Los Angeles, CA — Award celebrates regional innovation of finalists in Los Angeles who in this past year accounted for 14,683 jobs and almost $5 billion.
Today Mayor Antonio Villaraigosa and First Deputy Mayor Austin Beutner joined Brian Ring from Ernst & Young to kick-off the 25th annual Ernst & Young Entrepreneur of the Year® (EOY) program for the Greater Los Angeles Area. The Mayor and Beutner welcomed award nominees, distinguished past award winners and award sponsors. For the silver anniversary of the prestigious award and in line with the City’s new tagline – “Where the World Creates and Innovates” – the award recognizes entrepreneurs that stimulate the economy by creating businesses and jobs in Los Angeles.
EOY celebrates entrepreneurs who are building and leading successful, growing and dynamic businesses. Awards are given in each region for innovation, financial performance and personal commitment to the businesses and community achievement. Finalists in Los Angeles this past year accounted for 14,683 jobs and almost $5 billion.
“I think it’s great that an established firm like Ernst &Young takes the time to acknowledge emerging companies that are re-defining how we conceive the world,” said Mayor Antonio Villaraigosa. “Today’s nominee reception illuminates the contributions of the best and brightest entrepreneurs in our City.”
Each year, Ernst & Young recognizes successful entrepreneurs from more than 140 cities in 50 countries and receives over 100 nominations for the Entrepreneur of the Year® award from companies in Greater Los Angeles. Approximately 45% are located in the City of LA proper. Over the past five years, City of Los Angeles finalists have brought in over $7 billion in revenue and 36 companies in Los Angeles companies have made it to the EOY finals. The average winning company has 1,900 employees, $418 million in net sales and 27.5% growth. Key past Los Angeles winners include: Tim Leiweke, Magic Johnson, Jr., David Bohnett and Greg Waldorf.
“Congratulations to this year’s Ernst & Young Entrepreneur of the Year® nominees – or what I would call, Job Creator of the Year – and past award recipients,” said First Deputy Mayor Austin Beutner. “Los Angeles is the creative capital of our country and we’re proud to recognize the entrepreneurial spirit in our business community.”
The regional awards will be announced in June, followed by national gala in Palm Springs in November. Winners are chosen on the basis of vision, leadership, achievement and social responsibility. In order to qualify, entrepreneurs must be the founder or executive who organizes, manages and assumes the risk of a business early in its life cycle or during its growth. There are four stages to the local Entrepreneur of the Year® award competition: nomination, semi-finalist, finalist and award recipient. This event celebrates the launch of the award – the deadline for entries is March 18th.
“This is an auspicious time for us to celebrate the 25th anniversary of Entrepreneur of the Year® because entrepreneurs are the ones who will bring jobs and revive our economy,” said Brian Ring, Entrepreneur of the Year® program director for Greater Los Angeles.
Ernst & Young’s Entrepreneur Of The Year® is the world’s most prestigious business award for entrepreneurs. The award makes a difference through the unique way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Ernst & Young Entrepreneur of the Year® celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in 50 countries.