Some Frequently Asked Questions about the Fiver Challenge
- In England and Wales the Challenge will run from Monday 3rd June - Friday 28th June
- In Scotland and Northern Ireland the Challenge will run from Monday 13th May - Friday 7th June
What is the difference between self-funding and requesting funding?
Schools have two choices when they register for the Fiver Challenge:
During the registration process you will be asked if you wish to self-fund or submit a request for funds:
- Self-funding - the school will provide their pupils with the fivers they need to use during the Challenge.
- Requesting funds - Young Enterprise has a small amount of funding available, so schools can request to receive the fivers required for their pupils to take part in the Challenge. The person registering the school for the Challenge will need to download and complete a Fiver Payment Request Form, and then upload the completed form online. The request will then be assessed and the applicant will be notified as to whether the school will or will not receive funding from Young Enterprise.
How much funding can be applied for?
A minimum of £50 to a maximum of £250 funding is available per school.
Teachers decide on how these funds are shared amongst participants; they could offer each pupil £5, each pupil company £5, or each class £5.
How are requests for funding assessed?
Funds for the Fiver Challenge are limited, so requests are assessed on a first-come, first-served basis.
Can funds be "topped-up"?
Schools that are successful in applying for funding but require more than the maximum (£250 per organisation) that's offered, are welcome to self-fund the outstanding amount that is needed.
The same rules apply when returning the fivers; the school should receive back this funding within the month and you keep the profits.
How are funds from Young Enterprise received?
Schools that are successful with their applications for funding, will receive the funds before the Challenge starts. A confirmation that the funds have been transferred to the school's account and are ready to be shared will be sent.
How long will participants have to make a profit with the money they are pledged?
Pupils have four weeks to make as much profit as possible during the Challenge.
How do students receive their Fivers?
The school is responsible for distributing the fivers that the pupils will need to take part in the Challenge. Funds must be distributed before the Challenge starts.
Will participants have to repay the Fivers?
If the pupils make a profit during the Challenge, they are asked to donate a 50p per £5 pledged, this is known as the Legacy Contribution. This donation is crucial to sustaining the Fiver Challenge Bank.
What if students cannot repay the Fivers?
If pupils cannot repay the fiver they have been pledged, then they should at least return £3. The school will be responsible for collecting the pledge and the legacy donation from the students on completion once they finish the Challenge. For further information please view the full Fiver Challenge Terms and Conditions.
What happens with the profits made from the Fivers?
It is up to the pupils to choose whether they would like to donate or spend their profits. Lots of teams chose to donate their profits (or at least a portion of their profits) to local and national charities or causes that are important to their community or school.
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 firstname.lastname@example.org or calling 07966 048074.
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 planning resources, details of competitions and videos that introduce the four weeks of Fiver.
These resources are available on the Challenge participation platform - once a school has registered, the teacher will be sent their unique log in details and a link to the platform.
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 judges 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 provided once the school has completed registration.
Please note: we are currently busy building the participation platform.
What is the participation platform?
The Fiver Challenge will be delivered through an online participation platform. The platform will guide users through the four weeks of the Challenge; providing them with access to resources that will support them during their experience and allowing them to track their personal development within the eight key employability skills.
How do teachers access the platform?
Once the school has registered they will be sent a unique URL and log in details for the platform.
Full details of the Fiver Challenge can be found in the Terms and Conditions.