The Fiver Challenge, run by the Young Enterprise charity, will offer thousands of people up to the age of 11 the chance to invest their £5 in creating good or services to sell at a profit – which they can keep after repaying the loan.
The scheme is designed to teach children the enterprise skills they need and will hopefully help cultivate the business leaders of the future.
The first round of the challenge will run in June, with an awards ceremony for the best performers in September.
Michael Mercieca, chief exec of Young Enterprise, said: “The Fiver Challenge will give tens of thousands of primary pupils a vital chance to make an early start in acquiring enterprise and employability skills and attitudes that could transform their lives and the future prosperity of this country.”
The announcement coincides with the launch of a welcome but some would say long-overdue review into how the government can boost entrepreneurialism in education by the prime minister’s enterprise advisor Lord Young.
Lord Young, said: “A society and an education system which fosters and values enterprise is vital if young people are to be fit and ready for the real world when they leave school, college or university. I will be looking across the education system to see what more can be done to boost our entrepreneurial spirit and will report back to the prime minister in the summer.”
Enterprise minister Matthew Hancock said: “It’s important that young people gain the skills and experience they need to help them understand what it means to run a business and to do it successfully.
“The new Fiver challenge and Lord Young’s upcoming Enterprise Education review support the Government’s drive to build a culture of enterprise and I hope this will inspire a new generation to consider entrepreneurship as a career option.”
“From my experience kids can be incredibly enterprising, I can’t wait to see what ideas they come up with.”
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