Red Hat, Inc.'s Matthew Szulik Named Ernst & Young Entrepreneur Of The Year(R) 2008 Overall National Winner
November 16 2008 - 3:00AM
PR Newswire (US)
PALM SPRINGS, Calif., Nov. 16 /PRNewswire/ -- Matthew Szulik,
chairman of Red Hat, Inc. (NYSE:RHT), was today named the Ernst
& Young Entrepreneur Of The Year(R) 2008 overall national
winner. He was also named the Ernst & Young Entrepreneur Of The
Year(R) 2008 national winner in the Technology category. Now in its
22nd year, the awards recognize leaders and visionaries who
demonstrate innovation, financial success and personal commitment
as they create and build world-class businesses. Szulik was
recognized for turning Red Hat from what some called a questionable
idea into a billion-dollar business. "Matthew Szulik follows a
proud tradition of pioneering entrepreneurs who overcame skeptics
and brought a novel, seemingly improbable business idea to market
successfully," said James S. Turley, chairman and CEO, Ernst &
Young LLP. "For 22 years, we have honored the dedication and drive
that defines those entrepreneurs through the Ernst & Young
Entrepreneur Of The Year(R) awards. We're proud to add Matthew
Szulik's name to this distinguished list of business leaders."
Szulik was honored at the Entrepreneur Of The Year(R) gala in Palm
Springs - the culminating event of the Ernst & Young Strategic
Growth Forum, the nation's most prestigious gathering of
high-growth, market-leading companies. Awards were given in nine
additional categories. All Ernst & Young Entrepreneur Of The
Year(R) winners were selected by an independent panel of judges
from approximately 400 regional award recipients. Open-source
Brings Out the Skeptics Open-source gives users the freedom to
develop software for any application they choose, because the code
is freely available over the internet. Szulik was intrigued by the
creative, no-holds-barred-attitude and collaborative approach to
developing software - and its potential to change the world. In
1998, he joined Red Hat as president and CEO, challenged with
turning the Linux technology into a profitable business when no one
believed a company could make money on free software. Investors
were hot for the stock after the IPO, but many cashed out early.
When the dot-com boom turned to bust, investors were concerned.
Szulik found a new direction for the company by talking to
customers, who were tired of paying for software licenses and
maintenance and then waiting for upgrades, only to receive
imperfect software. Szulik bet the company on a strategy to compete
in the enterprise computing market by offering businesses an
alternative to other operating systems. Red Hat's business
customers pay annual subscriptions for support and training. Its
open-source model gives them the freedom to design software to meet
their needs without locking them into using a particular
proprietary software for upgrades. Red Hat software is public, with
no proprietary license, and makes rapid innovation possible. A
Novel Idea Pays Off In just 10 years, Szulik has built Red Hat into
the only profitable public open-source software company,
revolutionizing the software market. Its unconventional and
collaborative business model has made it the leading open-source
Linux provider, with more than 80% of the business market. Red Hat
has become one of the world's most recognized technology brands,
with 3,000 people in 60 offices worldwide. In 2005, 2006 and 2007,
Red Hat was rated No. 1 for product quality, service and value by
IT executives surveyed by CIO Insight magazine. Red Hat's market
share has increased, and the company has posted record profits. Its
annual sales for 2007 were $523 million. In late 2007, he turned
over the reins of Red Hat's day-to-day operations to Jim Whitehurst
in order to spend more time with his family. He remains Chairman of
Red Hat and a frequent and active advocate of open-source software
before the North Carolina legislature and US Congress. Entrepreneur
Of The Year(R) 2008 national finalists in the Technology category
In addition to Szulik, the Ernst & Young Entrepreneur Of The
Year(R) national finalists in the Technology category are President
and CEO Don Bulens and founder Paula Long of EqualLogic, Inc., the
leading provider of complete, enterprise-class iSCSI storage area
networks; CEO Glen Tullman of Allscripts Healthcare Solutions, Inc.
