NEO Ernst & Young Entrepreneur of the Year
Wireless Environment, LLC
Wireless Environment, LLC, founded in 2006 by David Levine and Michael Recker, is a JumpStart company that invents technology and manufactures products to enable LED lights to perform effectively when off the electrical grid.
Wireless Environment provides design services for lighting manufacturers looking to gain a competitive advantage through proprietary power management features and off-grid operation. The company’s technology allows LED luminaires and lamps to determine the optimal times to draw power from the electrical lines and when to go off-grid for reasons such as unreliable power or outages, spikes in energy cost, and heavy demand on the grid.
Wireless has also developed and launched a line of battery-powered LED light fixtures that improve safety and security and operate during a power failure. These products — under the Mr. Beams brand — use a patent-pending power management system and have radio frequency capabilities to network throughout the home.
Currently, Wireless has three product lines — Mr. Beams, a line of indoor/outdoor portable LED light fixtures; ReadyBright, a wireless power outage lighting system; and SwitchSense, a module that turns LED luminaires and lamps into power failure lights.
When Levine, who is president, was deciding how to sell his company’s products, he knew entering the retail market was risky. So Levine chose to sell through Amazon.com instead of a traditional store-based model. By selling through Amazon.com and other Internet-based selling formats, Levine mitigated his risk. Wireless has the ability to sell its products at a higher margin than if it were to sell to a large retailer.
Another area where Levine took on significant risk was with the company’s patents. Having patents on technology, brands and products are very important to the success of the business. Levine has spent several years trying to patent ideas on wireless lightning, and it has been a challenge to accomplish. Wireless Environment currently has five patents with more than 17 patents applied for and pending.
How to reach: Wireless Environment, LLC, www.wirelessenv.com
For Jeff Green, his online ad exchange company The Trade Desk is the culmination of a career spent trying to make media buying more efficient. Green started his Internet work experience while in college working for Microsoft to supply technical support — but soon was focused on with his vision of improving transparency and efficiency in online advertising.
In 2004, when everyone else in the online advertising industry doubted ad exchanges, Green founded AdECN, the first exchange for online advertising. He has since been constantly trying to improve processes to make them more efficient.
As the founder and CEO of The Trade Desk, and with his background in the industry and analytical ability, he brings his vision to reality — he can delve into what he describes as the “intricacies of online marketing” and successfully capitalize such a business opportunity.
He knows his vision and can sell it as a product to his customers and colleagues. In leading his team, Green knows the delicate balance between pushing his teammates for the best results and not micromanaging.
The Trade Desk has grown rapidly, including expanding from about 20 employees to the current number of 50 in one year. Not only is Green successful at obtaining more talented employees as his business grows, but he retains those already on board. Since the start of the company in 2009, only five people have left. More than 75 percent of employees acknowledge that working at The Trade Desk is the best job they have ever had.
Green is not only entrepreneurial; he is also community-minded and charitable. When his son’s private school had no other choice but to cut the school year short because of insufficient funds, Green volunteered to help solve the problem by using his online ad exchange platform to raise money. The school raised enough funds so it did not have to cut education time short.
How to reach: The Trade Desk, www.thetradedesk.com
NEO Ernst & Young Entrepreneur of the Year
Kris Snyder is a driving force in the high growth, billion-dollar managed mobility services market. Having founded Vox Mobile as an entrepreneur inside a $200 million systems integrator and ultimately spinning it into its own venture, Snyder demonstrated his thought leadership and insight into the growth trends in enterprise mobility.
Starting Vox Mobile in 2006, Snyder recognized the potential to create value through mobility services before anyone else. At that time, organizations were becoming increasingly reliant upon mobile devices.
While plenty of competitors and organizations had invested in technology to implement and deploy personal computers, he recognized that there would soon be a need to provide these same services for mobile equipment, which has increased since consumer products like the iPhone and iPad were released.
Enterprises are now facing significant challenges ensuring issues like mobile enterprise security, employer software configuration and customer support do not decrease the productivity of their respective organizations worldwide. These issues are coming to a head as organizations contemplate how to allow employees to “Bring Your Own Device,” or BYOD, rather than issuing company devices.
