Winner Announced in Small Business, Big Innovation Contest
Today the winner of the Wall Street Journal’s Small Business, Big Innovation was announced, a competition we blogged about in July. Small businesses that use innovative solutions to survive rocky economic times were invited to enter the contest. The winner of the Small Business, Big Innovation is Quadlogic Controls Corp. of New York, New York.
Quadlogic Controls Corp., a company that produces energy-tracking devices, bounced back from seeing sales drop 70% in 2009. The small firm not only survived, but was also able to drastically increase sales and grow the company’s work force.
How did Quadlogic Controls Corp. use innovation to reach these new heights? The company’s executives saw a need in developing countries for a product that prevents energy theft. They decided to take a chance and introduce a new product line.
“You have to place your bets,” says Sayre Swarztrauber, a co-founder of Quadlogic. “We saw our survival threatened and that gave us the incentive to make it happen.”
The new line is successful in markets around the world and Quadlogic Controls Corp. is thriving. Since 2009 the number of employees has surged from 20 to 90. This year Quadlogic Controls Corp. expects revenue to reach $20 million, that is $5 million more than the company’s previous highest revenue.
Learn more about Qualogic Controls Corp. and other contest finalists on The Wall Street Journal’s website. The small businesses that have prospered in our trying economy are inspirational. Small business owners can learn from the creative strategies contestants used to succeed.