The prize money will help Schultz fulfill his dream of opening a business called Summer Destinations, an advising and placement company for Chinese students ages 8-14 who want to attend residential summer camps in the United States.
Schultz’s idea for the business was born after he visited his father, who is a director of a summer camp, and was introduced to some children from Beijing and spoke with them about their experience.
“It’s common for Chinese kids to come to the U.S. for educational opportunities, and the summer camp experience is definitely a place for growth,” Schultz explained. “[Summer Destinations] is kind of the consultant middle man—we occupy the void space between these two areas and then connect the two.”
But the first place prize for Schultz almost didn’t happen—he was originally cut from the contest after the first round, which narrowed contestants down from 14 to six. But with a stroke of luck, one of the final six participants dropped out of the competition and Schultz was chosen as the alternate and allowed into the final round of the competition.
“[Being cut] made me realize I had a good idea but I had a lot of work to do,” Schultz said. “Then I got a phone call that one of the contestants had dropped out and I was the alternate so I was kind of thrown back in, which really helped my confidence and enthusiasm for it, because in my eyes I already had won just by getting into the six finalists.”
After he got into the final six, Schultz knew he had a lot of hard work to do, but was aided by his mentor, Nancy Wekselbaum, a member of the Skidmore Class of 1973 and president of the Gracious Gourmet, based in Bridgewater, Connecticut. Each of the final six contestants were supplied their own mentor.
“[Nancy] was really helpful and really encouraging—when it came to my personal business, she was a judge in the first round so she really had the inside scoop as to what I really needed to work on,” Schultz said. “As my mentor, she really helped me with my delivery and really focusing on selling and pitching the idea, as opposed to getting caught up in the minute details. She really helped establish the face of the business and I credit her help 100 percent with the success we had.”
After Schultz found out he won, he said he was excited and “is still a little shocked.” Schultz, who speaks Mandarin, will head to Beijing in August to officially start his new venture business with the help of his prize money that will cover his startup costs.
“I’m very nervous of course, but my excitement outweighs my nervousness. It’s a big step but it’s really exciting,” Schultz concluded. “It’s nice to have a plan and have this great adventure ahead of me.”
A second prize of $10,000 in cash and $4,000 in legal services donated by the New York law firm Phillips Nizer went to first-year students Alexander Nassief and Brianna Barros for Rum Dogs Inc., an enterprise that has developed a proprietary method for aging rum in barrels submerged in the Caribbean Sea.
A third prize of $5,000 in cash and $2,000 in accounting services donated by the Saratoga Springs accounting firm Flynn, Walk, Diggin was awarded to junior management and business major Seth Berger for his plan to develop the firm he established in 2010, East Coast Lacrosse, into a leader in custom athletic apparel.
For more information on the Freirich Business Competition, visit www.skidmore.edu/management_business/freirichbusinessplan.php.
