Funds will support the expansion of VE’s unique program that is
preparing high school students for the jobs of the future and inspiring
a new generation of entrepreneurs
Program is addressing a critical gap in employment. According
to studies,
only 42.5% of employers consider students proficient in professionalism
and work ethic.
NEW YORK–(BUSINESS WIRE)–HSBC Bank USA (HSBC) announced today that it has donated $1 million to
Virtual Enterprises International (VE), allowing the nonprofit to offer
its acclaimed career readiness and youth entrepreneurship program to
30,000 students in classrooms across the United States over the next two
years. The HSBC relationship with VE began in 1999 and has included more
than $2.8 million to date, as well as hours of service by HSBC
employee-volunteers visiting the classrooms and acting as judges for the
Youth Business Summit.
VE is a global, credited, in-school program where students create a
simulated business in their classroom. Students gain an average of 180
hours of work experience by assuming the roles needed to run a
successful business such as CEO, VP of Finance and HR Director. Through
the program, students cultivate key professional, technical and life
skills that are required to prepare them for the jobs of the future,
while taking part in an authentic, collaborative, entrepreneurial
experience.
The $1 million donation by HSBC will not only facilitate growth of the
VE program in additional cities, but will support its expansion to
high-need schools where more than 50 percent of the student population
are from low-income households. The new funding will create the “HSBC
Opportunity Fund” with students competing for funds to cover travel
costs to attend VE’s national competitions during the Youth Business
Summit.
According to statistics in the National Association of Colleges and
Employers Job Outlook 2018 study, students’ perceptions of their career
readiness skills are at odds with those held by potential employers.
According to NACE research, only 42.5 percent of employers considered
students proficient in their professionalism and work ethic compared to
89.4 percent of students. Additionally, while 79.9 percent of students
believed they had honed critical thinking/problem solving skills, only
55.8 percent of employers felt the same.
“VE is unique in its way of preparing today’s youth for jobs of the
future – some of which have yet to be invented,” said Maureen A.
Gillan-Myer, US head of human resources for HSBC. “While technological
skills are important for those careers, the higher cognitive skills like
creativity, critical thinking, and complex information processing are
vital, and are attributes honed through the VE program.”
Students recently benefitting from past HSBC grants include the VE class
at C.S. Brown STEM High School in rural Winton, N.C. The students, who
created a virtual fashion company, were given an all-expense paid trip
to New York City by HSBC, enabling their participation in the Youth
Business Summit.
“This whole experience has changed the motivation and focus of my
students,” said VE teacher Daphne Lee of C.S. Brown STEM High School.
“They feel so excited and appreciative of this opportunity; it has
brought out the entrepreneur in them. We want to make sure that every
student who comes through our school gets an opportunity to be a part of
the VE program.”
The 20-year HSBC-VE partnership has not only provided VE with
substantive financial support, but has given the nonprofit the
assistance of hundreds of HSBC employees who have mentored students in
business and entrepreneurship. Each year for the past two years, HSBC
has been the signature sponsor of VE’s Youth Business Summit (YBS), an
annual global business conference in New York City. This year, more than
5,000 students from virtual businesses in nine countries will
participate in YBS, competing against one another for best business plan
in the U.S., top sales pitches and more.
“HSBC’s very generous donation allows VE to offer students a
life-changing opportunity to gain access to and engage with the global
business community,” said Nick Chapman, president of Virtual Enterprises
International. “Through HSBC, our program will continue to transform
tens of thousands of students each year through authentic business
experiences that mirror the real world.”
Note to editors:
ABOUT VE
Virtual Enterprises International (VE) is a national nonprofit
that transforms students through authentic business experiences which
prepare them for fulfilling, financially secure futures. Since the
inception of the Virtual Enterprises (VE) program in 1996, it has served
over 140,000 high school students, including many from economically
disadvantaged communities. In 2015, VE introduced the VE-JV Career
Academy, a similar two-year program which enables 7th and 8th grade
students to develop technology and entrepreneurial skills by starting
and managing business ventures.
We currently support 15,000 students across the U.S. each year and are
part of a global network spanning 40 countries and 7,500 student-run
businesses. Learn more about VE on our website,
Facebook,
Twitter,
Instagram,
and LinkedIn
pages.
ABOUT HSBC
HSBC
Bank USA, National Association (HSBC Bank USA, N.A.) serves
customers through retail banking and wealth management, commercial
banking, private banking, and global banking and markets segments. It
operates bank branches in: California; Connecticut; Washington, D.C.;
Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and
Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA
Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC
Bank USA, N.A. is a Member of FDIC. Investment and brokerage services
are provided through HSBC Securities (USA) Inc., (Member
NYSE/FINRA/SIPC) and insurance products are provided through HSBC
Insurance Agency (USA) Inc.
Contacts
Media enquiries to:
Rossana Weitekamp
VEI Media
Relations
(917) 363-2510
rweite@gmail.com
Rob
Sherman
US Head of Media Relations
HSBC
(212) 525-6901
robert.a.sherman@us.hsbc.com
