Presentation on theme: "National Foundation for Teaching Entrepreneurship Overview October 2008."— Presentation transcript:
National Foundation for Teaching Entrepreneurship Overview October 2008
2 NFTE’s Purpose We teach young people from low-income communities to think like entrepreneurs because that will give them the power to own their own future. Core Values Individuality Initiative Community Vision Every young person will find a pathway to prosperity. Mission NFTE provides entrepreneurship education programs to young people from low-income communities.
3 Organizational Strengths High quality programs: high touch, experiential, fun, relevant Each NFTE student creates his/her own individual business plan Growing base of active alumni World-class program model & methodology: Award-winning curriculum Teacher training: Certified Entrepreneurship Teachers Leveraged model: integration into existing educational and youth development structures Outcomes-based: proven to increase education and career aspirations, increase business formation rates, improve business knowledge and workplace- readiness, and strengthen important life skills essential in today’s work environment Global reputation, reach & growing network Sound financial footing; strong base of highly regarded corporate, foundation and individual donors Recognized by Better Business Bureau and Charity Navigator
4 Organizational Snapshot Students Target Population: young people from low-income communities, ages 11 – 18 230,000 youth served since 1987 FY 2008 Actual: 44,679 students (25% increase over FY07) FY 2009 Goal: 48,524 students (9% increase over FY08) Teachers FY 2008 Actual: 806 trained; 1,313 active FY 2009 Goal: Train 384 new teachers; retain active corps of 1,531 teachers Curriculum Pearson Prentice Hall Partnership: 3 books to be published in 2009 and 2010 Operations & Financial Information 11 domestic program offices Active programs in 21 states and 11 countries FY 2009 budget is $18.5M; FY 2008 actual was $19.1M
5 Environment Dropout rate (USA) = 32% African American = 50% African American dropouts 60% become incarcerated Hispanic = 52% Gates funded study revealed 81% of dropouts wanted more real world learning opportunities school must be relevant to interests, making money, marketable skills! In the U.S., students from low-income families are 6 times more likely not to finish high school than those from high- income families, limiting their employment prospects to low- wage positions with less job security.
7 Domestic Market: Where We Are, Where We’re Going Existing Offices Baltimore Bay Area Chicago Dallas Fairchester Greater Los Angeles Greater Pittsburgh Greater Washington, DC New England New York Metro South Florida Potential Future Expansion Atlanta Detroit El Paso, TX Houston McAllen, TX Philadelphia Phoenix Portland, OR Riverside, CA San Antonio San Diego San Juan, PR
8 International Market: Grow Where We Are Belgium, Netherlands, Ireland, UK, Germany India South Africa Bermuda Israel New Zealand China
9 Program Partners Outside NFTE Offices National Partners E CITY (Cleveland) E Florida! (FL Dept.of Ed.) GEAR UP Kentucky NAACP NFTE Philadelphia Prudential Young Entrepreneur Program United World Colleges YES Carolina Youth Entrepreneurs of Atlanta Youth Entrepreneurs of Kansas International Partners Ashalim / JDC Israel Bright China Foundation Entrepreneurship New Zealand Trust I Create, Inc: India The Maths Centre for Professional Teaching (South Africa) NFTE Belgium NFTE Netherlands NFTE Germany NFTE Ireland NFTE United Kingdom Youth Entrepreneur Initiative of Bermuda
10 NFTE’s Growing Network World Economic Forum Council on Foreign Relations Aspen Institute New York Economics Club Templeton Global Leadership Summit Philanthropy Roundtable McKinsey & Co. Harvard University and 15+ other top universities using the NFTE case
11 Theory of Change Economically Responsible Member of Society I have one or more: Good Job Own Business College degree I am a High School graduate. I am better at: Math Reading Writing Academic Attitudes Math is important Reading is important I can use computers to succeed. Life Skills I can present I can negotiate I can network I can communicate ABCs of Entrepreneurship Business Plan Basic Finance Skills Marketing Skills NFTE Change NFTE Program On-mission Students Trained TeachersEffective Curriculum
12 Program Areas In-School, Out-of-School Student Programs NFTE University Teacher Education Curriculum Development & Program Innovation Program Partnerships Alumni Services Research & Evaluation Public Policy
13 NFTE’s Strategic Plan 1)Deliver an entrepreneurship education pathway. 2)Provide comprehensive CET support & professional development programs. 3)Establish a volunteer culture at NFTE. 4)Raise the public profile of NFTE and the impact of our programs. 5)Provide high quality support services to program offices 6)Build a sustainable and diverse funding plan.
