NFTE Philadelphia’s Fourth Annual Citywide Youth Business Plan Competition Gets Underway

Budding entrepreneurs from 12 area high schools start first phase of process to win $2,500 and proceed to national competition

PHILADELPHIA--(BUSINESS WIRE)-- Starting your own business is never easy but 52 students from 12 area high schools will learn what it’s like to take the first step when they present business plans to a panel of corporate and civic leaders as part of the Network for Teaching Entrepreneurship (NFTE) Philadelphia’s Fourth Annual Citywide Youth Business Plan Competition.

NFTE’s mission is to provide programs that inspire young people from low-income communities to stay in school, to recognize business opportunities and to plan for successful futures. NFTE has already reached more than 1,500 students in the Greater Philadelphia region from more than 20 different schools. NFTE’s Philadelphia chapter is made possible through initial donor support and seed funding from Safeguard Scientifics, Inc.Internet Capital Group (Nasdaq: ICGE).

“Educating our youth about entrepreneurship is vital to the success and prosperity of the Greater Philadelphia area,” said Peter J. Boni, President and CEO of Safeguard Scientifics and Co-Chair of NFTE Philadelphia’s Advisory Board. “I’m pleased to see so many students and leaders within our business community participating in the fourth business plan competition. It is always impressive to see these young people get up in front of a demanding panel of judges and explain how they’ll create a successful business. The skills they develop will help them personally and professionally for the rest of their lives.”

Each student will have just under nine minutes to detail the plan for their business and answer questions from a panel of executive judges. The 45 volunteer judges represent a wide array of the area’s business, professional and civic community, including financial service and life science companies, technology firms and non-profit organizations.

The first, second and third place winners at each school in this preliminary round, which lasts until April 28^th, will win $100, $75 and $50, respectively, The first and second place winners from each school will then proceed to the citywide competition which will take place on May 25^th at the Fox Business School at Temple University. Winners of that round will compete on June 7^th for $2,500 in seed capital and the right to represent Philadelphia at NFTE’s national business plan competition in October, which is held in New York City.

“These kids have worked hard all year and have intensively prepared for this competition. Each year the bar gets raised as the business plans improve and the students hone their presentation skills,” said Sylvia Watts McKinney, Executive Director of NFTE Philadelphia. “I want to thank SAP, the Fox Chase Charitable Foundation and all the judges who are generously giving their time so our students can build a foundation for successful business ventures and careers to come.”

The judges include highly regarded serial entrepreneurs, visionaries, educators, lawyers, accountants, bankers, engineers and philanthropists – all leaders in their respective fields. In particular, the following companies and organizations are represented on this year’s panel of judges for the citywide business plan competition: Allstate Insurance, Avid Radiopharmaceuticals, Bank of America, Blessings On Africa, BOE Securities, CBIZ, CCP, CETRA, Citizens Bank, Claudia and Ran’s Handcrafted Soaps and Candles, Deloitte, Deutsche Bank, Disorb Systems, E. Scott Aronow Executive Coaching and Consulting, GE Power and Water, Internet Capital Group, Internet Video Archives, Lowe and Associates, NSM Insurance Group, Philadelphia Housing Authority, Philadelphia Schools, Ross Associates, Safeguard Scientifics, Sandra Betner PR, Spirit of Purpose, Sun Life, University City Science Center, VCopious Virtual Environment Software; and Wachtell, Lipton, Rosen and Katz.

To obtain more information on the day and time for each school’s competition, contact Michelle Larkin at 610-228-2117 or [email protected].

About The Network for Teaching Entrepreneurship (NFTE)

Too many young people today drop out of school and struggle to break the cycle of poverty. Since 1987, the Network for Teaching Entrepreneurship (NFTE) has been inspiring young people to pursue educational opportunities, start their own businesses, and succeed in life. By providing entrepreneurship education programs relevant to the real world, NFTE empowers students to own their educations in and out of the classroom and to find their own path to success. Hundreds of thousands of students have discovered opportunity all around them through entrepreneurship via thousands of certified educators worldwide. NFTE supports active programs in 21 states and 10 other countries through our network of program offices and licensed partners. Entrepreneurs are a powerful driver of economic growth and NFTE sows the seeds of innovation in students worldwide. To learn how you can help students realize their potential, visit www.nfte.com.

About NFTE Philadelphia

NFTE Philadelphia chapter was established in 2007 through initial donor support and seed funding from Safeguard Scientifics, Inc. (NYSE: SFE) and Internet Capital Group (Nasdaq: ICGE). Specifically in the Greater Philadelphia area, NFTE has reached more than 1,500 students from more than 20 different schools. For more information about NFTE Philadelphia, please visit www.nfte.com/what/programs/philadelphia or follow us on Twitter @NFTEPhilly.

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Gregory FCAMichelle Larkin, 610-228-2117
[email protected]

Source: Network for Teaching Entrepreneurship (NFTE)