Snyder’s customers call upon Vox Mobile to design, procure, deploy, support, manage and analyze their mobile devices. Snyder emphasizes and provides a culture to enable and empower his employees to provide satisfactory solutions to its callers every time to reduce customers’ frustrations and potential down time.
This requires a commitment to hiring top talent who are inventive, knowledgeable and believe in his vision. During 2012, he nearly doubled the number of employees, and Snyder continues to promote the innovation of software that allows for incremental scalability.
Snyder’s vision and ability to innovate in this niche industry has enabled the growth of Vox and mobile technology as a whole. This has created more than 40 percent sales growth during the last two years, with an additional 40 percent growth being forecast in 2013.
How to reach: Vox Mobile, www.voxmobile.com
A volunteer with the Sierra Madre Search and Rescue team who has contributed to the rescue of more than 90 lost or injured hikers, CEO Tim Cadogan finds the same joy in performing missions for OpenX.
The company first began in 1998 as an open source project in Europe, where its digital and mobile advertising technology became widely adopted. While it was a good basic product, there was no business model.
Coming on board as CEO in 2008, Cadogan had to start from scratch as the first U.S. employee, incorporating the company and defining a vision and strategy for a new kind of advertising technology platform business.
OpenX’s seeks to unleash the full economic potential of digital media companies. Its solutions provide a unique software as a service platform by combining ad serving, an ad exchange, a supply side platform and content valuation.
Cadogan began with building a high quality team with the right skills to deliver on a vision to create a comprehensive display-ad platform for publishers, an alternative to industry titans Google, Yahoo! and Microsoft.
This mission has remained constant, and OpenX now employs 282 people. The company has seen sustained profitability since the fourth quarter of 2011 and now powers a solution for thousands of customers globally.
At the heart of Cadogan’s approach is actionable innovation. OpenX was one of the pioneers of Real-Time Bidding in the digital ad exchange space, which continues to account for the largest and fastest growing portion of the company’s revenue. Additionally, its Open-SaaS ad server is, via its innovative application program interface design, a platform that allows its partners to innovate to match their own requirements.
In the past 12 months OpenX has created two industry firsts — the first ad serving solution to acquire and fully-integrate a supply-side platform, LiftDNA, and the first company in the ad technology space to add a content valuation solution, JumpTime.
Future plans include core innovation, scale, global expansion and multi-screen.
How to reach: OpenX, www.openx.com
NEO Ernst & Young Entrepreneur of the Year
co-founder, president and CEO
It was in 2003 when Yuval Brisker co-founded TOA Technologies and began to deliver what would be a world-class software, ETAdirect, a cloud-based field service and customer experience management solution. Brisker and TOA co-founder Irad Carmi were the creators and innovators who took on the challenge of solving the common problem of having to wait for the cable installer.
TOA stands for time of arrival, and through the company’s innovative mobile platform, companies managing employees on the move can more effectively and efficiently determine when a service or product can be delivered.
In its infancy, the main obstacle facing TOA and Brisker was determining the optimal platform for the product to be delivered to customers. The focus was on building a unique application that did not require installation. The result was the one-of-a-kind Web-based service product operating in the cloud.
Today, TOA is a rapidly expanding global company that is primarily gaining in size through organic growth in two ways — geographically and vertically. The company has primarily focused on the cable and telecommunications industries in the past; however, it is now expanding into other markets such as utilities, insurance and any home-delivery based service market.
This rapid growth presents multiple challenges for TOA, specifically software version control. The company has stayed committed to a software solution that has the same basic application platform across all the various customer configurations, which allows TOA to simplify its product maintenance and keeps costs low. TOA is able to meet its customers’ needs by understanding how each does business and by understanding their processes. This then translates into a configuration specific to that customer.
Along with expanded growth comes the challenge of an increasing workforce. TOA has increased its workforce nearly 50 percent since last year. Brisker prides himself on the high level of employee retention the company boasts, which speaks to the successful culture he has fostered at TOA.
