tbc).

How much funding can be applied for?
A minimum of £50 and a maximum of £250 of Fiver funding is available per registration.
You can decide how these funds are shared amongst participants; you could choose to offer £5 per student or £5 per student company.

How are requests for funding assessed?
Fiver Challenge funds are limited and requests are assessed on a first-come, first-served basis.

Can funds be "topped-up"?
If you're successful in applying for funding for the Fiver Challenge but require more than the maximum (£250 per registration) your organisation will need to self-fund any additional funding required.

How are funds from Young Enterprise received?
If you are successful with your application for funds, they will be transferred across to you just before the Challenge begins. We will send you a confirmation when the electronic transfer will be sent, this will be received via your nominated bank account. This money will need to be given to your participants.

 

Student pledges, profits and repaying

How long will students have to make a profit with the money they are pledged?
Participants are challenged to make as much profit as possible during the four weeks of the Challenge.

How do students receive their £5?
You will be responsible for distribution of the £5 to the participants and all supervision of the activities in relation to the Challenge. You must not distribute any funds prior to the Fiver Challenge commencing.

Will students have to repay the £5?
Yes, and if the participants make a profit they are asked to donate a further 50p per £5 pledged (Legacy contribution) to help us to sustain the Fiver Challenge bank.

What if students cannot repay the £5?
If participants are unable to repay the full £5, then they should at least return £3. Your organisation will be responsible for collecting the pledge and the legacy donation from the participants upon completion of the Challenge. For further information please view the full Fiver Challenge Terms and Conditions.

What happens with the profits made from the £5?
It is up to your students to decide how they would like to donate or spend their profits.

Many teams will choose to donate all or part of their profits to local and national charities, or to a local cause within their community or school.

Fiver Challenge support

What support is available during the Challenge?

The Fiver Team are dedicated to supporting schools and students throughout the Challenge. If you need any help at any stage you can contact the team directly by emailing [email protected]

Are there resources available to help prepare for the Challenge?

There are lots of resources for teachers to use before and during the Challenge, including resources, details of competitions to help you plan and deliver the four weeks of Fiver.

These resources are available on the Challenge participation platform - once your registration has been confirmed , you will be sent a unique log-in and a link to this platform.

Fiver competitions

Please note that full details of Weekly Competitions and the National Fiver Challenge Competition can be found in the Fiver Participation platform.

How will entries for competitions be shortlisted?
An internal panel will shortlist entries, and then an external panel of judge(s) will decide on the winning submissions for each competition category.

How many competition entries can be submitted per organisation?
A maximum of five entries per organisation can be submitted.

How are competition entries submitted?
Competition submissions must be uploaded through the Fiver participation platform, using the correct file format. Full details will be available once an organisation has completed a registration.

What is Fiver DIY?

Fiver DIY is a fun way for pupils (5-11) to imagine what business they could create with just a £5 note whether at home or at school and can be accessed all year round now.

During the project pupils will use the workbook to complete activities such as creating a business name and logo, doing market research, planning their products/service and finishing with writing and presenting a sales pitch to someone in their house.

Fiver DIY can be used as a stand-alone project or as a way for students to kick start their business ideas so they are ready for the Fiver Challenge come June.

Register here!

 

 

More details about the Fiver Challenge are available in 'Terms and Conditions.'