Los Angeles Teen Hayley Hoverter Wins $10,000 Grand Prize at 2011 NFTE National Youth Entrepreneurship Challenge, Presented by MasterCard Worldwide in New York City

NEW YORK, Oct. 7, 2011 /PRNewswire/ -- Hayley Hoverter, from Los Angeles, was named NFTE's "Best Young Entrepreneur" at the 2011 NFTE National Youth Entrepreneurship Challenge, presented by MasterCard Worldwide in association with Kathryn W. Davis.  The competition took place on October 6 in New York City with a ceremony following a day-long series of competitive presentations.  Hoverter, a 16-year-old student at Downtown Magnets High School in Los Angeles, won the $10,000 grand prize for her business, Sweet (dis)SOLVE, prevailing over 31 finalists from around the country.

Hoverter's award winning business plan for Sweet (dis)SOLVE centers on the development of a sweetener made from organic sugar wrapped in a soluble organic starch that melts into your drink without adding calories, odor or taste.  When Hayley Hoverter was six, her mother, a single working mom, brought her along to her job at Starbucks, early in the morning before school.  Even at that young age, Hayley found the volume of discarded sugar wrappers distressing.  Now a high school junior, Hayley will combat that wastefulness by executing her business plan.  

An active participant in the Network for Teaching Entrepreneurship (NFTE), Hoverter was able to hone her business plan and prepare for the competition through the entrepreneurship education programs provided by the international non-profit organization.  Part of her year-long NFTE curriculum included an integrated effort in the classroom led by Brent Freeman, founder of ROOZT.com.  Freeman taught students how to build a for-profit business that could solve social and environmental problems.

"After months of hard work and dedication to my business, I couldn't be more proud to have been selected as NFTE's 'Best Young Entrepreneur,'" said Hoverter.  "From start to finish, the National Youth Entrepreneurship Challenge has taught me that if you can dream up something great, it is your responsibility to follow through with it.  When you look at it that way, you can do no wrong."

In an unprecedented move for the competition, Judge Daymond John, Founder and CEO of FUBU, offered an additional $5,000 investment in Hoverter's company.  Judges Tina Wells, CEO of Buzz Marketing Group, and Shazi Visram, Founder and CEO of HAPPYBABY, joined together to match John with an additional $5,000 pledge.  Wells also offered marketing support to Sweet (dis)SOLVE and Visram committed to an introduction for the product at Whole Foods markets.  As grand-prize winner, Hoverter also received a $5,000 Coleman Entrepreneurial Scholarship, sponsored by GlobalHue.  

After the all-day competition in New York, first runner-up honors and $5,000 went to Shomari Patterson of Port Hueneme, Calif., for her company, Shamazzle's Dazzles, and second runner-up and $3,500 was awarded to Anthony Defilippo and John Novas of Providence, R.I., for their business Earth Custom Designs.  Unique to this year's competition, all three business finalists heavily embedded social responsibility into their business plans.  

All three winners received two round-trip tickets on Southwest Airlines and a laptop computer donated by Samsung.  Additionally, The winner of the second-annual NFTE Elevator Pitch Challenge, presented by E*TRADE Bank, was Jonathan Ovadia of Miami, who took home $2,500 in cash and two round-trip plane tickets donated by Southwest Airlines for his fashion design business, LovePuppyLove.

"Each year, I am amazed by the dedication, passion and creativity of the young entrepreneurs who participate in the National Youth Entrepreneurship Challenge," said Steve Mariotti, founder of NFTE. "It is an honor to provide the tools for success for this next generation of entrepreneurs. These students are taking control of their futures and I look forward to seeing how they pursue their educational and entrepreneurial dreams."

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 NFTE's hands-on, learning-by-doing curriculum.  NFTE students 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. Volunteers are the critical link between book learning and real world application that ignites the imagination of young people.

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 18 states and 10 countries around the world. 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 MasterCard

MasterCard (NYSE: MA) is a global payments and technology company.  It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities—such as shopping, traveling, running a business and managing finances — easier, more secure and more efficient for everyone. Learn more at mastercard.com or follow us on Twitter @mastercardnews.

SOURCE NFTE