The CUNY Board of Trustees voted to create the Institute for Virtual Enterprise (IVE) in May 2002 to house a series of existing and new initiatives to enhance the engagement of CUNY students and their success. It has expanded from this initial view to now serve thousands of students enrolled in CUNY as well as the general university and high school population. Total CUNY enrollment is approximately 500,000 learners housed in 23 institutions located in every New York City Borough.
CUNY is a diverse minority institution many of whose students are the first in their families to attend college. Many CUNY students and their families are recent immigrants to the United States and have a mother tongue other than English. CUNY is the institution that forges citizens, business leaders and contributors to the economic, social and political future of New York City and the region.
IVE is striving to become a world leader in technology-driven, student-centered simulations in a wide variety of educational settings and disciplines. IVE continues to be a world leader to incorporate active learning strategies that combine both academic and applied learning online as well as face-to-face.
IVE currently serves 6,000+ students enrolled in CUNY through courses, events, colloquia and various social networks. IVE's flagship initiative is Virtual Enterprise (VE), where students act as entrepreneurs while designing and operating a simulated firm in the classroom. Students interact locally as divisions of one entrepreneurial enterprise facilitated by a trained instructor and support materials. Each classroom can connect with an international community of simulated firms (the IVE Partner Network) through a virtual economy (the IVE MarketMaker http://ivefinancial.com), an articulated series of events, and web-based community tools. The net effect is for students to acquire the soft- and entrepreneurial-skills demanded in today's workforce – for instance, teamwork, effective communication and presentations skills, and the ability to identify and solve problems - while making concrete use of the content from their academic major in an interdisciplinary setting.
It is IVE's intention to aggressively and rapidly increase student participation through the VE program and its expanding Global Collaborative. The VE Global Collaborative presently comprises over 80 participating post-secondary institutions in the United States as well as over 40 participating partner institutions across the globe.