NEW YORK, March 30, 2005 (PRIMEZONE) -- Brothers Jabious and Anthony Williams, teen owners of Maryland-based Saja originals, gave the profits from their clothing design company to their mother for a down-payment on a new home. Luis Villa, 16, and Leo Gonzalez, 17, are hoping that their East Palo Alto, California, clothing business Latin Style, will keep other teens focused on expressing their individuality through clothing rather than through gang participation. Natasha Spedalle, 15, owner of BliNg-BliNg Fashion Discount Jewelry in Queens, NY, donates part of her inventory to different women's charities.
These teens are among 30 students from around the country, as well as from Ireland, England, Belgium, China and El Salvador, who will participate in a business expo and awards program as part of the National Foundation for Teaching Entrepreneurship's (NFTE) 11th Annual Salute to the Entrepreneurial Spirit Awards Dinner in New York City, April 26, 2005.
Each of the aspiring entrepreneurs, whose businesses range from retail and fashion to web design and community philanthropy, will receive a cash prize ranging from $750-$1000 for their start-up businesses or college education.
The young entrepreneurs are all graduates of NFTE, an international nonprofit organization that teaches entrepreneurship 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.
Also being honored at the NFTE Awards dinner are three financial services industry leaders, including Kevin Murphy and Christopher A. Pucillo, partners at Stanfield Capital Partners, and Dwight Anderson, principal at Ospraie Management L.P.
NFTE, with the financial support of such sponsors as The Goldman Sachs Foundation, Microsoft and OppenheimerFunds, has been working with low-income young people for more than 18 years, teaching students to channel their creativity and turn their hobbies and dreams into viable businesses.
Giving Back to Their Communities
NFTE's entrepreneurship education program teaches students the business skills they need to start their own small business, while reinforcing basic academic skills. NFTE founder Steve 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, as well as the student's commitment to giving back to 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 nearly 19,000 young people in 2004 and has trained 3,500 teachers and youth workers in 45 states and 13 countries since its founding in 1987.