How to reach: TOA Technologies, www.toatech.com
When Jeff Stibel founded Dun & Bradstreet Credibility Corp., he wanted to assist businesses in establishing their reputation as credible enterprises.
Formerly the president and CEO of Web.com, Stibel saw there was a significant need for small businesses around “credibility.” He and his team founded a company around this need. Determined that it was critical to have a brand name in credibility, Stibel acquired the rights to certain assets from Dun & Bradstreet in 2010.
The business he acquired had a declining revenue base, but Stibel wanted the storied brand, ability to use the name and the ability to tap the data. He quickly shut down the existing business and reformed it to provide credibility analysis for businesses throughout the U.S. and Canada.
If you look at employment growth alone, you would conclude that he’s been a success. Starting with just eight employees, the company has now grown to more than 600 employees.
But that is not the only impressive attribute. Stibel has become well-known for his “failure wall” where employees write about their business mistakes and miscues. He believes that every failure is an opportunity to learn and grow. The principals of positive failure have even been incorporated into the company’s performance evaluations — employees are graded on failures and calculated risk-taking.
Stibel believes in the importance of creating an outstanding workplace environment for his team to thrive. In appreciation of his staff, he began an innovative education savings plan, which allows his employees to set aside a wage-deferred contribution that is company-matched. He then triple matches it by donating directly to the school district.
Additionally, Stibel rewards high-performing employees each year with an all-expense paid vacation. Not surprisingly, his company has a low turnover rate. In just three years, the company has grown into a business that is experiencing significant growth, and became profitable in 2012.
How to reach: Dun & Bradstreet Credibility Co., www.dandb.com
NEO Ernst & Young Entrepreneur of the Year
founder and CEO
Stratos Wealth Partners, Ltd.
Jeff Concepcion spent 22 years with a large wealth management company advancing into senior leadership roles and always looking for a more efficient and effective way to service his clients and grow his team.
He had honed a unique delivery model that he prepared to roll out at his former firm when a management shakeup led to his unemployment. Declining a severance package because it was tied to a non-compete clause, Concepcion had a vision for a better company, took his white paper idea and founded Stratos Wealth Partners in 2008.
Through his strong commitment to ethics, integrity and execution, the founder and CEO of Stratos has built the company into one of the 15 largest wealth management firms in the U.S.
Concepcion has grown the firm with offices in 17 states and 127 affiliated wealth advisors. His strong commitment to fiscal stewardship and a relentless focus on customer service and execution has resulted in profits that have tripled and revenues that have doubled.
The early years of the firm were challenging as the company lost money in its first year. Concepcion did not take pay in the first three years to assure he could reinvest in the business while also paying out equity to his early partners.
Stratos is built on an innovative delivery model where affiliates earn equity versus commissions with more proven growth over time than they could grow on independently.
Stratos has also brought cutting edge technology to wealth management with the use of iPad order entry applications in a Citrix environment that many larger firms have been unable to execute on.
Stratos has tripled its IT support and has been able to remove the administrative and regulatory burden common in the industry so affiliates can focus on client service.
Concepcion has built an explosive, profitable company that will continue to expand while delivering personal satisfaction and financial security to his partners and affiliates.
How to reach: Stratos Wealth Partners, www.stratoswealthpartners.com
Rick Stollmeyer would not have been the only person to put a potentially life-altering business deal on hold in the fall of 2001.
The fact that this deal involved expanding his business to New York City, which was still grasping to find some sense of normalcy in the wake of the 9/11 terrorist attacks, only gave Stollmeyer more justification to hold off.
But as soon as the airports opened again, Stollmeyer dismissed the fears that many felt about flying so soon after the attacks and headed to New York to finish the deal for Mindbody, Inc. The client could not believe that Stollmeyer had made the trip, but ultimately signed off on the deal because he had made the trip. It got even better when Stollmeyer realized that a woman he had met on this leap-of-faith trip would eventually become the woman he would marry.
