HSBC Bank Grants $1 Million to Virtual Enterprises International
April 17 2019 - 9:48AM
Business Wire
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.
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.
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the full release here:
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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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190417005506/en/
Media enquiries to:Rossana WeitekampVEI Media
Relations(917) 363-2510rweite@gmail.comRob ShermanUS Head of Media
RelationsHSBC(212) 525-6901robert.a.sherman@us.hsbc.com
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