OppenheimerFunds Commits $1 Million Through 2010
Funding Will Build Alumni Services Program for NFTE Graduates
NEW YORK, April 12, 2005 (PRIMEZONE) -- The National Foundation for Teaching Entrepreneurship (NFTE) and OppenheimerFunds, Inc. today announced a $1 million corporate partnership to support the development of NFTE's National Alumni Services Program.
OppenheimerFunds, one of the leading asset management companies in the U.S., has committed funding over the next five years to help NFTE increase outreach to current and future alumni and offer the high-quality programming that will help youth interested in starting businesses pursue their goal after completing the NFTE classroom program.
NFTE is an international nonprofit organization that teaches entrepreneurship and business skills to young people from low-income communities so they can become economically productive members of society. Founded in 1987 by Steve Mariotti, former New York City public school teacher, it originally began as a dropout prevention and academic performance improvement program for students who were at risk of failing or quitting school. Today, NFTE has grown into a comprehensive business education program in 45 states and 13 countries with more than 100,000 graduates.
"Demand for alumni services grows every year for NFTE. This is a critical area for us. If we can continue to help our alumni and learn more about what they're doing and what their needs are, it will be a win for everyone. For students, we will be helping them in the most appropriate ways and, for NFTE, I believe we will greatly increase our understanding of the impact of the program and how we can improve," stated Steve Mariotti.
The National Alumni Services Program will focus on two important areas: entrepreneurial business building to help promote business formation and growth, and entrepreneurial skill building, which will foster a community among alumni and provide valuable networking opportunities. Dedicated to helping NFTE graduates get to the next level, the program will provide access to one-on-one mentoring with seasoned business executives; referrals to professionals like lawyers and accountants who can help in business formation; opportunities to access capital; and business-to-business networking events.
Other program elements include an Advanced Entrepreneurship Seminar also known as NFTE's "all-star" camp, an alumni website and email service, and an alumni membership card that will provide a list of NFTE's continuing services for graduates of the program and discounts at business-related retail stores. In addition, each year, the company will recognize a NFTE graduate who is committed to giving back to the community through his or her business with the OppenheimerFunds Social Entrepreneurship Award, which will be presented as part of NFTE's annual awards dinner.
"NFTE is the premier organization that teaches entrepreneurship and related business skills to young people and we are committed to helping build a comprehensive Alumni Services Program that provides services and further development opportunities to program graduates," said John V. Murphy, Chairman, President and CEO, OppenheimerFunds, Inc. "We want these young talents to have every opportunity to pursue personal and professional success beyond the classroom."
NFTE's entrepreneurship education program teaches students the business skills they need to start their own small business, while reinforcing basic academic skills. Mariotti said, "Many neighborhoods are filled with gifted 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."
Research shows that NFTE's program has a strong and positive impact on many of its graduates. A study 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.
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 19,000 young people in 2004 and has trained 3,500 teachers and youth workers in 45 states and 13 countries.
OppenheimerFunds, Inc.
OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. As of December 31, 2004, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed assets of more than $170 billion, including assets in over 60 mutual funds and more than 7 million shareholder accounts.
The products and services of the company and its controlled affiliates include: mutual funds, hedge funds of funds and qualified retirement plans for individuals and corporations. OppenheimerFunds is widely recognized as a leader in educating and empowering investors and for its award-winning customer service. OppenheimerFunds, Inc. is not affiliated with Oppenheimer & Co, Inc. or Oppenheimer Capital.
OppenheimerFunds, Inc., Two World Financial Center, 225 Liberty Street, 11th Floor, New York, NY 10281