PALM SPRINGS, Calif., Nov. 19 /PRNewswire/ -- Richard E. Caruso, Ph.D., founder and chairman of Integra LifeSciences Corporation , was named today the Overall Ernst & Young Entrepreneur Of The Year(R) 2006 national award winner. Now in its 20th year, the awards program recognizes the significant contributions of business leaders and founders who build and sustain growing, dynamic businesses.
Caruso is being recognized for creating a company that has introduced an entirely new field to medical science, that of regenerative medicine. "Richard Caruso's vision in creating Integra LifeSciences demonstrates that the contributions of entrepreneurs truly matter and make a difference in our world," said Ernst & Young Chairman and CEO James S. Turley. "For 20 years we have celebrated the entrepreneurial spirit by recognizing dynamic leaders and their companies through the Ernst & Young Entrepreneur Of The Year awards. We're proud to add Richard's name to this distinguished group of honorees."
Caruso was honored as both the Overall Ernst & Young Entrepreneur Of The Year national winner as well as the national winner in the Health Sciences Category at a gala in Palm Springs. Awards were given in 10 additional categories. All Ernst & Young Entrepreneur Of The Year winners were selected from approximately 300 regional award recipients by an independent panel of judges.
"The independent judging panel had the challenging task of reviewing hundreds of the highest caliber candidates for this year's awards," noted Phil Anderson, Ernst & Young Americas Director of the Entrepreneur Of The Year Program. "Richard Caruso and our national category winners are success stories that inspire all of us."
Foundation for Personal Success
Caruso had a successful management career for 20 years with LFC Financial Corporation, helping his company design creative financial structures to help businesses achieve their goals. But his financial success did not give him a sense of personal success. To redefine that for himself, Caruso set criteria for his next career: from doing something intellectually challenging, working with leading-edge technology and working with people he likes and respects to accomplishing something important that will benefit mankind. The final criteria on his list: make money, but only after the other criteria had been met.
His first effort in following these guidelines was the creation of the Uncommon Individual Foundation to encourage individuals to become entrepreneurs by developing and pursuing their own dreams. Putting that philosophy into practice for himself, led to the creation of Integra LifeSciences.
Longer Lives Create Demand for Regenerative Medicine
Increased life expectancy, coupled with people's desire to remain active, has created a need for medical science to develop technology to replace those body parts that become damaged, diseased or worn out. Caruso collaborated with two medical researchers working on an extra-cellular matrix technology, providing laboratories, manufacturing facilities and a sales and marketing team. The result was an FDA-approved product (Integra Artificial Skin) that allowed burn victims to regenerate new skin. That technology led to the development of DuraGen, which allows the protective covering of the brain to regenerate itself after surgery and NeuroGen, which can regenerate peripheral nerves that have been severed.
Acquisitions of manufacturing and pharmaceutical companies have added to the Integra portfolio of therapies, which now address a broad range of regenerative medical needs.
Personal Success Leads to Financial Success
Integra has succeeded in meeting Caruso's drive for personal success and that has led to financial success. Integra does business in over 100 countries, with annual sales approaching $400 million and a market capitalization of $1.2 billion. Today, Caruso balances his time between Integra business matters and his Uncommon Individual Foundation to ensure it remains a useful entity for entrepreneurs in the years ahead.
Entrepreneur Of The Year 2006 National Finalists in the Health Sciences Category
The Ernst & Young Entrepreneur Of The Year national finalists in the Health Sciences Category were Henry "Pete" Linsert, Jr., chairman and CEO of Martek Biosciences Corporation based in Columbia, Maryland, a leader in the innovation and development of DHA omega-3 products that promote health and wellness; and Richard Mott, president and CEO of Northern California-based Kyphon Inc. , which develops and markets medical devices designed to diagnose low back pain and restore spinal function using minimally invasive technologies.
Additional Entrepreneur Of The Year Category National Award Winners
-- George F. Colony of Forrester Research, Inc. in
Cambridge, Massachusetts was named the Ernst & Young Entrepreneur Of
The Year 2006 national winner in the Services category.
