News from our weblog of 30 years on Entrepreneurial Revolution

http://entrepreneurs.about.com/gi/dynamic/offsite.htm?site=http://www.ey.com/GLOBAL/content.nsf/International/Media%5FRelease%5F%2D%5FWEOY%5F2003%5F%2D%5FWinner
June 2003
Indian businessman named World Entrepreneur Of The Year®
Third annual Ernst & Young event sees Narayana Murthy, head of Infosys Technologies, selected from field of 26 nominees.Monte Carlo, 7 June 2003--An Indian billionaire who started his software company 22 years ago with US$250 and who still lives in a modest apartment was this evening named Ernst & Young’s 2003 World Entrepreneur Of The Year (WEOY) at an award ceremony in Monte Carlo, Monaco.
Judges of the award praised Narayana Murthy’s “intellectually-, philosophically-, ethically- and spiritually-driven entrepreneurship” and his company’s “outstanding financial performance and global impact in a dynamic and volatile industry.”
Infosys Technologies Ltd provides end-to-end technology and consulting solutions to small and large corporations, and employs more than 10,000 people worldwide. It is a zero-debt company which regularly posts growth of 30 per cent per annum, and is listed on the Nasdaq with a market capitalization in the billions. Currently, 98 per cent of Infosys’s revenues are generated outside India.
The company’s corporate governance system is based on five concepts dating back to its inception: “the softest pillow is a clear conscience; when in doubt, disclose; don’t use corporate resources for personal use; put long-term interests ahead of short-term ones; and share wealth with employees.”
Mr Murthy believes strongly in corporate social responsibility, and has said that, beyond a certain point, personal wealth should be used to make a difference to society. He contributes a majority of his wealth to public causes.
Mr Murthy, who is based in Bangalore, was selected as the World Entrepreneur Of The Year from a field of 26 entrants - each of whom has been named Entrepreneur Of The Year (EOY) in national or regional programs run by Ernst & Young.
Collectively, the 26 finalists in this year’s WEOY awards program employ more than 76,000 people and represent approximately 6.5 billion euros in revenue.
Chairman of Ernst & Young, James S. Turley, said: “Mr Murthy’s story is a truly inspirational one. He has demonstrated quality leadership, and embodies both entrepreneurial spirit and business excellence. We are delighted he has been selected to receive this year’s award.”
A panel of 11 judges - each of whom is a past participant in the Entrepreneur Of The Year program in his or her country - chose Mr Murthy as the recipient of the award, based on written applications and meetings held throughout the course of the four-day event.
The WEOY program was established three years ago, and builds on Ernst & Young’s 17 years of success in running national EOY programs. The EOY award was begun by Ernst & Young in the United States in 1986 to recognize entrepreneurs who had created and sustained successful, growing business ventures. Since then, the program has grown throughout the world, expanding to six continents and more than 100 cities.
In 2002, Stefan Vilsmeier, founder and CEO of BrainLAB, headquartered in Germany, was named the World Entrepreneur Of The Year.