JCK Retail Report: Back to School

A North Carolina jeweler donates money to create a university entrepreneurship fund.

Paul Holewa, Senior Editor -- JCK Online, 10/16/2009 3:42:38 PM

Gary Simon is investing in the future of his business. Money isn't being budgeted for the latest technology that will separate him from other jewelers in High Point. He's investing in a university program that will make student business plans start-up companies. Ultimately Simon and other company owners investing in the program want to create the next generation of business owners while attracting business investment to their community.

In early October, High Point University announced that Simon, owner of Simon's Jewelers, donated money to create the school's Center for Entrepreneurship and Innovation Fund. At the heart of the program is the Business Accelerator Fund, which takes student business plans from conception to a working business model.

HPU undergraduate students submit business plans to the "The Jewel of High Point" Entrepreneurship Award and Program. A grant committee then reviews business proposals and awards grant money based on the viability and sustainability of the plan. The Center advises and assists students in the development of these start-up company proposals then offers seed money and logistical support to give fledgling businesses a start.

For the next five years, Simon will budget money for this college program. Although Simon is an alumnus from University of North Carolina in Chapel Hill, the store owner's donations to a local university is part of an uptown revitalization project that Simon and other small business owners hope will revive the city's retail landscape.

Gary Simon at his store in High Point, NC.

"There's a portion of the downtown area that is dedicated to the wholesale furniture market," says Simon. "But many retail businesses are relocating to store fronts just outside that area, what we call the ‘Uptowne.'"

Simon and his staff are also donating proceeds from sales of High Point University jewelry in addition to dedicated funds for the Center. Designed and produced by high-end silver jeweler designer Slane & Slane, and exclusively sold at Simon's store, proceeds from the school mascot panther-inspired silver and silver and diamond jewelry designs (gold panther jewelry is made by special order) go to the Center.

Supporting budding businesses is only one part of the jeweler's two-pronged community outreach effort. Simon is a firm believer that the health of the local economy is only as good as the physical well being of the people breathing life into it.

Donations made to the High Point Regional Health Care System Endowment Fund helps to provide new equipment and broader health care services through the local medical facility. "Without functioning health care [system] people are not only unable to manage their own health but the health of their business," says Simon.

As a board member of the High Point Core City Board, Simon is part of a consortium of business owners and community members who share a similar vision for their city. In the past Simon contributed to many worthy national charities, but has scaled back on those donations to better serve his community.

"It only makes good business sense," says Simon. "There's a big difference between sending money out of town for a worthy charity versus dedicating money to support local commerce and causes. Health care and a healthy local economy are two areas that are making the biggest impact in this city."