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Deutsche Bank reveals winner of Competition THRIVE

May 18, 2012 │ New York

The Deutsche Bank Americas Foundation, New York City Economic Development Corporation (NYCEDC) and Baruch College announced at a recent award ceremony the winner of the Competition To Help Reach Immigrant Ventures and Entrepreneurs (THRIVE), a contest launched to find sustainable solutions to the unique challenges faced by immigrant entrepreneurs.

Five finalists for Competition THRIVE were chosen from 39 organizations that submitted innovative business plan proposals. A panel of judges selected The Queens Economic Development Corporation (QEDC) as the winner and recipient of $100,000 to expand their foreign language contractor training program. The program assists immigrant home improvement contractors by providing business and marketing consultations, and helping to overcome language barriers in order to acquire licensing. The program has been successfully piloted with Chinese-speaking contractors in Flushing, Queens, and will be further expanded to other language groups.

All finalists were provided with an initial seed fund of $25,000 in fall 2011 to pilot their programs. Business Outreach Center (BOC) Network was named runner-up for a program to increase access to financing for immigrant entrepreneurs and will receive an additional $25,000. The other finalists were ACCION USA, Make the Road NY (MRNY) and Washington Heights and Inwood Development Corporation (WHIDC).

“The THRIVE competition proved to be highly effective means to discover and support a best in class intervention to foster the growth of immigrant owned enterprises in NYC,” said Gary Hattem, President of the Deutsche Bank Americas Foundation. “Creating a sustainable infrastructure of support for these businesses will have a lasting impact on the City’s overall competitiveness.”

New York City’s immigrant population continues to rapidly grow and now comprises one-third of the City’s population. The competition was launched to ease the impediments of immigrant-owned businesses; immigrants make up 49 percent of all self-employed workers in the City, compared to 25 percent in New York State and only 12 percent in the U.S.

Competition THRIVE is jointly funded by the New York City Economic Development Corporation (NYCEDC) and the Deutsche Bank Americas Foundation, and is administered by Baruch College’s Lawrence N. Field Center for Entrepreneurship. Based off the success of its inaugural year, the City and Deutsche Bank Americas Foundation have announced a commitment to a second year of Competition THRIVE.

The NYCEDC is the City’s primary vehicle for promoting economic growth in each of the five boroughs; its mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. For more information, please click here.  

For more information about Competition THRIVE, please see the press release.

Deutsche Bank Americas Foundation president Gary Hattem (third from left) helps present THRIVE award to QEDC enlarge

Deutsche Bank Americas Foundation president Gary Hattem (third from left) helps present THRIVE award to QEDC

Deutsche Bank Americas Foundation president Gary Hattem (third from left) helps present THRIVE award to QEDC

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Last Update: January 18, 2013
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