Youth From Around the World Face Off in Final Round of Global Entrepreneurship Challenge
COLORADO SPRINGS, Colo., Aug. 9, 2012 /PRNewswire/ -- Junior Achievement Worldwide(®) (JA Worldwide), in partnership with MasterCard (NYSE: MA), presented the final round of the Global JA Titan Challenge live in Wilmington, Del. from Aug. 6-9, 2012. First prize went to Team Tax & Xray from China.
The Global Titan Challenge is based on JA Titan(®), an online program that allows teams of high school and university students from around the world to act as chief executive officers and run a business in a virtual environment that mimics real-world conditions. Teams are prompted to make decisions that affect the profitability and sustainability of their virtual company and attempt to outperform their competitors in profit, sales and market share. By exercising critical fiscal and managerial decision-making, students get first-hand experience in the challenges of operating a successful global business.
"The Global Titan Challenge is an outstanding opportunity for youth to prepare for competition in a global economy," said Sean Rush, president and chief executive officer of JA Worldwide. "This was a great year for the competition, and MasterCard's commitment to entrepreneurship and financial inclusion has been a true asset throughout this partnership."
To reach the final round, teams had to rank in the top three among teams from their region during two earlier rounds. Each round required teams to make decisions about price, production levels, marketing and research, capital investments and budgeting, all of which influenced the hypothetical company's performance index.
"We are excited to be a part of this year's Global JA Titan Challenge once again," said Patricia Devereux, group head, Corporate Philanthropy & Citizenship at MasterCard Worldwide. "This event brings classroom lessons to life, putting students in the CEO's seat and making decisions that drive performance and profitability. By simulating real-life entrepreneurial experiences, students are developing skills that position them for success in the future."
Team Tax & Xray from China beat out competitors from four other global regions (the Americas, Europe, Asia/Pacific and the United States) to take this year's top honors.
Cash prizes in U.S. dollars were awarded to the top five finishers:
-- First Place: $3,000 to Team Tax & Xray from China -- Second Place: $2,000 to Team YMCA from the United States (Junior Achievement of the Upper Midwest) -- Third Place: $1,000 to Team Gang Misia Haribo from Poland -- Fourth Place: $500 to Team Lucky from Russia -- Fifth Place: $250 to Team Radar from Canada
MasterCard's philanthropic efforts are focused on furthering financial inclusion through entrepreneurship. Mastercard supports entrepreneurship in order to help individuals overcome barriers to financial inclusion and ultimately achieve positive economic outcomes for themselves, their families and their communities. Through their core competencies, technology, people, and charitable giving, Mastercard makes a difference in people's lives around the world.
About JA Worldwide(®) (Junior Achievement) JA Worldwide is the world's largest organization dedicated to inspiring and preparing young people to succeed in a global economy. Through a dedicated volunteer network, Junior Achievement provides in-school and after-school programs for students which focus on three key content areas: work readiness, entrepreneurship, and financial literacy. Today, nearly 10 million students are served by JA Worldwide operations in 120 countries, including 4 million young people in the United States. For more information, visit www.jaworldwide.org.
About MasterCard MasterCard(NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
SOURCE Junior Achievement USA