Business Plan Competition is This Alum's Way to Give Back

Ken Freirichwas a sophomore at Skidmore College when he launched his first business in the summer of 1988 -- a magazine called The Saratoga Entertainment and Discount Guide. Freirich had no experience in publishing, but he developed it into The Collegian Magazine and introduced it to 35 colleges in three states.

"I had an idea and vision and felt compelled to 'just do it'," he says. "It wasn't easy, but it turned out to be an incredible experience that changed me forever."

Twenty years later, Freirich - who went on to launch several successful companies and is now president of Health Monitor Network - aims to encourage a new generation of Skidmore students to follow the same entrepreneurial path. That's why early this year he launched the Kenneth A. Freirich Business Plan Competition, which will culminate Thursday, April 14 in the awarding of a first-place cash prize of $5000 and $8500 in legal, accounting, and marketing assistance to a Skidmore student or team of students.

"While growing up, I always knew that I wanted to go into business," Freirich says. "I didn't have the resources and I didn't have a mentor, but Skidmore gave me the foundation I needed. I'm very grateful for that and I want to give back, not just by writing checks but by inspiring as many students as possible."

Freirich not only has put up the $5000 as seed money for the winner's new enterprise, but also has arranged for the winner to receive top-shelf start-up advice from the following:

• Saratoga-based marketing specialist Paula Tancredi Penman, who will provide $3000 worth of marketing consultation;
• Flynn, Walker, Diggin, CPA PC in Saratoga, which will provide $2000 worth of accounting services;
• New York City-based law firm Phillips Nizer LLP, which will provide $3500 worth of legal advice.

"Skidmore is very fortunate to have both the supportive alumni and the faculty and institutional infrastructures necessary to support a business plan competition," notes Roy Rotheim, professor of economics and chair of the competition. "Not many liberal arts colleges can do this, and we greatly appreciate all of the resources and hard work that Ken has put into this."

About 40 students attended the informational meeting in early February at which Rotheim and Freirich outlined the rules. Twenty-three submitted business plans by the March 21 deadline. In all, they propose to create a total of 13 business enterprises, including:

• a supplier and marketer of premium hydroponic tomatoes and lettuce;
• a bike-sharing service for Skidmore students, faculty and staff
• a compact-refrigerator recycling service;
• a high-end cupcake bakery;
• a website creation-and-maintenance provider for small- and medium-sized enterprises in Saratoga County;
• A political opinion and demographic research firm.

All 13 teams will make 12-minute presentations in a preliminary round Friday, April 1. The top seven teams will be invited to compete in a second round of presentations Thursday, April 14, with the winner being announced at a reception that evening.

While some teams have ideas for businesses they propose to develop from scratch, others already have launched enterprises they want to take to the next level. For example, Calder Wilson '11 and Zachary Sweebe '10 launched their Web creation-and-maintenance firm last year in a Skidmore entrepreneurship class. For them, the Freirich prize provides a big incentive to update and fine-tune their original business plan.

"It's an incredible opportunity," says Wilson, a dual major in studio art and management and business. "If we win, we can really put our firm on a strong foundation."

Judges in the first round of competition - which will start at 1 p.m. Friday, April 1 in the Payne Room of the Tang Museum -- will include Freirich plus:

• Paul Calhoun, F. William Harder Professor of Management and Business at Skidmore;
• Catherine Hamilton, entrepreneur and owner of Putnam Market in Saratoga Springs;
• George Ehinger, local entrepreneur and angel investor;
• Carrie McIndoe, president of Strategic Capital Resources, Inc., based in Boston.