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CUNY Institute for Virtual Enterprise

One Bernard Baruch Way (55 Lexington Ave. Suit 2-140).
New York, NY 10010

P: 646-312-4790
F: 646-312-4781
ive@baruch.cuny.edu


   
Our Credit Card system allows students around the world to interact virtually.   Students run virtual businesses in a Global Virtual Economy.   The Leadership Program bridges the gap between academic education and real-world implementation.



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  IVE MarketMaker in Full Swing

The bank is no different that what one would find at any commercial electronic banking website. Financial transfers can be made anywhere within the network via an intuitive web-interface. Each student transacts consumer-to-business transactions in the global network as well as business-to-business transactions. Personal financial records are kept by the students to support their transactions. The lessons of fiscal responsibility and budgeting resources are emphasized.

During the course of the semester, VEs go through the process of constructing online stores, showcasing their goods. The e-commerce portal allows firms to list and manage their inventory electronically. VE companies merely have to enter product data along with photographs to generate their own sales homepage. Using credit cards, students and businesses from around the world can quickly buy and sell each *s products.

Kingsborough also sponsors a trading day during which firms from around the University, and even from other countries, come together face-to-face. This allows students to practice their interpersonal and salesmanship skills, as well as stimulates the virtual economy. A trading day held this past year this year was a great success. In four hours, the MarketMaker credit system processed thousands of transactions, totaling in the millions of virtual dollars.

The stock market bridges the virtual with the real world. Students learn the value of saving and investing in portfolios of Virtual Enterprises and publicly traded corporations. VEs are able to go through the process of raising investor capital, from preparing pre-IPO financial statements to watching their symbol traverse a web ticker-tape. To add realism to the market model, VE stock prices are tied to real-world partners and industry funds. This encourages students to read the newspaper for wise virtual investments.

The elements of the MarketMaker were completed and beta-tested over the past year with support from the Bank of America Foundation. Currently the bank serves Virtual Enterprise firms around the City University of New York, the California High School system, colleges in the states of Washington and North Carolina, and firms as far as Austria and Denmark.

Over the next year, the Institute has two primary goals: The first goal is to turn the process-driven components that are in place into a dynamic virtual economy. The operations of the four parts will be tied together closely; economic indicators such as risk and interest will be injected into the system. The bank will be connected to others in a global network. The second goal is to package the bank so that it can be replicated by institutions around New York and the country. This involves developing documentation and refining the user interface.
 

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Posted on 2005-09-10 09:54:27  [ Return to Previous Page ]          
  






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