A strong work ethic, commitment to getting the job done, and the ability to remain focused and tune out distractions are traits that Stollmeyer took from his experience in the U.S. Navy. They each helped him build Mindbody into the largest cloud-based software provider in the health, wellness and beauty industries.
The business is run on a foundation of Stollmeyer’s personal leadership traits. One of his greatest successes is actually his inability to integrate into the typical corporate environment. He tried the more corporate approach but after witnessing the lack of compassion, drive and deeper meaning that came with it, he decided to unleash his own entrepreneurial spirit and hasn’t looked back since.
Stollmeyer expects a lot from his employees and values competence and character in every person who works for him. Compassion is the third of the three Cs that are important to him. He wants employees to care about their colleagues as much as they do themselves. The result is a vibrant and productive work environment, and a company that continues to grow.
How to reach: Mindbody, Inc., www.mindbodyonline.com
NEO Ernst & Young Entrepreneur of the Year
Walter Rosebrough Jr.
president and CEO
When Walter Rosebrough Jr. joined Steris Corp., the billion-dollar global business was struggling with low growth, a high overhead cost structure and questions regarding its go-to-market strategy. In addition, health care reform was in its beginning stages, which posed the threat of limited growth in Steris’ primary market.
Rosebrough worked with management and the board of directors to develop a strategy for restructuring and a growth program to move the company forward.
Rosebrough recognized that Steris had a prestigious history and great potential. What he could not have foreseen were the unanticipated challenges that hit the company within a few months of his arrival, which were notification from the FDA that the company’s foundational and flagship product, System1, could face extinction in the U.S.; a global financing meltdown that impacted spending in all markets and particularly capital spending, which is 40 percent of Steris’ revenue; the uncertainty of health care reform; and aggressive intervention by two activist shareholders.
The results that Steris employees have accomplished in the face of those challenges have been stellar. The company has grown earnings per share at a compound growth rate of 15 percent per year from fiscal years 2008 to 2012. This performance is in excess of the general market, the health care equipment and supplies industry and Steris’ comparative company peers.
As of this year, Steris only had a couple major products that existed six years ago, truly showing the impact of Rosebrough’s emphasis on research, development and product line reinvigoration.
A major initiative was to in-source parts of production that have historically been outsourced. Steris invested more than $20 million in capital through the course of 18 months, and as a result, created better quality, enhanced delivery reliability and lowered costs, all while creating hundreds of jobs in the U.S. and in Northeast Ohio.
How to reach: Steris Corp., www.steris.com
Mel Elias had a lot of worldly experience when he first got involved with The Coffee Bean & Tea Leaf. He had completed his military service in Singapore, graduated from the London School of Economics and practiced law in Singapore, before opening and operating a The Coffee Bean & Tea Leaf franchise in his native Malaysia.
He saw a lot of potential in the coffee retail chain and helped organize a buyout from the founding owners. Elias then moved to Los Angeles and helped transform The Coffee Bean & Tea Leaf from a family-run business to a structured enterprise.
When he became president and CEO in 2008, he battled through intense competition and limited external financing to extend the company’s brand across the U.S. and around the world in multiple channels and formats.
One thing that makes the company unique is the fact that it buys directly from coffee farms and tea estates, thus knowing where every bean and leaf comes from. Elias buys only the top 1 percent grade available in the world, ensuring quality in every cup.
He also was able to see the growth of at-home coffee consumption and develop the company’s own single-serve beverage system. The Coffee Bean & Tea Leaf conceived, created and implemented its own system in 10 months, including national distribution in more than 4,000 locations as well as a 10-country launch.
The innovation was achieved through third-party strategic alliances and employee engagement initiatives. It did not include any additional shareholder investments.
Through all the success that The Coffee Bean & Tea Leaf has had, the company also has been able to make a big difference in philanthropic causes. Elias wants employees to understand that they have a higher purpose than just making a profit; their goal should be to have a successful company that uses its success to make a positive difference in the world.
How to reach: The Coffee Bean & Tea Leaf, www.coffeebean.com