Teen entrepreneurs to compete for cash prizes to jump-start their businesses, further their education; Finals scheduled October 5 at Millennium Broadway Hotel

NEW YORK, Sept. 30 /PRNewswire/ -- The Network for Teaching Entrepreneurship (NFTE), an international non-profit organization dedicated to nurturing entrepreneurship in low-income communities, today announced 31 student finalists representing 28 businesses from around the country will compete for top honors in the 2010 OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge, presented by Kathryn W. Davis. The teen entrepreneurs will square off on October 5 at the Hudson Theater at the Millennium Broadway Hotel in New York City for a total of $21,000 to help get their ideas off the ground or advance their education.

The 2010 OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge grand-prize winner will take home $10,000, with the runner-up winning $5,000 and the second runner-up winning $3,500. Additionally, each 2010 finalist is competing to be crowned champion of the NFTE Elevator Pitch Challenge, Presented by E*TRADE Bank. A new addition to the national competition line-up, the elevator pitch competition allowed the teen entrepreneurs 30 seconds to sell their ideas to the world via an online video submission located at www.elevatorpitch2010.com, a shot at $2,500 and two round-trip plane tickets donated by Southwest Airlines. The finalists are counting on the general public to vote for their favorite businesses online through midnight October 3.    

"We are very excited about the drive, passion and creativity of this year's participants in the national competition," said Steve Mariotti, founder of NFTE. "These young entrepreneurs are proof that economic hardships are no obstacle to becoming what you want to be in life and that taking ownership of yourself is empowering. And thanks to the support of sponsors like OppenheimerFunds, we are excited to have the opportunity to recognize so many amazing young entrepreneurs from around the country."

The 31 finalists, whose business ideas range from food products to managing record labels, include:

• California–Fresno– Vernave Medrano, Lyles Center for Entrepreneurship Education
• California–Los Angeles– Edgar Holguin, South East High School
• California–Los Angeles– Le'queteta Brown, Crenshaw High School
• California–Los Angeles– Anthony Lee, Crenshaw High School
• California–San Jose– Crystal Vo
• California–San Leandro– Sabrina Branco
• Connecticut–East Hartford– Shamira Chappell
• Connecticut–Hartford– Zermina "Nina" Velic, Sport & Medical Sciences Academy
• Connecticut–East Hartford– Jalin Sead, Brien McMahon High School
• Connecticut–Rocky Hill– Meliha Korkutovic
• Connecticut–Wethersfield– Belma Ahmetrovic, Sport & Medical Sciences Academy
• Florida–Miami Beach– Jessica Barrios Hernandez, Miami Beach Senior High School
• Florida–Miami– Daniel McVay, Barbara Goleman Senior High School
• Georgia–Atlanta– Blaine Berry, Young Entrepreneurs Atlanta
• Illinois–Chicago– Morgan Brock, Gwendolyn Brooks College Preparatory Academy
• Illinois–Chicago– Kellin Dixon, Hales Franciscan High School
• Kansas–Wichita– Kayla Claphan
• Maryland–Baltimore– Shawn Curtis
• Maryland–Baltimore– Alexander Hobbs
• New Jersey–Camden– Jeremy Garrett, Woodrow Wilson High School
• New York–Brooklyn– Steven Gordon, Brooklyn Technical High School
• New York–North Valley Stream– Nia Froome, Poly Prep Country Day School
• New York–Yonkers– Crista Quilles, Lincoln High School
• Ohio–Cleveland– Danielle Jackson, E CITY Cleveland
• Pennsylvania–McKeesport– Keena Simmons, Entrepreneuring Youth
• Pennsylvania–Philadelphia– Brittany Rivers. George Washington High School
• South Carolina–Beaufort– Hunter Dean, YEScarolina
• Texas–Dallas– Ryan Anderson, D.A. Hulcy Middle School
• Texas-Dallas– Jordan Anderson, Carter High School
• Virginia–Alexandria– Aisha Cooper
• Virginia–Woodbridge– Nina Maniphak, Garfield Senior High School

2010 OppenheimerFunds/NFTE National Youth Entrepreneurship Challenge Distinguished Judges:

• Don Coleman, CEO , GlobalHue
• Diane Frankenfield, Senior Vice President, Digital Strategy & Customer Experience, OppenheimerFunds, Inc.
• Steven J. Freiberg, CEO, E*TRADE FINANCIAL Corporation
• Julie Goldman, Founder & CEO, The Original Runner Company
• Dennis Ratner, Founder, CEO & Stylist, Ratner Companies

The 31 competition finalists, all business plan competition winners from their respective regions, were required to develop and present original business plans as part of their entrepreneurial studies at school based on curriculum created by NFTE. As part of their coursework, NFTE students receive hands-on training in launching a business and learn the real-world relevance of math, reading and writing to their businesses. NFTE studies reinforce students' critical thinking skills and provide them with tools to help them control their futures and avoid the lure of the streets. Scientific research by Harvard University has shown that youth who are taught entrepreneurship are more likely to be focused on academics and develop leadership aspirations.

About the Network for Teaching Entrepreneurship

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. For more information, visit www.nfte.com.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies and is widely recognized as a leader in educating and empowering investors. To date, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $195 billion in assets, including mutual funds having more than six million shareholder accounts.

Shares of mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. The products and services of OppenheimerFunds, Inc. and its controlled affiliates include: mutual funds, hedge funds or funds, qualified retirement plans for individuals and corporations, investment management for institutions and sub-advisory services. For more information, visit www.oppenheimerfunds.com.

SOURCE NFTE

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