-- Mark Hellerstein of Denver-based St. Mary Land & Exploration Company
was named the Ernst & Young Entrepreneur Of The Year 2006
national winner in the Energy, Chemical & Mining category.
-- Richard H. Helms of McLean, Virginia-based Abraxas Corporation was
named the Ernst & Young Entrepreneur Of The Year 2006 national winner
in the Emerging category.
-- Erica Kauten from the University of Wisconsin -- Extension was named
the Ernst & Young Entrepreneur Of The Year 2006 national winner in the
Supporter of Entrepreneurship category.
-- Joe Lee of Orlando-based Darden Restaurants, Inc. was named
the Ernst & Young Entrepreneur Of The Year 2006 national winner in the
Real Estate, Hospitality & Construction category.
-- Patrick Lo of NETGEAR, Inc. in Santa Clara, California
was named the Ernst & Young Entrepreneur Of The Year 2006 national
winner in the Technology category.
-- Kevin Plank of Baltimore-based Under Armour, Inc. was
named the Ernst & Young Entrepreneur Of The Year 2006 national winner
in the Retail & Consumer Products category.
-- Thomas S. Wu of United Commercial Bank in San Francisco
was named the Ernst & Young Entrepreneur Of The Year 2006 national
winner in the Financial Services category.
-- Jon Yarbrough of Video Gaming Technologies, Inc. in Smyrna, Tennessee
was named the Ernst & Young Entrepreneur Of The Year 2006 national
winner in the Media, Entertainment & Communications category.
-- Walter J. Zable of San Diego-based Cubic Corporation , was
named the Ernst & Young Entrepreneur Of The Year 2006 national winner
in the Distribution, Manufacturing & Security category.
A Regional, National and Global Award to Honor Entrepreneurs
The Entrepreneur Of The Year awards program was created and is produced in the United States by Ernst & Young LLP. From a single program in 1986, the awards have expanded to 26 regions in the U.S. and 39 countries worldwide. Regional award winners are eligible for consideration for the Ernst & Young Entrepreneur Of The Year national program. To be considered for the Entrepreneur Of The Year award, candidates must be an owner or manager of a private or public company who is primarily responsible for the recent performance of the company and still active in top-level management. An independent panel of judges consisting of business leaders and past Entrepreneur Of The Year winners selects the finalists and award recipients. The Ernst & Young Entrepreneur Of The Year Program is nationally sponsored by the Ewing Marion Kauffman Foundation.
About the Ernst & Young Strategic Growth Markets Practice
Ernst & Young's Strategic Growth Markets practice is the leader in serving Russell 3000 Index companies, high-growth private companies, companies with significant investments from venture capital or private-equity firms, and companies planning to go public. The practice offers insight and solutions to the assurance, risk, tax, transactions, and finance-related issues facing entrepreneurial companies at every stage of the growth life cycle-from promising start up to successful market leader. The Ernst & Young Strategic Growth Markets practice brings together extensive experience and resources to serve the unique needs of dynamic, growing businesses across industry lines.
About Ernst & Young
Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 114,000 people in 140 countries pursue the highest levels of integrity, quality and professionalism in providing a range of sophisticated services centered on our core competencies of auditing, accounting, tax and transactions. Further information about Ernst & Young and its approach to a variety of business issues can be found at http://www.ey.com/perspectives. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, a U.K. company limited by guarantee, each of which is a separate legal entity. Ernst & Young Global Limited does not provide services to clients. Ernst &Young LLP, a Delaware limited liability partnership, is the U.S. client-serving member firm of Ernst & Young Global Limited.
About the Ewing Marion Kauffman Foundation
The Ewing Marion Kauffman Foundation of Kansas City is a private, nonpartisan foundation that works with partners to advance entrepreneurship in America and improve the education of children and youth. The Kauffman Foundation was established in the mid-1960s by the late entrepreneur and philanthropist Ewing Marion Kauffman. Information about the Kauffman Foundation is available at http://www.kauffman.org/.