15 NFTE Student Experience NFTE impacts students’ basic academic and life skills through a hands-on entrepreneurship curriculum that reinforces math, reading and writing, and develops skills in critical thinking, teamwork, communication and decision-making NFTE-trained teacher NFTE textbook, workbook & supplementary materials 80 classroom hours Business plan development Business plan competitions: class, regionals, nationals Wholesale trip & selling event Field trips to local businesses Class speakers (entrepreneurs, business executives) Mentoring
16 Academic Standards NFTE’s programs correlate to a variety of federal, state and local academic standards helping teachers and superintendents meet critical education requirements, including school-to-career objectives. NFTE’s curriculum meets national social studies and mathematics learning standards, as well as language arts, math, science, technology, and social studies in several states throughout the country. Standards are defined by: The National Council for the Teaching of Mathematics (NCTM) The National Council for Social Studies (NCSS) The U.S. DOL’s Secretary’s Commission on Achieving Necessary Skills (SCANS).
17 Alumni Services Alumni services seeks to create a solid infrastructure that supports the needs of NFTE program graduates via advanced programs, mentoring, and community building, in-person and online. Alumni opportunities include: Access to the online NFTE Alumni Network Use of NFTE BizCenters Business plan mentoring from local entrepreneurs and business executives Regional and/or national business plan competitions Entrepreneurship Clubs (E-Clubs) Advanced BizCamps™ Entrepreneurship workshops and career forums Award opportunities, including the Young Entrepreneur of the Year Awards, Advanced Entrepreneurship Seminar, and various college scholarships.
18 Teacher Training & Development Identify schools and educators Train educators at 4 day intensive “NFTE University” Mentoring Professional development E-Learning Workshop Teacher Meetings Award opportunities Advanced Teacher Forum Regional retreats Regular site visits from NFTE staff Assist in volunteer recruitment, field trip planning and business plan development Online course management system (TEAMS) TrainImplementSupport
20 Harvard Graduate School of Education (Research Focus: Academics/School) Interest in attending college increased 32% Occupational aspirations increased 44% Independent reading increased 4% Locus of control (belief that attaining one’s goals is within one’s own control) increased 3.1% Entrepreneurial leadership increased 13.2% Brandeis University (Research Focus: Business Knowledge/Formation) Participation in a NFTE program increases: Business knowledge by 20 times Business formation rates by 30 times In a follow-up survey NFTE alums reported: 70% were in post-secondary education 43% had part-time jobs; 20% had full-time jobs 33% were still running a business (no min. income level assumed) Koch Foundation (Research Focus: Formation/Attitudes towards Business) Nine in ten alumni said that NFTE increased their confidence to run a business Minority business ownership experience was four times higher than comparison group 99% of alumni would recommend a NFTE program Research & Evaluation: Results