(NASDAQ:MDRX), the leading provider of clinical software,
connectivity and information solutions for physicians; and David
Vieau, president and CEO of A123Systems, which develops and
manufactures advanced lithium-ion batteries and battery systems
using nanoscale materials. Additional Entrepreneur Of The Year(R)
Category Award Winners James R. Barnes of OAKLEAF Waste Management
in East Hartford, Connecticut was named the Ernst & Young
Entrepreneur Of The Year(R) 2008 national winner in the Services
category. Dr. Bernard J. Duroc-Danner of Weatherford International
Ltd. (NYSE:WFT) in Houston was named the Ernst & Young
Entrepreneur Of The Year(R) 2008 national winner in the Energy,
Chemicals and Mining category. Jay Flatley of San Diego-based
Illumina, Inc. (NASDAQ:ILMN) was named the Ernst & Young
Entrepreneur Of The Year(R) 2008 national winner in the Health
Sciences category. Alan D. Gold of BioMed Realty Trust, Inc.
(NYSE:BMR) in San Diego was named the Ernst & Young
Entrepreneur Of The Year(R) 2008 national winner in the Real
Estate, Hospitality and Construction category. Thomas A. James of
Raymond James Financial, Inc. (NYSE:RJF) in St. Petersburg, Florida
was named the Ernst & Young Entrepreneur Of The Year(R) 2008
national winner in the Financial Services category. Amin Khoury of
B/E Aerospace, Inc. (NASDAQ:BEAV) in Wellington, Florida was named
the Ernst & Young Entrepreneur Of The Year(R) 2008 national
winner in the Distribution and Manufacturing category. David Liu of
The Knot, Inc. (NASDAQ:KNOT) in New York, was named the Ernst &
Young Entrepreneur Of The Year(R) 2008 national winners in the
Media, Entertainment & Communications category. Steven
Nichtberger, M.D. of Tengion, Inc. near Philadelphia was named the
Ernst & Young Entrepreneur Of The Year(R) 2008 national winner
in the Emerging category. Tom Sullivan of Lumber Liquidators, Inc.
(NYSE:LL) in Toano, Virginia was named the Ernst & Young
Entrepreneur Of The Year(R) 2008 national winner in the Retail and
Consumer Products category. Sponsors Founded and produced by Ernst
& Young LLP, the Entrepreneur Of The Year(R) awards are pleased
to have the Ewing Marion Kauffman Foundation and SAP America as
national sponsors. For video footage from the event, please visit
http://www.thenewsmarket.com/EYSGF. About Ernst & Young's
Entrepreneur Of The Year(R) Ernst & Young's Entrepreneur Of The
Year(R) 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(R) celebrates those who are building and leading
successful, growing and dynamic businesses, recognizing them
through regional, national and global awards programs in more than
135 cities in 50 countries. About Ernst & Young's Strategic
Growth Markets Practice Ernst & Young's Strategic Growth
Markets (SGM) practice guides leading high-growth companies. Our
multi-disciplinary team of elite professionals provides perspective
and advice to help our clients accelerate market leadership. SGM
delivers assurance, tax, transactions and advisory services to
thousands of companies spanning all industries. Ernst & Young
is the undisputed leader in taking companies public, advising key
government agencies on the issues impacting high-growth companies,
and convening the experts who shape the business climate. For more
information, please visit us at
http://www.ey.com/us/strategicgrowthmarkets. About Ernst &
Young Ernst & Young is a global leader in assurance, tax,
transaction and advisory services. Worldwide, our 135,000 people
are united by our shared values and an unwavering commitment to
quality. We make a difference by helping our people, our clients
and our wider communities achieve their potential. For more
information, please visit http://www.ey.com/. Ernst & Young
refers to the global organization of member firms of Ernst &
Young Global Limited, each of which is a separate legal entity.
Ernst & Young LLP is a client-serving member firm of Ernst
& Young Global Limited located in the U.S. DATASOURCE: Ernst
& Young LLP CONTACT: Katie Johnston of Ernst & Young LLP,
+1-212-773-7194, Web Site: http://www.ey.com/
http://www.ey.com/us/strategicgrowthmarkets
http://www.thenewsmarket.com/EYSGF/
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