Why former Safeguard Scientifics CEO raised $1M for youth entrepreneurship org

In 2006, Peter Boni wanted to get Safeguard Scientifics back into the philanthropic game. Following the dot-com crash, the Wayne-based investment firm’s philanthropic work was suspended.

Boni, Safeguard’s then-CEO, was shocked to hear that Philly’s high school dropout rate was 50 percent, the Philadelphia Inquirer reported. He attended a gala for a national youth entrepreneurship organization called the Network for Teaching Entrepreneurship (NFTE) in Washington, D.C. and “was hooked.”

Along with Internet Capital Group president Doug Alexander, Boni raised more than $1 million to launch a NFTE Philly office at Temple University. The local program still operates today, connecting students with mentors that help them develop businesses. Two local students actually made it to the semifinals of the national business plan competition, the Inquirer reported.

[Inquirer]