Date: Dec 08, 2009

Zarb School of Business Establishes a Campus Entrepreneurship Challenge with Capital One Bank

Students given seed money to develop and grow a business

Hofstra University, Hempstead, NY – The Frank G. Zarb School of Business, Capital One Bank and Uniondale High School have partnered to establish "The Capital One Campus Entrepreneurship Challenge at Hofstra University" which launched in the fall of 2009. Students will present their business ideas and Capital One Bank executives will present a check to Zarb School administrators during an event on Wednesday, December 9, 2009 from 10 a.m. to 12 p.m. in the Netherlands Cafe, North Dining Hall, North Campus.

"The students in this program are future business leaders and entrepreneurs. This experience allows them to nurture business ideas and gain invaluable skill sets that they will take with them for the rest of their lives," said Dean Salvatore F. Sodano.

The program pairs undergraduate students from the Zarb School's new business venture course and "Junior Associates" from Uniondale High School's Business Club into three teams that will be given seed capital to develop, launch, run, and grow a business over the course of the academic year September 2009 to May 2010. Financial statements and progress reports analyzing their activities regarding marketing efforts, product development and sales strategies will be required on a monthly basis.

"As a local bank, we are committed to investing in Long Island and helping our community to grow and thrive,” said Andrew F. Corrado, market president for Capital One Bank in Nassau County. “This unique partnership gives us the opportunity to promote entrepreneurship at both the high school and college level, which will make a difference to our youth, the families that reside here, and the communities across Long Island that are so important to our future."

At the end of the academic year, the teams will present their business ventures to their peers and a team of judges consisting of representatives from Capital One Bank and Zarb School faculty
members. Their "annual report" and factors such as profitability, the number of people impacted and the nature of the venture will be evaluated to determine a winner. The challenge combines the hands-on business training with a lecture series that provides understanding of the importance of entrepreneurs in the community, and how small businessmen and women are the basis for local economies.

"The Capital One Entrepreneurship Challenge represents the best in industry-academic partnerships," said Richard Hayes, assistant professor of entrepreneurship at the Zarb School, "Experiential learning is a hallmark of an elite entrepreneurship program and we are excited to be able to provide our students with the occasion to plan, launch and manage a business. In addition, this is a unique opportunity where our students will both receive invaluable mentoring from a talented and committed group of banking associates and serve as mentors themselves to the next generation of college superstars.  I am thrilled to be a part of this initiative and I look forward to witnessing the first set of new businesses."

"It has been an honor for the Uniondale High School Business Ownership and Management students to participate in The Capital One Campus Entrepreneurship Challenge. Teaming up with The Zarb School of Business students, faculty members and Capital One Bank representatives has been so enriching and has enabled our young students to gain real world business experience and help them to envision themselves as entrepreneurs," said Maureen McDonough, business education teacher, Uniondale High School.

All profits will be donated to the Hofstra Entrepreneurship Club to support continued club activities such as participation in national business plan competitions and conferences.

For additional information regarding this program please contact Dr. Richard Hayes at (516)463-5727 or via e-mail at Richard.Hayes@hofstra.edu.

The Frank G. Zarb School of Business at Hofstra University believes that the best business education provides students with a sound knowledge of their field combined with a broad, well-rounded program of study guided by an experienced faculty committed to excellence. Recognized as a top 15 MBA in marketing program by the Princeton Review's Student Opinion Honors for Business Schools and ranked by BusinessWeek as a top 100 undergraduate business program, the Zarb School continues to provide its students will a solid educational background that prepares them to excel in their chosen field.  

Hofstra University is a dynamic private institution where students can choose from more than 150 undergraduate and 160 graduate programs in liberal arts and sciences; business; engineering; communication; education, health and human services; and honors studies, as well as a School of Law. With a student-faculty ratio of 14-to-1, our professors teach small classes averaging 22 students that emphasize interaction, critical thinking and analysis. Hofstra offers a faculty whose highest priority is teaching excellence. The University also provides excellent facilities with state-of-the-art technology, extensive library resources and internship programs that match students’ interests and abilities with appropriate companies and organizations.  The Hofstra community is driven, dynamic and energetic, helping students find and focus their strengths to prepare them for a successful future.