NEW YORK, May 25, 2004 (PRIMEZONE) -- Two of the top three winners of the U.S. Small Business Administration's (SBA) Young Entrepreneur Program Business Plan Competition are alumni of the National Foundation for Teaching Entrepreneurship, it was announced by SBA Administrator Hector V. Barreto.
Michael Cooper and his sister Micha won first place for their business plan for a travel and concierge service. Michael went through NFTE's summer BizCamp at Columbia University in 2000, and has remained an active alumnus. He is a student at Middlebury College and lives in Brooklyn.
Second place went to Jan Baker, who works part-time in NFTE's New York office, for her business plan for a greeting card company. Jan completed the NFTE program at Harry Truman High School in the Bronx and was a Young Entrepreneur of the Year in 2001. Jan recently graduated from Marymount College in Manhattan.
The third place winner was Samir Mastaki of Ravenna, Italy, for his business plan for a cellular phone rental service company for international travelers.
They were chosen among 50 teens nationwide that took part in the two-day SBA-sponsored small business forum. The three business plans were selected by judges to receive top honors for the best overall plans.
SBA administrator Barreto made the announcement before an audience at the opening reception of SBA Expo '04: Celebrating National Small Business Week in Orlando, Fla.
NFTE's program is having a strong and positive impact on many of its graduates. New research conducted by Harvard University Graduate School of Education indicates that youth entrepreneurship programs such as NFTE are particularly effective at keeping students from low-income urban backgrounds on the academic track and can be a significant force in driving them toward high achievement and leadership.
Further, a recent study conducted by Brandeis University has shown that when compared to a control group, NFTE graduates are 30 times more likely to start their own businesses, and they are 20 times more knowledgeable about entrepreneurship and basic business concepts.
About NFTE
The National Foundation for Teaching Entrepreneurship (www.nfte.com) is a 501 (c) (3) non-profit organization, whose mission is to teach entrepreneurship to low-income young people ages 11 through 18 so they can become economically productive members of society by improving their academic, business, and technology and life skills. NFTE is headquartered in New York City. The organization reached over 17,000 young people in 2003 and has trained teachers and youth workers in 44 states and 16 countries.