Greg Frankenfield to receive U of M's 2013 Entrepreneur of the Year Award
September 9, 2013
Greg Frankenfield, co-founder and CEO of Magenic, will be presented with the University’s Entrepreneur of the Year award at 5 p.m. on Wednesday, Sept. 11, at the University of Minnesota McNamara Alumni Center, 200 Oak St. S.E., Minneapolis. The ceremony will feature welcoming remarks from President Eric Kaler and also announce the winners of the 2013 Minnesota Cup, a competition that supports and encourages emerging entrepreneurs and highlights the position of the University of Minnesota as a hub for innovation.
"Greg is a passionate and optimistic entrepreneurial leader who is committed to creating opportunities for his employees and the community," said John Stavig, professional director of the Gary S. Holmes Center for Entrepreneurship at the Carlson School of Management at the University of Minnesota. "We’re proud to recognize Greg as an entrepreneurial role model who has not only built an enduring company at Magenic, but who remains an active leader in the Young Presidents Organization, Children’s Hospital Foundation Board, Smile Network, and local theatre boards."
Greg earned two degrees from the University of Minnesota – an undergraduate degree in Chemical Engineering from the College of Science and Engineering and an MBA from the Carlson School. He has been a frequent speaker in entrepreneurship classes at the Carlson School and was one of the original mentors in the Minnesota Cup competition.
Greg started his career in the consumer products industry with P&G and General Mills. He co-founded Magenic in 1995 with Paul Fridman to fulfill his passion for solving business technology challenges and creating a great place to work. Over the past 18 years, Magenic has adapted with the rapidly changing technology platforms and grown into an international custom software development firm that employs 500 employees in 8 offices worldwide. Headquartered in St. Louis Park, Magenic has been broadly recognized for its open culture and was recognized this year as one of the top ten workplaces in Minnesota.
Greg’s most recent entrepreneurial effort is directed toward a passion he shares with his wife, Marissa. Together, they recently acquired and are upgrading the Old Log Theater, which opened their first production last week.
Founded in 1995, Magenic is a custom software development firm that focuses on the Microsoft technology stack and mobile software development. Six months after founding Magenic we were approached to be acquired and we were asked "what’s our exit strategy". Our reply: "What’s an exit strategy?" If you tell someone you meet at a bar what we do, they will not understand, but our customers do. We still don’t have an exit strategy. We founded the company on the simple premise that we wanted to make Magenic a great place to work. We wanted to treat our employees like adults and we wanted to operate with pride and integrity. We still do.
About the Minnesota Cup
In the nine years since its inception, the Minnesota Cup competition has supported over 8,000 participants from 66 counties around the state. The competition’s mission is to seek out, support, celebrate and promote Minnesota's newest, most innovative business ideas and connect resident entrepreneurs with leading executives, investors and the University of Minnesota. The Holmes Center and alumni founders of the competition hope it will inspire new business ventures and drive economic growth in the state of Minnesota.