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The National Foundation for Teaching Entrepreneurship

The National Foundation for Teaching Entrepreneurship. Then and Now. NFTE Overview. Educational non-profit 501(c) 3 status Dedicated to serving underprivileged youth Started by Steve Mariotti in the early 90s Highly successful in reaching its target market

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The National Foundation for Teaching Entrepreneurship

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  1. The National Foundation for Teaching Entrepreneurship Then and Now

  2. NFTE Overview • Educational non-profit • 501(c) 3 status • Dedicated to serving underprivileged youth • Started by Steve Mariotti in the early 90s • Highly successful in reaching its target market • Experienced serious trouble with cash flow and organizational structure in its early years

  3. NFTE’s Structure

  4. Then • Steve held the headquarters at his apartment • National staff was there to oversee all operations

  5. Now • 7 regional offices • structure of New England regional offices • set positions versus the positions that they have • Regions are autonomous with accountability • Score card maintains accountability • National office oversees the New York area keeps the organization is sync with the mission

  6. Regional Office • 3 pre-determined positions • Director • Decide and carry out their own programs

  7. National Office • Program Directors

  8. Communication in NFTE • New England Regional • Biweekly meeting with everyone in the office • Nationals • Monthly meeting with all the regional and with the National Office • Good, bad, barriers, breakthroughs • Solicited review • Regions submit ideas for approval

  9. Business Process The Score Card

  10. Purpose • Encourage the sharing of ideas across regions • Self assessment and goal-setting

  11. Implementation • Representatives of each region meet once a year • Each regions sets it own goals for the year and presents them to the other regions and the national office • The national office provides directions and approve the goals

  12. Implementation • Goals from the previous year are evaluated • Each regions is given a rating based on reaching their goals • Bonus are given based on score card

  13. NFTE Finances Cash Flow in the Non-Profit World

  14. Then and Now • NFTE then • $180,000 per year budget • No endowment • NFTE now • $9 million per year budget • $2 million endowment

  15. Problems of the Past • Relied on grants and gifts that rarely funded overhead • No steady or reliable cash flow • Not uncommon for non-profits • Possible Solutions: member fees, merchandise sales, annual fundraising drives

  16. The Adaptation • Develop curriculum for sale to the public • Annual revenue of $450,00 a year • Partnership with a publishing firm minimizes resource drain • Write overhead into the grants • Include salaries and rent in project budgets • Rely on multiple grants to fund rent and salaries

  17. How is it Working?New England Regional Office • Responsible for all their own fundraising • 60% foundation, 20%corporate, 20%individual • Partnership with Babson eliminates rent • Sees little revenue from curriculum sales

  18. Possible Alternatives • Government Funding • NFTE does pursue some government support • Widespread concern about government regulation • For-Profit Branch • Does this undermine NFTE’s mission? • Requires more resources than are currently available

  19. Growth of NFTE and Other Obstacles

  20. Steve Mariotti’s Role • President Steve Mariotti still very involved: • Fundraising • curriculum development (his pet project) • Dilemma: Is there a point when a founder of an organization should leave that organization, so that the organization can take on its own identity and possibly go in a new direction?

  21. Each unit (each of the 7 regions) gets a scorecard every year Each unit sets its own standards, then attempts to meet those standards Communication between regions improves scores 5 scorecard criteria: - teachers - students - alumni Operating Unit Scorecards - finances - programs

  22. Company culture • How does NFTE preserve the company culture as NFTE grows? • NFTE wants an open and understanding culture. • Management is cooperative, not punitive.

  23. MCAS state standard exams • Schools are focusing on getting students to pass the MCAS state standard exams. • NFTE programs aren’t as important to school administration. • NFTE is looking at ways to embody MCAS standards

  24. Bootstrap Grant Fund • Provides startup money for student businesses • $5000 fund provides rotating credit for startup loans • Most students only need a few hundred dollars to start their business • Enables students to pay a vendor, etc.

  25. NFTE International Argentina Belgium El Salvador India Netherlands United Kingdom • NFTE International is a program partnership, not a subunit • Language barrier: NFTE CETIs only speak English • teachers must speak English to become certified

  26. Recommendations • Find colleges (like Babson) to host NFTE regional offices • NFTE won’t have get funds for rent (difficult) • donors want their money to go directly to students • Create a for profit section of NFTE to sell the program and teacher training to higher income students • more students would benefit from entrepreneurship education • Revenue would help students that NFTE now serves • Possible drawback: NFTE might stray from its mission and start focusing on profits instead of helping disadvantaged students

  27. Questions?

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