Archive: June, 2012
Face it. There are just too many awards given out in the business community. It’s almost as bad as youth soccer leagues. (Most Consistent Wearer of Matching Socks Award, anyone?)
For that, we should perhaps blame Ernst & Young L.L.P., which created the Entrepreneur of the Year Award 26 years ago. Now there are plenty of imitators. Still, it would be great if the firm would pick just one business go-getter to represent each major metropolitan region. Instead, we get nine.
Last week, the 2012 picks for Greater Philadelphia were announced for the following categories at an event at the Convention Center:
- Emerging — David Brussin, founder and chief executive officer of Monetate Inc., an online marketing technology firm based in Conshohocken.
- Health Care Services — Joseph Cosgrove, president and CEO of Pentec Health Inc., a Boothwyn-based specialty infusion pharmacy that was recently acquired by Norwest Equity Partners.
- Lifetime Achievement — Bill Giles, chairman of the Philadelphia Phillies.
- Technology — Richard Hirsh, CEO of Transcend United Technologies Inc., an information technology systems integrator based in Wayne.
- Real Estate, Construction and Development — Michael G. O’Neill, founder and CEO of Preferred Sands L.L.C., a Radnor provider of sands used in the hydraulic fracturing process employed by the oil and gas industry.
- Master Entrepreneur of the Year — Michael Orsinger, president and CEO of Synthes USA, the West Chester medical device maker that was recently acquired by Johnson & Johnson.
- Services — Richard G. Phillips Jr., CEO of Pilot Freight Services, a Lima-based freight forwarder.
- Distribution and Manufacturing — Brian Radwell, president and CEO of Radwell International Inc., a Lumberton seller and repairer of industrial electrical and electronic control devices.
- Retail and Consumer Products — Dan Roitman, CEO of Stroll, a Center City-based seller of language-learning tools.
Terms of the acquisition were not disclosed.
A statement released by one of Ryzing's investors indicated that Ryzing's team, headed by Manu Gambhir, will join RockYou, which intends to maintain and grow the Philadelphia office.
GoodCompany Group, which runs a free business incubator/boot camp, has announced the latest group of start-ups who will participate in its fourth summer program.
Here are the 13 firms:
- Counterflow RO, which is developing a new reverse-osmosis membrane that can be used in the semiconductor, pharmaceuticals, food processing and municipal drinking water sectors.
- Desmo, of Sweden, which has developed an online donations widget to make sure that nonprofit organizations receive all that is promised.
- Edibikes, which was started by two engineering graduates of Northwestern who have developed a line of commuter bicycles.
- High Hopes, which is a spin-off of Clarifi, the nonprofit financial literacy group formerly known as Consumer Credit Counseling Service of Delaware Valley, that will use online technology to help high school students plan for a postsecondary education with the least amount of debt.
- NovaThermal Energy, which is developing a geothermal technology for landlords that is designed to save 30 percent to 60 percent in building heating and cooling costs.
- PaperWool, which is developing a line of “eco-home furnishings.”
- PhilanTech, of Washington, D.C., which is trying to reducing the transaction costs of grants administration, which consumes 13 percent of every dollar, or $6 billion annually.
- pledge4good, the People’s Choice Award winner in the Wharton Business Plan Competittion in 2011 which has built an online platform that aims to make donating casual, recurring and social. (Read a Q&A by Fast Company with the co-founder here.)
- psGive, which uses game strategies to encourage consumers to support brands that consequently support charities.
- Regalii, which has built a free platform to replace remittances used by migrant workers with gift cards for the supermarkets and other stores in Latin America where their families shop.
- StartSomeGood, also from Washington, D.C., which is developing a platform to help social entrepreneurs raise start-up funds, like Kickstarter does for the arts.
- TuvaLabs, which intends to help teachers offer interactive math learning units for their students.
- Wash Cycle Laundry, which provides commercial linen rental and personal laundry service in Center City and University City and makes its deliveries using bicycles. (See a story by The Inquirer's Diane Mastrull on the firm here.)
The money will be used to create and fund the Northwestern Mutual Granum Center for Financial Security, which is named after a managing partner of the insurer's Chicago office.
The nonprofit American College said the donation would be the largest single corporate gift it had ever received.
Bed Bath & Beyond Inc. has acquired a privately held linens distributor based in Gibbsboro in an all-cash transaction worth $105 million announced Friday after the stock market had closed.
Linen Holdings L.L.C. is a distributor of linens and other textile products to various industries, including hospitality, food service, health care and cruise lines. The Camden County firm, which has an office in Miami, employs less than 200 people.
In a statement, Bed Bath & Beyond CEO Steven H. Temares said: "We are very excited to add the talented Linen Holdings team members and their sourcing and sales expertise to our existing operations."