21 NFTE Success Stories At eleven years old, Jasmine Lawrence had desperate thoughts of creating her own natural hair-care products. After using a relaxer, the chemicals caused 90% of her hair to fall out. It was at that moment that Jasmine vowed never to use chemical products again. She had researched natural hair-care products online, but realized that these products were not ‘natural’ at all. “That’s when I decided to create my own,” adding, “I wanted to do this for a living and want to share it with the world.” With the help of NFTE, Jasmine started her own business, EDEN Body Works after attending an entrepreneurship program at New York University. With NFTE’s support, Jasmine created an all natural line of hair-care products including shampoo, conditioner, hair oil, temple balm, hair milk and hair wipes. Today, Jasmine’s products bring in over $100,000 per year. Now, at age 15, Jasmine is CEO and founder of Eden Body Works, named for the Garden of Eden where everything was pure and natural. Soon, Jasmine could be running her own empire. Big retail chains are now interested in picking up her line. "When meet with Wal-Mart later this month," she says. "We're going to propose to them our home collection." Jasmine Lawrence, Williamstown, New Jersey Williamstown High School, Sophomore Pictured on the Oprah Show
22 NFTE Success Stories When he was 17, Malik’s high school guidance counselor suggested that he take the first NFTE entrepreneurship course that was being offered at the University of Pennsylvania’s Wharton School. Malik began bringing a book bag filled with soda and snacks to school and selling them during lunch breaks. By the end of the week, he’d made enough to buy a pair of sneakers or go out on a date. Malik went on to attend Morehouse College in Atlanta, where he studied finance and sold hand- painted T-shirts and jeans to help pay for his education. After graduating, he landed a great job on Wall Street with Morgan Stanley. But Malik dreamed of being his own boss. He saved his money for a few years until he had enough to open up a small soul food take-out restaurant on Myrtle Avenue in Brooklyn. In the beginning, the young entrepreneur did everything, including the cooking. “In those days, Myrtle Avenue was often called ‘murder avenue,’” Malik says. But that didn’t stop him from buying the property he was renting for the restaurant, as well as two other properties on the block. Today, Malik’s Five Spot restaurant is a 2,500 square foot supper club that serves up great soul food and music six nights a week. The restaurant, which Malik runs with his wife and partner Kim, employees over two dozen people from the community who are trained to learn the business from the ground up. Malik Armstead Five Spot Restaurant, Brooklyn, New York Malik Armstead pictured with Alan Appelbaum & Joan Rosen at 7 th Annual BAF mentor meeting at Malik’s Five Spot Restaurant
23 Public Policy: Youth Entrepreneurship Strategy Group In partnership with the Aspen Institute & E*TRADE Financial, NFTE seeks to promote entrepreneurship education in low- income communities nationwide through thought leadership, media and public events. The next YESG convening will be in May 2009. Stephanie Bell-Rose, (YESG Chairperson), The Goldman Sachs Foundation Thomas Payzant, (YESG Vice-Chairperson), Harvard School of Education Cathy Ashmore, Consortium for Entrepreneurship Education Tim Brady, QuestBridge Maynard Brown, Crenshaw High School, LA Gaston Caperton, College Board Daniel Cardinali, Communities in Schools Gene Carter, Association for Supervision and Curriculum Development Rudy Crew, Miami-Dade County Public Schools Ed Davis, DECA, Inc. Bruce C. Dunbar, OppenheimerFunds, Inc. Michael Feinberg, Knowledge Is Power Program Dan Fuller, Association for Supervision and Curriculum Development Andrew B. Hahn, Brandeis University Michael W. Hennessy, The Coleman Foundation Deborah Hoover, The Burton D. Morgan Foundation Irv Katz, The National Human Services Assembly Charles Hiteshew, America's Promise Kelvin James, E*TRADE Bank Valorie Johnson, The W.K. Kellogg Foundation Jack Kosakowski, JA Worldwide Dane Linn, National Governors Association Steve Mariotti, NFTE Celie Niehaus, E*TRADE Bank Kim Pate, CFED Karen Pittman, Forum for Youth Investment Joanna Rees, VSP Capital Manny Rivera, NY Deputy Secretary of Education Andrew J. Rotherham, Education Sector and Eduwonk.com Shelia Simmons, National Education Association Stephen Spinelli, Jr., Philadelphia University Diana Davis Spencer, Kathryn W. Davis Foundation Marc Spencer, Juma Ventures, Inc. H. Leigh Toney, Miami Dade College John Zitzner, E-City
