In 2008, OppenheimerFunds continued to support the development of the NFTE Alumni Services Program while also directing funding to the OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge.
OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge
In late October, students from around the country traveled to New York City to vie for financial awards at the OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge 2008, hosted by John V. Murphy, Chairman.
The Challenge began with an initial field of 35, representing the National Foundation of Youth Entrepreneurship’s (NFTE) best and brightest students. After demanding quarter- and semi-final rounds, three contestants remained. Coached from July through October by volunteer business executives, these students had tweaked their business plans to be top-notch, perfected their presentation skills and prepped for an onslaught of tough questions from the judging panels they would face. A number of OppenheimerFunds employees served both as business plan coaches and judges for the two initial rounds of competition.
In front of a crowd of over 300 business people, friends and family, the final three presented their business plans to a prestigious panel of top entrepreneurs and business executives, including David Pfeffer, OppenheimerFunds’ Chief Financial Officer, who would ultimately award one of them the top prize of $10,000 in seed money to help fund their business venture or further their educational pursuits.
After a tough deliberation, Jessica Cervantes from South Florida was selected as the winner. Jessica was awarded $10,000 to help further her business, Popsy Cakes, an innovative dessert business that provides personalized cupcakes on a stick for parties and special occasions. Rodney Walker took the second place prize of $5000 with his plan to customize videos and music for special events and occasions. While Amanda Loyola was awarded $2500 for her unique brand of eco-friendly vegetarian dog treats.
Alumni Services
OppenheimerFunds continued to support NFTE Alumni in three key areas: enhanced on-line capabilities, recognition for extraordinary alumni, and providing opportunities for top NFTE alumni to further hone their business acumen. Through the Alumni website, our support enabled 8,161 students and graduates to connect with NFTE and each other to share experiences and knowledge as they shape their businesses, an increase of 90% since 2007.
In April, at NFTE’s 15th Annual Salute to the Entrepreneurial Spirit Awards Dinner, Hazem Gamal, VP, Sales was honored to present the fourth annual OppenheimerFunds’ Social Entrepreneurship Award to Rahfeal Gordon, Founder of RahGor Motivations. Created in 2005, this $1,500 award recognizes a NFTE graduate committed to giving back to their community through his or her business. Inspired by his own life experiences Rahfeal formed a motivational events company targeted to young adults helping to inspire them to aim high and achieve their dreams. The next day Rahfeal had the opportunity to share his ideas and the impetus behind his company with some key OFI executives during a lunch at the Company’s headquarters.
This year’s Alumni Programming culminated at the seventh annual NFTE Advanced Entrepreneurship Seminar. The seminar, an intensive seven-day program, focuses on helping NFTE alumni who are seeking to expand and strengthen an existing business plan. Only 20 students, from across the globe, are chosen to participate. The 2008 winner, Danni Zhang founded a company, Dr. Mi, which teaches kids piano through traditional lessons accentuated by practice via MP3 technology. Danni was awarded $5000 for her effort. Andrew Healy, Manager, Media Relations, served as a final round judge in the competition.
OppenheimerFunds’ national partner since 2004 and a leader for over 20 years in its field, NFTE gives young people the business skills and confidence to unlock their true potential to find their own pathways to prosperity. For more information on NFTE, please visit their website at www.nfte.com.
The National Foundation for Teaching Entrepreneurship’s (NFTE) mission is to provide entrepreneurship education programs to young people from low-income communities. A leader for over 20 years in its field, NFTE’s ultimate goal is to teach young people business knowledge, while giving them the skills and confidence to unlock their true potential and find their own pathways to prosperity. Since 1987, the organization has reached over 232,000 students and has programs in 22 states and 13 countries and has an active corps of more than 1,300 Certified Entrepreneurship Teachers.
