In 2009, OppenheimerFunds co-sponsored the OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge while continuing to support the development of the NFTE Alumni Services Program.

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 2009, hosted by William (Bill) F. Glavin, Jr., CEO. 

The Challenge began with an initial field of 28, representing the Network for Teaching 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 as judges for the two initial rounds of competition.

In front of a crowd of over 325 business people, friends and family, the final three presented their business plans to a prestigious panel of top entrepreneurs and business executives, 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, Kalief Rollins from Carson, CA was selected as the winner. Kalief was awarded $10,000 to help further the innovative clothing business he runs with his brother that provides customized t-shirts with unique inspirational messaging on them. Zoë Damacela of Chicago, IL, took the second place prize of $5000 with her customized clothing design business. Scott Paiva came in third place and was awarded $2500 for his plan to create a tax preparation service for young people in his hometown of New Bedford, MA.

Further demonstrating the increasing relevance of entrepreneurship in today’s society and the leadership position NFTE has established in the field, all three finalists were invited to The White House in October for a congratulatory meeting with President Barack Obama.

Ten9Eight – the Documentary Film
OppenheimerFunds was also proud to serve as the primary sponsor of the New York City premier of the documentary film Ten9Eight in November at the AMC Lincoln Center Theater. Philanthropist and entrepreneur Russell Simmons served as host and numerous OppenheimerFunds executives were among the over 300 people in attendance.

The film, written, produced and directed by award-winning filmmaker Mary Mazzio, documents the journey of several inner city teens as they prepare, and compete, in the 2008 OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge. Officially released on November 13 in select AMC theaters in eight cities nationwide, the film will make its television premiere in February on Black Entertainment Television (BET) cable network.

For more information and to view a trailer of the film, please visit www.ten9eight.com.

Alumni Services
OppenheimerFunds continued to support NFTE Alumni through enhanced on-line capabilities and recognition for extraordinary alumni. Our support over the past five years has enabled over 11,000 students and graduates to connect through the Alumni website with NFTE and each other to share experiences and knowledge as they shape their businesses. Membership has increased 28% since 2008 and more than 1800 alumni have joined in the last eight months of 2009 alone.

In April, at NFTE’s 16th Annual Salute to the Entrepreneurial Spirit Awards Dinner, Bill Glavin, CEO, was honored to present the fifth annual OppenheimerFunds’ Social Entrepreneurship Award to Philip Craig, Founder of Problem Solvers League. 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 and after seeing the paths some of his friends had taken, Philip formed a male mentoring program to serve students in various schools on the south side of Chicago. He provides programs ranging from goal-oriented games for second and third graders to entrepreneurship programs for sixth-eighth graders with the intent to model successful behavior to young people while providing them with worthwhile skills. He is currently hoping to continue to expand his programming to even more locations within the Chicago Public School system.

An 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.

MicroSociety >