five pound noteYesterday, the Prime Minister’s Office, 10 Downing Street and Department for Business, Innovation & Skills reported that primary school children will be given the chance to start their own business with a £5 loan under a new scheme to encourage young entrepreneurs.

The Fiver Challenge will give thousands of pupils aged up to 11 the chance to set up their own business and learn about the world of enterprise.

20,000 children from 500 primary schools across the UK are expected to take part this year by creating products or services to sell at a profit – which they are allowed to keep – and then return the original loan to the Fiver Bank. It is run by Young Enterprise in partnership with Virgin Money and the Department for Business, Innovation and Skills. The first round of the challenge will run in June 2014 with a national award ceremony in September for top entrepreneurs.

Those who are interested in taking part will need to register their interest at: fiverchallenge@y-e.org.uk

Is this an opportunity for accountants and lawyers to work with local schools to provide some tuition to school children?

There more on the scheme on the Young Enterprise website, here.

The scheme was announced on the same day Lord Young formally launched a review of enterprise activities in education at a visit to Lauriston Primary School in Hackney. The review will make recommendations on how to inspire more people with the entrepreneurial spirit needed to succeed in employment or enterprise. See press release here.

Martin Pollins
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