From boards — to books — to bank: Student entrepreneur wins $40,000 national scholarship

MANITOWOC — At the age of 18, Jake Lindemann already has a nice start on his lifelong dreams.
He hopes to one day own a nationwide chain of skateboard stores, and he's got every intention of being involved with stocks. And with a successful run as a Manitowoc businessman already under his belt and money invested in the market, he's well on his way.

One thing obstructing his path to success was financing a college education. But thanks to a whole lot of determination, this Manitowoc Lutheran High School senior will be attending the University of Wisconsin-Milwaukee next year at the expense of the McKelvey Foundation.

He was awarded a $40,000, four-year scholarship last month by the New York-based organization, which gave 100 entrepreneurial scholarships this year to students across the country.

"It's a huge help," Lindemann said of the funds. "My parents paid for my high school, so I'm on my own for college."

Though he opened 360° Board Shop on July 10, 2006, with now 16-year-old brother Nate, Jake said he's taken no profit from the Manitowoc store, choosing instead to put all revenue back into the business. Now he reports sales and inventory have tripled in the nearly two years 360° Board Shop has been open. Total sales for 2007 amounted to $25,000, and this year they're shooting to beat $30,000.

"I knew it would go over well from the beginning," Lindemann said, "but it has definitely exceeded my expectations."

He started the store in 2006 to serve the needs of area skateboarders following the opening of the Manitowoc Regional X-Sports CompleX at Dewey Street Park. Ever since, 360° Board Shop has offered skateboards, shoes, clothing and accessories, as well as snowboarding gear in the winter, to a following of at least 100 people.

To be awarded the McKelvey Foundation entrepreneurial scholarship, Lindemann had to prove he has owned and operated his business for at least one year, has at least one paid employee, is a graduating high school senior, and plans to attend an accredited four-year college or university.

"Our goal is to have a network of young entrepreneurs to learn from each other and meet each other, and to motivate them to continue to be entrepreneurs," said Christine McKelvey, president of the McKelvey Foundation. "We also want to hear from them that they have plans to continue to be entrepreneurs. These are all pretty amazing kids."

The foundation received nearly 1,000 applications this year for its entrepreneurial scholarships, McKelvey said.

That number was narrowed down to 200 for phone interviews, and 100 of those students were named winners at the end of March.

"Much of the decision is based on the interview," McKelvey said. "An application is an application, and it's hard to really convey what you're doing and your passion. In the interviews, we were looking for someone who could communicate to us that they have the drive and ambition to continue to be an entrepreneur."

The student business owners varied in genre this year, she said, from tennis and swim teachers to fashion designers to leather importers to Web designers to snow cone stand operators. With 360° Board Shop, Lindemann is one of a minority involved in the retail business.

"I can see why she like him so much," McKelvey said as she looked through the interviewer's notes about Lindemann. "He really was able to build his business … he was so focused on it. He seems pretty motivated and dedicated to make this business work."

And now, as Lindemann stares straight ahead into a bright future, he's faced with the challenge of keeping the business or completely moving on and selling it to his brother.

"Manitowoc Lutheran High School and the Manitowoc business community should be very proud and excited for this young man," said Julie Nass, guidance counselor at MLHS. "National scholarships are difficult to win."

Lindemann also is a finalist for a $10,000 National Federation of Independent Business Young Entrepreneur Award. He hopes to know the results next month.

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