24 ALBERT ABNEY Time II, Inc. PATTY ALPER Alper Portfolio Group BILL DAUGHERTY Interactive Search Holdings PHILIP FALCONE Harbinger Capital Partners MICHAEL FETTERS, Ph.D. Babson College LAWRENCE N. FIELD NSB Associates TOM HARTOCOLLIS Microsoft Corporation LANDON HILLIARD (Board Chair) Brown Brothers Harriman JAMES LYLE (Co-Vice Chairman) Millgate Capital, Inc. STEVE MARIOTTI NFTE CONSUELO MACK Consuelo Mack Wealth Track KEVIN MURPHY Tandem Global Partners ALAN PATRICOF Greycroft Partners MARSHA RALLS The Ralls Collection DONNA REDEL ROBERT REFFKIN Goldman Sachs & Co. ARTHUR SAMBERG Pequot Capital DIANA DAVIS SPENCER (Co-Vice Chairman) Shelby Cullom Davis Fdn PETER B. WALKER McKinsey & Co. TUCKER YORK Goldman Sachs & Co. National Board of Directors
25 NFTE’s Media Track Record Notable Coverage Print Daily News, "Wind in their Sales," June 10, 2008 Chicago Tribune, "Kidpreneurs don't let age stand in the way of success," May 22, 2008 Inc. magazine, "Honoring Great Leaders," November 2007 Los Angeles Times, "A Head Start on Entrepreneurship," July 4, 2007 Financial Times, "The teens that mean business," April 19, 2007 USA Today, "Get a job? No, make a job," February 6, 2007 The Wall Street Journal, "Beyond the Lemonade Stand," November 13, 2006 The New York Times, "Changing Young Lives With the ABC's of Business," May 1, 2006 TV FOX Business News, "Money for Breakfast" program, April 3, 2008 CNBC, "On the Money" program, June 12, 2007 PBS, "Newshour with Jim Lehrer," January 15, 2007 As well as many local ABC, NBC and CBS affiliate news programs in major markets including New York, Los Angeles, San Francisco & Chicago. On The Horizon 3 rd Annual National Youth Entrepreneurship Challenge (business plan competition), October 23, 2008, sponsored by OppenheimerFunds Documentary film project, release fall 2009
26 Major Donors $ 4,000,000 + The Atlantic Philanthropies The Goldman Sachs Foundation $2,000,000 + Shelby Cullom Davis Foundation Mary Myers Kauppila & George Myers Microsoft Corporation Multinational Scholar Charitable Trust 1907 Arthur & Rebecca Samberg $1,000,000 + Amelior/MCJ Foundation Coleman Foundation Kathryn Davis Ewing Marion Kauffman Foundation Goldhirsh Foundation Vira I. Heinz Endowment Charles G. Koch Charitable Foundation David H. Koch Charitable Foundation Koch Industries, Inc. McKinsey & Company, Inc. Merrill Lynch & Co. Foundation, Inc. $1,000,000+ (Cont) OppenheimerFunds Foundation Scaife Family Foundation Diana Davis Spencer John Templeton Foundation Harry & Jeanette Weinberg Foundation Whitehead Foundation William Zimmerman Foundation $500,000 + Advanced Network & Services Dwight Anderson Argidius Foundation Bank of America Charitable Foundation CA, Inc. Carson Family Charitable Trust Freddie Mac Foundation Goldman Sachs & Co. Landon Hilliard John S. and James L. Knight Foundation JPMorgan Chase Foundation F.M. Kirby Foundation Louis and Harold Price Foundation NASDAQ Educational Foundation Samberg Family Foundation Smith Barney Wal-Mart Foundation * List represents cumulative giving since NFTE’s founding
