Competition Founders
The combined backgrounds of the founders inspired the creation of this business plan competition for engineering students.
Charles H. Forbes, who earned his B.S. in mechanical engineering and M.B.A. from the University of Michigan, was a flexible and forward thinking small business founder who led with his core values:
- Honesty and trustworthiness are extended and expected in return
- As members of the corporate family, employees are treated respectfully with an understanding of their individual needs and desires
- Customers have unique problems that can be innovatively solved
- As many attempts as needed are made to ensure customer satisfaction with the product
Janet Phillips Forbes ’40 was a supporter of the University of Rochester for eight decades:
- Employed after graduation as Eastman School of Music Concert Bureau Manager, followed by Alumnae Secretary and Field Representative
- Advocated for the creation of a new position at the University to become the first admissions director for the College for Women (Prince Street campus)
- Served in many volunteer leadership capacities including on the Board of Governors, Alumni Council, Memorial Art Gallery Women’s Council, Trustees Council, Student Affairs Committee, Board of Trustees and Life Trustee
Endowment
Prior to selling Forbes Products Corporation in 1986, Charles and Janet made several gifts of appreciated company stock to the University. The gifts were for two purposes:
- Renovations to the Admissions Office
- Establishment of the Charles and Janet Forbes Entrepreneurial Award
The first award was presented during the 1989–1990 academic year. For twenty years the Dean of the School of Engineering and Applied Sciences coordinated the competition. In 2010 its name was changed to the Charles and Janet Forbes Entrepreneurial Competition and its management was transferred to the Center for Entrepreneurship, which later became the Ain Center for Entrepreneurship and Innovation.
The endowment continues to generate funds for annual prizes of:
- $5,000 – 1st place
- $2,500 – 2nd place
- $1,000 – 3rd place