Area High School Students Gathering Feb. 28 for Junior Achievement-Bank of America Titan (Business) Challenge
Contact: Renee Kelly, 581-1141
George Manlove, 581-3756
ORONO — Students from five area high schools and 10 area businesses will team up Thursday, Feb. 28, for the Junior Achievement-Bank of America Titan Challenge, part of Maine’s observance of National Entrepreneurship Week.
Ten student teams will compete at the Foster Student Innovation Center at UMaine in Orono and 20 teams will compete simultaneously at the Glickman Library on the University of Southern Maine campus in Portland. Competitions begin at 8:45 a.m. and end at 3:15 p.m. in both locations.
The Titan Challenge pits teams consisting of three high school students and one volunteer business advisor from the community against each other to run the most profitable company.
In the afternoon, using an Internet communication technology known as Skype, winning teams in each area will compete for the state title. Former Gov. Angus King will be on hand in Portland to oversee the awarding of savings bonds to winning teams.
Based on Junior Achievement’s high school simulation program, the Titan Challenge places high school students in the CEO’s seat and increases their understanding of the real world of business. Young entrepreneurs will be taught about the nuances of running a global business in a competitive, high-tech marketplace.
Students will have complete authority to manage and operate their own virtual business. Success depends on how well they manage key decisions including: how much money to spend on research and development; what new innovations to add to their product; how to price their product; what to spend on marketing and how it affects sales; making recommendations for capital investment based on set parameters; and how much to produce and how it affects price, sales and profit.
Teams are challenged to think like companies and try to outperform the competition in profit, sales and market share. Business decisions made on-line during the competition can affect and be affected by other companies in the competition.
Participating high school teams and business at UMaine include: Bangor, Brewer, Central (Corinth), Hermon and John Bapst high schools and Bangor Frameworks, University Credit Union, Morgan Stanley, Johnson Management Group, LLC, The Bangor Letter Shop, Ryder Transportation Services, Home Design Center, Bangor Savings Bank, Maine Savings Federal Credit Union and Bank of America.
The Foster Student Innovation Center at the University of Maine is hosting the event with cooperation from graduate students in the Maine Business School and SIFE (Students in Free Enterprise, an entrepreneurs club) from Maine Maritime Academy.
In Portland, participants include Biddeford, Gorham, Greely, Oak Hill (Wales), Old Orchard Beach and Portland high schools and Lewiston Regional Technical Center. Southern Maine businesses include Synernet, Inc., Coldwell Banker Residential Brokerage, Bank of America, AAA Northern New England, Bangor Savings Bank, Saco & Biddeford Savings Institution, Berry, Dunn, McNeil & Parker, Northwestern Mutual Financial Network, Hannaford Bros. Co., Robillard Insurance, Androscoggin Chamber of Commerce, Sanford-Springvale Chamber, Bangor Savings Bank and Kennebunk Art Studio.
At USM, the challenge is being hosted by USM’s School of Business, including the L.L. Bean /Lee Surace Endowed Chair of Accounting, with assistance from Students in Free Enterprise at USM. Lead sponsor for the event is Bank of America. Additional financial sponsors include Diversified Business Communications, Synernet, The Galen Cole Family Foundation and WABI TV5.
Lenovo is providing the computers for the event in Orono.
Junior Achievement of Maine is a nonprofit organization dedicated to teaching children about business and economics. During the 2006-2007 school year, JA of Maine served more than 9,600 students in grades K-12 across the state with the support of more than 350 classroom volunteers.