Young Enterprise partners with Virgin Money and Department for Business to launch new enterprise challenge for primary school children.
- school children will be encouraged to set up a business and watch their money grow
- the Fiver Challenge will provide schools with £5 for every pupil taking part
- Lord Young launches a call for evidence for his report to the Prime Minister on Enterprise in Education
- the Fiver Challenge builds upon Virgin Money’s ‘Make £5 Grow’ scheme
A new nationwide competition that gives primary school children a loan of £5 and encourages them to do something enterprising to grow their money launches today (30 January 2014).
It coincides with the news that the Prime Minister’s Enterprise Advisor, Lord Young, will focus his third and final report to the Prime Minister on how to boost enterprise and entrepreneurial spirit in education – right through from nursery to further and higher education.
Thousands of pupils aged up to 11 will be challenged to set up mini businesses under the scheme, created by Young Enterprise, in partnership with the Department for Business, Innovation and Skills and Sir Richard Branson’s Virgin Money.
The first round of this innovative contest will run throughout the month of June 2014 and there will be a national award ceremony in September 2014 with winners in various enterprising categories.
Called the Fiver Challenge, the programme will provide schools with a loan of £5 for every pupil taking part. The young people will create products or services to sell at a profit – which they are allowed to keep. They return the original loan to the Fiver Bank, with a voluntary additional donation which will be used to fund next year’s contest.