On Friday, I had the opportunity to serve as a judge for the New York City Virtual Enterprise International (VEI) business plan competition. I saw teams of juniors and seniors from New York City public schools deliver better business presentations than many of those I’ve seen delivered by MBAs  in Fortune 500 boardrooms.

What is Virtual Enterprise?

A Virtual Enterprise (VE) is a simulated business that is set up and run by students with the guidance of a teacher/facilitator and a business partner. The program allows students to experience, in a simulated business environment, all facets of running a business — including human resources, accounting, product development, production, distribution, marketing and sales.

The New York City Department of Education pioneered the VE concept in the United States and there are now 66 VE firms in fifty-three high schools within New York City. Nationally, there are VE programs in 400 secondary and post-secondary institutions.

VE firms “sell” their products and/or services  to students in their schools and to other VE firms.  Firms also conduct business at national and international trade fairs. No money actually changes hands, but virtual financial performance is carefully tracked.

Corporate business partners provide direct assistance to VEI students in their adopted school. They also provide internships for students and often recruit VEI students for jobs after graduation.

The VEI Business Plan Competition

The annual VEI business plan competition is one of the highlights of the year for participating students. The national winner gets a $25,000 prize co-sponsored by Merrill Lynch.

The competition that I judged on Friday was the New York City finals. The top firms from all five boroughs competed for three slots at the national competition in March and computer equipment for their schools. The competition was held in the offices of long-time VEI partner Deloitte & Touche LLP.

The presentations covered everything from company mission to marketing strategies to detailed financials.  My fellow judges and I were blown away by the professionalism and enthusiasm of the students who presented.

I only wish that I’d had the opportunity to participate in a program like this when I was in high school.  These kids are developing business skills that will serve them well in any career path. Many of them will land internships and/or jobs as a result of the experience gained and connections made in the program. All of the kids will learn about the challenges and thrills of entrepreneurship firsthand. I fully expect to see some  future entrepreneurial superstars come out of this program (along with some future leaders of firms like Deloitte).

Big congratulations go out to the top three VE firms in New York City:

1st place: VE Management from New Dorp High School in Staten Island
2nd place: The Printing Depot from Fort Hamilton High School in Brooklyn
3rd place: VE Law from New Dorp High School in Staten Island

And props to all of the amazing competitors.  Thanks also to John Jastremski, Iris Blanc, and SCORE for the opportunity to meet these brilliant kids and get involved in the program.

Learn more about VEI and how to get involved.