Entrepreneurs honored for excellence, innovation

Profiles of all of the finalists are included in the related articles at right.

Mark Burton, founder and chief executive officer of Ogden's International Armoring, served as one of the judges for this year's competition. He told the Deseret News he was surprised at how well some of the nominees fared despite the turmoil in the overall economy.

"I thought it was going to be a bigger impact than it actually was, to be honest with you," he said. "There were some very, very strong companies that have found themselves in niche areas that have not been adversely affected."

Burton, a 2006 Entrepreneur Of The Year award recipient himself, said these businesses have continued to grow, which speaks well of their strength and adaptability, not just their profitability.

"What I was so impressed with was that some who had flattened-out earnings got creative and focused and were able to make adjustments," he said.

Even those who saw profits fall slightly have positioned themselves so that, as the economy improves, their companies will be even stronger, Burton said.

The ability to maintain and grow a business, even in difficult economic times, was one of the key criteria judges considered when paring down the list of nominees from more than 70 to the final list of 27.

Contest judge David Ludlow, founder and chief executive officer of Bullfrog International LC, is well aware of what it takes to become the best of the best.

In 2004, he was named an EOY award recipient in the manufacturing category and also was inducted into the Ernst and Young Entrepreneur Of The Year Hall of Fame.

He told the Deseret News that many of the finalists were in industries not typically affected by economic factors.

"You're not likely to buy a hot tub or a luxury car or a lot of other things during a tough economy, but the necessities — you certainly still have to utilize those in your life," Ludlow said.

Those necessity businesses include social service providers like The Road Home, a Salt Lake-based community organization that helps people recover from homelessness and move back into society, or DownEast Outfitters, an off-price apparel and home furnishing company with 40 stores in four states.

Ludlow said companies that may be involved in markets that can be affected by economic factors "get an extra point in my book."