NEW YORK, Oct. 26, 2004 (PRIMEZONE) -- The National Foundation for Teaching Entrepreneurship (NFTE) recently reached a great milestone -- serving over 100,000 students since its founding in 1987.
"This is tremendous, fantastic," said Steve Mariotti, NFTE Founder and President. "It's a long way from the South Bronx and our first group of students. I'm so excited and pleased that we've been able to help so many kids."
The NFTE story was inspired by Mariotti's experiences as a math teacher in inner-city New York. He began with a small class at Jane Addams High School. Over time, the organization has expanded to hundreds of schools and community-based organizations in 45 states and 16 countries.
NFTE, an international nonprofit organization that teaches entrepreneurship to young people from low-income communities so they can become economically productive members of society, began as a dropout prevention and academic performance improvement program for students who were at risk of failing or quitting school. Today, NFTE impacts students' academic and life skills through its experiential entrepreneurship curriculum.
Mike Caslin, NFTE CEO, sees NFTE as a means to help break the cycle of poverty, not only in the U.S. but around the world. "This is a great achievement, but it's also only the beginning of what we can do," he said. "There is enormous need among the young people in the U.S. and in other countries for the opportunity and inspiration NFTE brings."
NFTE, with the financial support of such sponsors as The Goldman Sachs Foundation, has been working with young people from low-income communities for more than 18 years, teaching students to channel their creativity and turn their hobbies and dreams into viable businesses.
NFTE's entrepreneurship education program teaches students the business skills they need to start their own small business, while reinforcing basic academic skills. Mariotti says, "Many neighborhoods are filled with talented children who just need help finding their talents. NFTE's goal is to give young people the skills and confidence to unlock their true potential, so they can improve their lives and their communities."
What is perhaps most amazing about the entrepreneurship movement that's sweeping the country today, said Mariotti, is the number of young people who are opting to start their own businesses before they even get their high school diplomas.
Through NFTE, students learn how to create a business plan, keep books, and master other business fundamentals.
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 young people from low-income communities to enhance their economic productivity by improving their business, academic, 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.