Micro-Tyco FAQs - Everything you need to know to Get Started

Who are WildHearts?

WildHearts is a unique charity (SC037072) that aims to tackle economic injustice. In the developing world this takes the form of providing micro-loans and business training to people in 21 countries across Africa, Asia and Latin America to help them work their own way out of poverty with dignity. Find out more here. In the UK WildHearts is focused on enterprise education.

What is Micro-Tyco?
Micro-Tyco is the exciting new challenge from WildHearts. It is the product of over ten years experience in enterprise education and entrepreneurial success. Micro-Tyco inspires our companies and schools to excel and our children to believe, creates compassionate global citizens and will inspire the leaders our country deserves. Find out more about the Micro-Tyco vision here.

How does it work?
Micro-Tyco will run every November. Teams ‘apply’ to WildHearts for ‘seed capital’: a micro-loan of £1 which WildHearts will transfer to their bank account. Once the clock starts on November 1st teams have one month to turn their pound into as much money as possible. On November 30th the team that has created the most money wins.

Who can enter?
School, colleges, universities, clubs and companies can enter teams. Each team must have 5 members and each organisation can enter as many teams as they wish. During the event each team will compete in their own category, e.g. schools against schools, companies against companies.

Do teams have to partner with another organisation?
School, college and university teams are encouraged, but not required, to partner with a team from a company, to enhance their enterprise education. In this partnership the teams remain separate but become allies who collaborate to exchange knowledge and offer mutual encouragement. Business people will inspire children and be inspired in return. WildHearts do not automatically match up teams; organisations are encouraged to find their own partners (e.g. by a school inviting a local business to take part or a business team inviting their child’s school to participate). However teams that can’t find partners can contact info@wildheartsinaction.org for help.

Does it cost anything to enter?
No. Entry to Micro-Tyco is completely free.

How much are teams expected to generate from their £1?
In the Micro-Tyco pilot run in September 2010, WildHearts gave out 64 £1 loans and received over £13,000 back, representing a 20,000% return on investment! Micro-Tyco 2011 brought together 550 teams from schools, colleges, universities and businesses from across the country. One month later they had collectively raised an astounding £106,882. Team earnings ranged from £100, to £9527 by St Joseph's Primary (2nd place) and over £19,000 by Deloitte (1st place). So aim high, do your best and you might be surprised at how much you are capable of.

All teams will be thanked and awarded certificates, stickers and badges for their efforts. They’ll also be sent regular (monthly) updates after the challenge with news and photos from the people the funds they’ve generated have helped (see below for more info on where the money goes).

How do teams sign up?
Email info@wildheartsinaction.org and WildHearts will send you a simple application form asking for details of your team members and your bank account info (so WildHearts can send you your £1).  Application forms must be returned by October 19th but places are limited so forms should be returned as early as possible to avoid disappointment.

What happens after teams send in their application forms?
WildHearts will email you to confirm your entry. They will send also send you your £1 seed capital by BACS.  You will also be given access to the Micro-Tyco.com website. This is for the exclusive use of Micro-Tyco participants, official partners and mentors. Your team will be able to ask questions, interact in forums, blog, ‘meet’ other Micro-Tycos and in so doing expand your enterprise education and network. WildHearts will also send you a certificate you can print, confirming that you are part of Micro-Tyco and raising funds for WildHearts.

Other than getting your team ready, creating a profile on the Micro-Tyco website and setting time aside to work on the challenge in November you do not have to do anything else until the challenge starts. Only activities that commence after November 1st will qualify for the competition.  

What happens during the month of the competition?
The Micro-Tyco challenge officially begins at 12.01am on Thursday November 1st 2012. Teams then have one month to transform their £1 into as much money as possible. The challenge finishes at 11.59pm on Friday November 30th.

WildHearts do not want to limit your imagination by suggesting ways you can start making money.  But remember, you are not just starting with £1 but with your skills, experience, creativity, innovation, contacts, powers of persuasion and bartering abilities!

During the competition teams will regularly be sent videos from the global Micro-Tyco Mentors (including Sir Tom Hunter) who will provide tips and advice for the challenge, which can also be applied to everyday life and business. Meet some our Micro-Tyco Mentors here.

What are the rules?
Micro-Tyco mirrors the real world of wealth creation and so there are only two rules: you cannot gamble and it must be legal. The rest is up to you! (NB We don't count raffles and auctions as gambling - they're OK - but you can't for example buy a lottery ticket or place a bet!)

How do teams log their activities?
Each week teams running totals must be emailed to info@wildheartsinaction.org.  This information is to enable WildHearts to monitor the event and will not be shared with anyone else.

Teams must provide a clear evidence trail of how they grew their pound to their total. At the least this should be a written list of activities with the running total listed alongside it, sent to WildHearts by Friday 7th December along with the funds raised (see below). However, WildHearts strongly encourage teams to record their activities and upload them to the Micro-Tyco website during the challenge, to help enhance everyone’s enterprise learning. Teams could photograph their activities or record themselves on their mobile or video camera and upload them to the Micro-Tyco website, where they can also write blogs and interact in forums.  Ideally teams will do this throughout the month of the challenge, but if they are concerned about giving away their secrets(!) they can upload their photos & videos etc after the 30th of November too. Teams will get access to the Micro-Tyco website once they complete their application forms.

When do teams have to send the money they have generated to WildHearts?
All money raised must be sent to WildHearts by Friday 7th December. Under no circumstances can money created through Micro-Tyco activities be retained by teams for any other purpose.

What will the funds generated through Micro-Tyco achieve?
WildHearts are part of the global microfinance revolution. We provide banking to the unbanked, the excluded and the down trodden enabling them to work their own way out of poverty with dignity and self respect. By providing extensive training and micro-loans, WildHearts enable poor entrepreneurs to set up small businesses to support their families and bolster their communities. WildHearts micro-loans are repaid and recycled every four months. This means that an average loan of £150 will actually fund three businesses a year. Furthermore, one loan actually transforms the lives of seven people as the recipient will be able improve the lives of their families and employ staff. As a result one WildHearts micro-loan actually transforms 21 lives every year and will continue to do so into perpetuity. Incredibly over a five year period one £150 loan will sustainably transform 105 lives.

Over 90% of our micro-clients are women. Not only do these women free themselves from the external symptoms of poverty but as they become economically empowered theyfree themselves from the internal effects of poverty; they learn to value and respect themselves and refuse to accept the abuses they had previously beensubjected to. They become active citizens, create jobs, educate themselves,nourish their children and send them to school. These new female role models are breaking the cycle of poverty for themselves and pioneering a social revolution in the developing world.

Are there any prizes?
Yes, we are working on some great prizes for the 2012 competition now, including internships. Prizes last year included a special private dinner with Sir Tom Hunter at his house for the top teams, a celebratory lunch and networking event at Deloitte’s offices for the top schools and t-shirts and badges for runners-up. Should enough schools or businesses from a particular area take part, WildHearts will also organise large celebration events to award certificates and share stories from the challenge.

Further questions?
If you have any questions before or during the challenge please email info@wildheartsinaction.org