By Austin Cooper
Balancing classwork and personal lives can, at times, be difficult. The balancing act becomes even more challenging with the added stresses of a job or graduate level coursework. Alex Frommeyer, a graduate student in civil engineering and the CEO of INVEN, is pushing his limits and helping to redefine the traditional student role by working for himself while pursuing a master’s degree.
A combination of the words “innovate” and “venture,” INVEN is a company that was created by students and continues to be entirely owned and operated by students. The company recently won a $10,000 award in the Cincinnati Design Competition. Other members of the INVEN team include Daniel Dykes, a graduate student in electrical engineering, as well as Alex Curry and Joe Schab, both graduate students in mechanical engineering.
Frommeyer readily admits that it is unusual for students to create companies and be entrepreneurs before firmly establishing themselves in the world. But he is also quick to point out the advantages.
“Students have less to lose, low overhead for operations and no mortgages to pay,” said Frommeyer. “We are completely internally financed and are now generating positive revenue.”
INVEN does not necessarily sell tangible products. It is more akin to a consulting firm. According to Frommeyer, the group designs and prototypes products. However, the INVEN design team of Curry and Dykes are currently designing their own dental file, based on information from Frommeyer’s sister who is currently attending dental school. Curry, who has worked in the surgical dental sector in a previous co-op, predicts that the product will be complete in the third quarter of 2011.
The group of engineers represents an entrepreneurial spirit and embodies the new direction for the University of Louisville. Frommeyer draws inspiration from Bill Gates, but relates to Lee Todd, University of Kentucky president, on student attitudes from in-state universities. Todd, a Massachusetts Institute of Technology graduate, cites career attitudes as a major difference between MIT graduates and graduates from Kentucky schools, such as UK and U of L. Whereas a U of L graduate may wonder which company they will work for, MIT graduates decide which type of company they will create and own. James Ramsey, U of L president, hopes to foster a more progressive approach toward employment. To him, INVEN represents this change that he desires.
“[INVEN] is an embodiment of one of the goals of the Postsecondary Education Improvement Act of 1997,” said Ramsey in an e-mail correspondence with The Louisville Cardinal. “The jobs of today are very different than the jobs of yesterday. And the jobs of tomorrow have yet to be defined.”
Rather than actively seeking clients, INVEN has recently been turning clients away. The members said they have reached their full working capacity. As it is, sleep often eludes the graduate students.
“I spend 50 to 60 hours a week working on the company stuff, but Frommeyer probably doubles that,” said Curry. Despite his already busy schedule, Curry plans to pursue a law degree to better enable him to fulfill company needs. Similarly, Frommeyer is considering an MBA program to augment his business skills.
Regardless of the ever increasing workload, the members firmly maintain that their business, though stressful at times, is extremely rewarding.
“Working for the group is the most fun I’ve ever had,” said Schab.
Schab is not alone in feeling this way. This sentiment is shared amongst the group.
“I am excited to get up on a daily basis,” said Frommeyer.
A large part of this excitement for the job comes from the fact that the group wholeheartedly supports one another and truly enjoys working together.
“I am realizing a lifelong dream of owning a business,” said Dykes. “I could not have picked a better job to do.”
