The New York Life Foundation, the charitable arm of New York Life Insurance Company, announced on January 11 a $1,000,000 four-year grant to Virtual Enterprises International (VEI).
VEI is an in-school entrepreneurship and global business simulation program that focuses on applying learned skills to business models. VEI strives to replicate the business environment in the classroom so that students can prepare themselves for the their post-secondary education.
“VEI has helped our students become better prepared for college and careers. Through this program, our students take the skills they learn in school like math and critical thinking and put them to the test in a business environment, giving them valuable real-life experience,” said New York City Schools Chancellor Dennis M. Walcott.
The funding provided by the New York Life Foundation will go to VEI programs in California, Florida, Illinois and New York. The majority of students who experience VEI programs come from low-income families. The students typically receive 90 minutes of daily instruction by teacher–facilitators who work with local businesses, nonprofit organizations and government agencies.
“Last year, the New York Life Foundation provided VEI with a $100,000 grant and we saw firsthand that students get-hands-on experience and build the skills they need to succeed at work and in life. We are pleased to support a program that makes learning come alive and gives students an opportunity to learn what inspires them and gain the confidence they need to pursue jobs in their areas of interest,” said Chris Park, president , New York Life Foundation.