27 Major Donors $250,000+ Babson College Jay & Doris Christopher Foundation CIBC World Markets Corp. USA Carlyse F. & Arthur A. Ciocca Citigroup Foundation Nathan Cummings Foundation Dunn Family Charitable Fdn First Republic Bank Corp. Morgan Stanley Foundation Henry E. Niles Foundation James R. Lyle & Tracy L. Nixon Peter G. Peterson Foundation Princess House, Inc. Prudential Foundation Safeguard Scientifics, Inc. SAP America, Inc. Verizon Foundation York Family Fund $100,000+ Achelis & Bodman Foundations Alcoa Foundation Allied Capital Corporation AOL LLC Artistic Impressions, Inc. Aspen Institute Barker Welfare Foundation, Inc. $100,000+ (cont) K2 Advisors Zanvyl & Isabelle Krieger Fund Kimberly F. Lamanna MetLife Foundation Lowell B. Mason Eugene & Agnes E. Meyer Foundation Kevin Murphy New York Stock Exchange Foundation Patricof Family Foundation Pitney Bowes Literacy & Education Fund Picower Foundation Polk Bros. Foundation Putnam Investments Geoffrey S. Rehnert Charitable Fund Julian H. Robertson Ronald McDonald House Charities Sacramento Housing & Redevelopment Agency Seedlings Foundation Shoreland Foundation Small-Alper Family Foundation Southern Management Corporation State Street Corporation Aaron Straus & Lillie Straus Foundation Tudor Foundation Henry E. Niles Foundation Vitale, Caturano & Company, PC William E. Simon Foundation World Trade Center Business Recovery Grant Program Zell Family Foundation YS Interactive Corp. $100,000+ (cont) Benson Foundation Arthur M. Blank Family Foundation Booth Ferris Foundation Boston Properties Morris & Gwendolyn Cafritz Fdn Bruce & Marjorie Calvert Castle Rock Foundation Cooley Godward, LLP Cortopassi Institute Cowie Family Charitable Trust Joseph A. DiMenna William A. & Lynn Douglass Megan McGowan Epstein Gov’t of the District of Columbia Philip A. & Lisa Falcone Eris & Larry Field Family Foundation Fight for Children, Inc. Paul & Phyllis Fireman Charitable Foundation Gabilan Foundation Gap Foundation Craig & Kathryn Hall/Hall Financial Group Gladys & Roland Harriman Foundation Hewlett-Packard Company J.M. Foundation, Inc. Irish Youth Foundation Bob & Karen Jones * List represents cumulative giving since NFTE’s founding
28 Founder: Steve Mariotti Steve Mariotti received an MBA from the University of Michigan and has studied at Harvard University, Stanford University, and Brooklyn College. His professional career began as a Treasury Analyst for Ford Motor Co. (1976-79). He then founded Mason Import/Export Services in New York, eventually acting as sales representative and purchasing agent for 32 overseas firms. In 1982, after getting mugged by teenagers who took $10 from him, Steve realized he had to help youth find a better way. He made a significant career change and became a Special Education/Business Teacher in the New York City public school system. After teaching in notorious neighborhoods such as Bedford-Stuyvesant in Brooklyn and the “Fort Apache” section of the South Bronx, he discovered unique insights about connections between entrepreneurship education, learning, and motivation, particularly among economically disadvantaged youth. This led to the creation of a formal curriculum and the founding of the National Foundation for Teaching Entrepreneurship (NFTE) in 1987. Now, more than twenty years later, NFTE’s mission is to provide entrepreneurship education programs to young people from low-income communities. The program has a proven track record of success. It is frequently used as a model and foundation for other programs and the organization is considered a global leader in the field of youth entrepreneurship education. NFTE has reached over 230,000 young people since it started and has programs in 21 states and 13 countries outside the United States. "Our program transforms street smarts into business smarts"