The University of the Virgin Islands and International Capital and Management Company have formed a partnership in support of UVI's College Business Residency Program (CBRP). The CBRP is a 3-week summer business education program for high school sophomores and juniors, which takes place on UVI's St. Thomas campus.

At a reception on Friday, June 27, UVI President Dr. LaVerne E Ragster welcomed Richard J. Stephenson, founder and chairman of International Capital and Management Company (ICMC). ICMC has made a $57,000 annual commitment to fund UVI's College Business Residency Program.

"Every time he makes a contribution to the University, Dick Stephenson asks, 'how will it help the students,'" Dr. Ragster said. "His support of this program will definitely change these students' lives."

Stephenson, who is also the founder and chairman of Cancer Treatment Centers of America, spoke energetically and enthusiastically about business and the importance of meeting the needs of customers.

"Not one of us was born with the right to be in the business we've entered," Stephenson said. "You have the task of continually discovering and rediscovering what people find valuable."

Dr. Eustace Esdaille, director of the CBRP and interim dean of the Business Division at UVI, put Stephenson's commitment to the program into perspective.

"ICMC has made it possible for the CBRP to grow and to flourish," Esdaille said. "Without ICMC's support, the program would not be nearly as successful or as meaningful to its participants or to the territory as a whole."

Participants in the College Business Residency Program live on UVI's St. Thomas campus for 3 weeks, during which time they are given the skills to create and present a business plan.

"All of the experiences that they encounter throughout the three weeks are intended to help them write a winning plan and present it," Esdaille said. "We want to expose them to a college experience as well as to the business discipline, with special emphasis on entrepreneurship."

Twenty-three students from high schools on St. Thomas and St. Croix are taking part in this year's program, which began on June 15 and ends on July 2.

Once the CBRP is completed, the University and ICM will track and maintain contact with the participants, as well as provide paid summer internships for them. So far this summer internship opportunities have been provided at ICMC, at Wyndham Sugar Bay Resort and at Best Western Emerald Beach Resort. Other internship opportunities are being sought.

Esdaille expressed his appreciation to Stephenson for supporting the CBRP and its students.

"On behalf of these students, on behalf of their parents, on behalf of the University, thank you," he said.

For further information about the CBRP or to provide an internship opportunity for a CBRP student, please contact Dr. Eustace Esdaille at 693-1312, 693-1307 or by e-mail at eesdail@uvi.edu.