FINALIST: Industrial and Engineered Products and Materials
Andrew Sherman is a serial entrepreneur who has dedicated his professional life to developing sustainable materials using materials science and technology. He aims to reduce the environmental, energy and cost impact of society, while also eliminating waste such as lost productivity.
Toward this end, he’s founded, personally capitalized and currently runs four companies in various capacities. He’s president and CEO of Euclid, Ohio-based Powdermet Inc., a nanotechnology and advanced materials research and development organization; president and CEO of Euclid, Ohio-based MesoCoat Inc., a surface engineering company specializing in metal protection and repair; director of Miami-based Abakan Inc., which invests in companies that have developed transformational technologies; and heads Sherman Properties LLP.
These companies currently employ 56 employees, and are experiencing both revenue and size growth.
In 2010, MesoCoat licensed breakthrough, megawatt-scale light fusion technology from Oak Ridge National Lab and has constructed its first large-scale steel cladding facility to apply nanocomposite metal coatings to oil and gas pipelines. This will reduce failure rates and improve flow assurance in the energy sector. The new plant also will create more than 100 additional jobs and greatly increase revenue.
Sherman’s continued success can be attributed to his talent for recognizing technology and product platforms at their earliest, unproven conceptual stages – then having the determination to generate financing, build technology, create manufacturing processes, and facilitate business partnerships over the three to 10-year development and commercialization cycle.
His breakthroughs don’t just benefit his companies – Sherman’s innovations have been the basis for, or major contributors to, the formation of eight additional companies in areas such as bone replacement therapies, advanced diamond cutting tools, lead replacements and additive manufactured dental replacements.