April 15, 2020
Endowing the Kenneth A. Freirich Business Plan Competition
The Freirich Entrepreneurship Competition is a transformative experience for our students and our alumni and it embodies the creative, enterprising spirit of a Skidmore education.President Marc C. Conner
In this 10th year of the Freirich Business Plan Competition, Skidmore College is celebrating its entrepreneurship programming on campus and planning growth for the future. Ken Freirich ’90, founder of the competition, is funding an endowment that will allow the competition to continue in perpetuity by pledging $500,000 toward the College’s goal of a $1 million fund. Freirich, currently the CEO of Health Monitor Network, started his first company as a sophomore who received financial aid at Skidmore.
“Ken’s leadership in supporting the competition is inspiring. For a decade, he has shown an unwavering commitment to the students who enter it each year,” said President Philip A. Glotzbach. “The endowment he has established for the competition will ensure that that the College can continue to provide transformative entrepreneurship experiences for our students into the future.”
Freirich’s commitment will support the annual prize pool and operating budget, ultimately ensuring the central role of the competition in entrepreneurship programming at Skidmore.
“The Business Plan Competition over the past 10 years has exceeded all of my expectations,"
said Freirich. "While my initial goal was to provide a platform and support system
for students to foster creativity and entrepreneurship, the competition has turned
into something so much bigger. It’s been amazing to see its impact extend to alumni,
parents, faculty and the community at large. Former judges and mentors have shared
with me that the competition has had a profound, enduring effect on them.
“The reason I wanted to endow the competition is that I want every student who has
ever dreamed about starting a business, regardless of economic background, to have
the opportunity at Skidmore to participate in a world-class program that will empower
them and inspire them to follow their dreams.”
The business plan competition has grown into a preeminent competition among liberal arts colleges nationally. To date, more than 350 students have participated and 250 businesses have been started. With donations from Freirich and other alumni, parents and friends, approximately $500,000 in cash and business services has been awarded.
Freirich’s direct involvement has had a transformative impact on students and alumni. Aspiring entrepreneurs participating in the “Shark Tank”-style competition have an opportunity to acquire new skills and business savvy. They receive personalized mentorship from accomplished alumni, parents and community members who have succeeded as entrepreneurs, executives, investors and marketers. More than 125 alumni have been involved in the competition as mentors and judges fostering a mentor-mentee relationship that is unique to Skidmore. The experience has also created lifelong and life-changing bonds for students and alumni.
The process also gives Skidmore students the confidence and tools they need to bring their ideas to fruition and prepares them for whatever career path they choose. The process has evolved over the past decade to include more practice sessions and outlets for support and feedback.
Roy Rotheim, professor of economics at Skidmore, is a driving force behind coordinating the competition. He connects students, alumni and staff each year to ensure a successful and impactful experience.
“Endowing the competition allows student participants to have more access to resources and support systems,” said Rotheim. “This will provide valuable strength and stability for the competition.”
Achieving the $1 million goal would bolster academic resources for the competitors, help the mentorship programming that is an essential element of the competition and provide additional support for prizes.
For this undertaking to be successful, Skidmore will need multiple supporters to step forward as leaders alongside Freirich. At commitment levels of $100,000 or more, individual donors can create their own named endowment funds to support various aspects of this effort, receiving personalized annual stewardship reporting as part of their permanent connection to the competition. Gifts of any dollar amount will be very meaningful and can by contributed through the link above.
“Entering the competition meant writing a business plan and going through the process of having to research and test our ideas. The Skidmore mentors really helped us bring it from zero to where we are today.” – Graham Gilmore ’18 (winner in 2018 with Kind Cultures)
"It's been challenging, trying to put a business plan together, but it's very interesting and I love doing it. My mentors are very, very helpful, and these are very good skills to gain for the future.” — Haja Bah ’21, environmental studies major (2020 finalist with Uman 4 Uman Salome).
"Participating in the competition was one of the greatest learning opportunities that I’ve had at Skidmore." – Jessica Ndrianasy ’20 (winner in 2019 with Ndriana Agro)