NJIT Alumni Honored with Entrepreneur of the Year New Jersey Awards

Two alumni from New Jersey Institute of Technology (NJIT), William Mascharka '64 and Carlos P. Oliver '77, have been named Entrepreneur of the Year 2024 New Jersey Award winners. This prestigious award, presented by Ernst & Young LLP (EY US), recognizes their exceptional entrepreneurial spirit and leadership in high-growth companies.

William Mascharka, CEO of Frazier Industrial Company, and Carlos P. Oliver, president of Frazier, were selected by an independent panel of judges composed of previous award winners, leading CEOs and other notable business leaders. They were evaluated on their ability to create long-term value, their commitment to purpose and their demonstration of growth and substantial impact.

Mascharka's journey with Frazier began in 1957-58 when he worked part-time while still in high school. He graduated from NJIT in 1964 with a degree in Industrial Engineering. Mascharka quickly advanced within the company, becoming CEO in 1975 and guiding Frazier through decades of growth and innovation.

Carlos P. Oliver, who was born in Cuba and immigrated to the U.S. at age three, joined Frazier in 1982 as a sales manager. He graduated from NJIT in 1977 with a degree in Civil Engineering, after which he gained valuable experience at the Hackensack Meadowlands Development Commission and Hartz Mountain Industries. Oliver also played four years of baseball at NJIT and served as an assistant coach. His leadership at Frazier saw him rise to vice president of sales in 1990 and president in 2001.

Under the visionary leadership of Mascharka and Oliver, Frazier has become North America’s largest manufacturer of racking solutions for supply chain applications. The company employs over a thousand people, holds dozens of patents, and serves customers across more than fifteen major industry sectors. Their ability to innovate, build resources, and develop a strong employee base were key factors in winning the Entrepreneur of the Year New Jersey Award.

Frazier's achievements include a flexible manufacturing network of ten facilities across North America, extensive research on seismic building design and environmental factors, and maintaining operations during the COVID-19 pandemic through innovative safety measures and remote working solutions.

As winners of the New Jersey award, Mascharka and Oliver are now eligible for the national Entrepreneur of the Year 2024 Awards. The national winners will be announced in November at the Strategic Growth Forum, with the overall winner advancing to compete for the World Entrepreneur of the Yearn Award in June 2025.