In many ways, entrepreneurs are like old-fashioned explorers, setting off into a rolling, risky sea on an uncertain adventure that could bring great rewards — and great hazards.

Anyone starting a business knows that feeling. But true entrepreneurs, according to Paul Allen, bring something more to the journey.

"It's about not giving up," said Allen, chief executive officer of Provo Labs and a judge of this year's Utah Ernst and Young Entrepreneur of the Year awards. "Almost every story (of this year's finalists) has a near-death experience for the business in it. It's just saying, 'You know what? These folks didn't give up, and look where they are now.' "

A handful of entrepreneurs who fit that mold will be selected from among 25 finalist companies and honored with EOY awards Friday during the annual banquet at 6:30 p.m. at the Salt Palace convention center. (To read profiles of each of the finalists, see pages M8 through M11 of today's Money section.)

Allen's longtime mentor is his brother, Curt, who hired the young Allen out of college and helped guide his early career.

"My brother, who's an entrepreneur of 20 years' experience, has always said, 'We are going to be an overnight success after 10 years of hard work.' That really encapsulates what Entrepreneur of the Year stands for."

This year, which marks the 20th anniversary of the national EOY program, is a perfect time to examine the vibrancy and quality of life that entrepreneurs bring to their communities, said longtime EOY judge Greg Warnock, managing partner at vSpring Capital.

"Think about that racetrack Larry Miller has put in out in Tooele (County)," Warnock said. "For those of us who enjoy motor sports, there's no way the Legislature would produce a racetrack or any other entity like that. The only way it will happen is through the imagination of an entrepreneur who has the ability to devote his resources to adventure.

"When we think of things we do that enrich our lives — movie theaters, the arts, ski resorts, all the things we enjoy on evenings and weekends — all of those things generally are connected in some way to the support or passion of entrepreneurs. Buildings on campuses, sports teams, museums — it just goes on and on."

A contest with history

Recognizing innovation, leadership and achievement, and the benefits those successes bring to society, has been the goal of the EOY awards since the first program was started in 1986 in Milwaukee.

These days, EOY awards are given in 26 regions of the United States, including Utah, as well as in 35 other countries. But the guiding principles remain the same, Warnock said.