And The Winner Is...
A electrical manufacturing company faced failure, reinvented itself, and is now collecting accolades.
Quadlogic Controls Corp. was named the winner of the Wall Street Journal "Small Business, Big Innovation" award.
The competition was designed to "spotlight American ingenuity especially at a time of continuing economic uncertainty," according to the rules published by the Wall Street Journal.
Quadlogic applied for consideration for the award based on the company's successful strategy of new product and market development in the face of the U.S. economic downturn of 2008. Company founders Doron Shafrir and Sayre Swarztrauber adapted existing Quadlogic technology to create a new product called "EnergyGuard" to attack the environmentally unfriendly, costly and growing problem of electricity theft in international markets.
The comeback came just in time, because the company's sales dropped by approximately 70 percent when the housing and construction market tanked, effecting both commercial and residential construction.
Energy Guard recently pushed total sales to 170 percent of pre-2009 levels and the company's employee count to 90.
More than 100 companies submitted entries for the award.
PR Newswire contributed to reporting.