Summer Analyst competition raises $70,000 for charities.
Displaying the energy and financial skills that make outstanding Analysts, J.P. Morgan Summer Analysts turned a $10,000 investment into more than $70,000 in proceeds for various charities, part of a Good Venture competition in which 21 teams competed to raise money for selected non-profits.
During the eight-week competition, the Summer Analysts presented their projects in contests that drew on elements of the TV shows, “American Idol” and “The Apprentice.”
“We wanted our Summer Analysts to have the most realistic experience possible by giving them unique leadership opportunities to manage their own projects, while, at the same time, raise visibility and funding for the charities of their choice,” said Adam Beshara, summer co-chair. “The results speak for themselves – over $70,000 raised in eight weeks for a range of charities. Like any good investment banking deal, the winning team found a unique way to build on existing efforts in J.P. Morgan and expand them to a broader group, indicating a well executed strategy.”
Along with the Summer Analysts, more than 500 J.P. Morgan employees at all levels, from assistants to vice chairmen, participated in the charitable events and contributed to the Summer Analysts’ creative projects and leadership. Most important, the projects benefited hundreds of people through the assistance provided to groups, such as the Big Brothers and Big Sisters of Chicago, or a young boy from China Cares who will receive life changing surgery.
In the Good Venture competition, the summer interns were separated into 21 teams, averaging 9 interns per team, and were given guidelines and a $500 budget. In the first three weeks, the teams had to select a charity, and submit a one page proposal that described their charity, event idea, goals and budget. The teams had the next five weeks to host creative events that raised money for their charities.
Toward the end of the contest, each team had five minutes to present their project to their peers, in a format modeled on “American Idol” with the Summer Analysts voting for the teams based on teamwork, participation, creativity and the amount of funds raised. The top three teams then moved onto the next level a few days later.
The three teams selected for the final round were: Team Three, on behalf of the Fresh Air Fund; Team 11 for iMentor; and Team 21 for Do it for the Kids. Team Three sold Fresh Air Fund stress balls and conducted an online auction with items donated by J.P. Morgan employees. Team 11 planned three different projects: the sale of American flag pins, an online auction, and a BBQ and softball tournament. Team 21, a group of Summer Analysts from San Francisco and Los Angeles, set-up two different events that raised over $10,000. One event was for the Myotonic Dystrophy Foundation, founded by Jeremy Kelly, Managing Director in Private Banking, a group that researches and supports individuals with the muscular disorder, and the other benefited the Children’s Hospital of Los Angeles.
A few days later, the three teams moved onto “The Apprentice” round where the three finalist teams had seven minutes to present their projects in a format that mimicked the show. The teams presented to senior judges, Vice Chairman Jimmy Lee, and Kelley Coffey, Managing Director, Global Currencies. Coffey is also the senior sponsor of recruiting philanthropy initiatives.
After the presentations, the judges conferred with the summer co-chairs and chose the west coast team as the winner of the summer 2007 Good Venture competition. Lee later made a generous donation to all three finalist teams’ charities.
The winning team, which will also have its donations matched by J.P. Morgan, celebrated at a group dinner with the summer co-chairs Beshara, Melissa Smith, and Jennifer Herber. Their charities will also have a chance to be selected in the campus recruiting Give-It-Away campaign this fall to receive an additional $30,000 donation.
The Good Venture campus competition for undergraduates and MBAs that launched in the fall of 2006 will be re-launched this September—as a global competition. The on-campus version of Good Venture allows recruits to submit funding proposals in order to compete for $25,000 to go to a non-profit philanthropic organization of their choice. To learn more, go to jpmorgan.com/goodventure