2023 Entrepreneur Of The Year, Minnesota Finalists
Margaret Murphy
Founder and CEO Bold Orange
FOUNDED: 2018
HEADQUARTERS: Minneapolis
MISSION: To help companies gain competitive advantages by offering superior customer experiences.
MAJOR IMPACT: Bold Orange focuses on elevating brands by assisting companies in outperforming their competitors in the areas of acquisition, engagement, growth, and retention. The CEO maintains that authentic human connections drive relevancy between businesses and their customers. Bold Orange was profitable its first year and has expanded to serve national clients, including eBay and Citibank. Murphy has built a diversity, equity, and inclusion practice that serves many clients, including UnitedHealth Group.
Igor Epshteyn
President and CEO Coherent Solutions, Inc.
FOUNDED: 1995
HEADQUARTERS: St. Louis Park
MISSION: To provide custom software product development and engineering solutions.
MAJOR IMPACT: A native of Belarus, Epshteyn came to the United States to pursue his entrepreneurial spirit. At Coherent Solutions, he has strived to build a large company that would feel and operate like a small business. When faced with challenges caused by the pandemic and war in Ukraine, Epshteyn increased communications with employees and took steps to ensure their safety. Over the past decade, the company’s revenue has averaged 20% growth on an annual basis.
Jerry Johnson
Chairman and CEO Energy Management Collaborative, LLC
FOUNDED: 2003
HEADQUARTERS: Plymouth
MISSION: To manage turnkey energy efficiency solutions for Fortune 500 clients.
MAJOR IMPACT: Energy Management Collaborative (EMC) has helped clients achieve billions of kilowatt-hours of energy savings. The business takes a total project management approach to implement thousands of projects per year. Those include efficient lighting, smart building controls, the Internet of Things solutions, and electric vehicle supply equipment infrastructure. Because of tremendous growth, EMC now employs more than 200 people.
Justin Barrett
Founder and CEO Eyesafe
FOUNDED: 2013
HEADQUARTERS: Eden Prairie
MISSION: To address eye strain problems caused by time spent on digital screens.
MAJOR IMPACT: Eyesafe collaborated with Dell over three years on the first Eyesafe low-blue light emitting display that was released with Dell’s XPS flagship line. Several other consumer electronics manufacturers forged business relationships with Eyesafe. The company reports that more than 70 million Eyesafe units have been produced to help protect people’s eyes while using digital screens. Eyesafe estimates that its technology will have been used in 500 million electronics products by 2026.
Dan Florness
CEO Fastenal
FOUNDED: 1967
HEADQUARTERS: Winona
MISSION: To serve as a product distributor and supply chain partner for its customers.
MAJOR IMPACT: Fastenal had annual sales of $3.9 billion in 2015 when Florness became CEO. By 2022, those sales had risen to nearly $7 billion. Florness embraced decentralization within Fastenal, which allowed employees to test new ideas. It created a culture that supported self-starters. Fastenal has built a reputation for simplifying inventory management, capturing data, knowledge, and insights, and reducing waste and risk in the supply chain. Florness also has diversified his workforce.
Bob Gardner
FOUNDED: 2010
HEADQUARTERS: Minneapolis
MISSION: To operate a commercial contracting business in ways that build lasting relationships and happy teams.
MAJOR IMPACT: Gardner Builders has offices in Duluth, Milwaukee, and Minneapolis. It employs more than 200 people. Instead of focusing simply on a project’s end results, Bob Gardner wanted to put more emphasis on the people who do the work. The company stated: “Gardner is a place where people love their work and build awesome projects for clients while providing them world-class service, collaboration, and craftsmanship.”
Rick Bauerly
Founder and CEO Granite Equity Partners, LLC
FOUNDED: 2002
HEADQUARTERS: St. Cloud
MISSION: To acquire and hold great businesses when their owners are retiring and looking for a longterm home for their stakeholders.
MAJOR IMPACT: Granite governs 10 operating companies that employ 3,105 people. About 2,100 jobs existed when the companies were acquired and about a thousand jobs were created through organic growth. Granite has made 22 add-on acquisitions. Granite has an executive search firm built into the operation, which has placed more than 260 executives, managers, and key professionals into the 10 Granite companies.
John Axelson
President and CEO Hunt Electric Corp.
FOUNDED: 1965
HEADQUARTERS: Bloomington
MISSION: To provide electrical design, build, and maintenance services on a national level.
MAJOR IMPACT: In recent years, the company decided to go “all-in on manufacturing,” which included building a 250,000-square-foot manufacturing building adjacent to Hunt’s existing 150,000-square-foot facility. Under Axelson’s leadership, the company also is focusing on mission-critical work, battery plants, renewable energy, EV charging, and projects in the health care sector. Hunt’s leadership is involved in helping low-income residents and people of color secure jobs in the trades, such as electrician and construction worker.
Dr. Melvin Ashford
Founder and CEO Minnesota Women’s Care
FOUNDED: 2012
HEADQUARTERS: Maplewood
MISSION: To provide excellent gynecological and obstetric care after listening carefully to women’s concerns.
MAJOR IMPACT: The organization started out with four employees in 2012 and has grown to 170 employees based in four offices. It aggressively addresses the needs of women by helping them with solutions that go beyond many OB-GYN offices. For example, it provides a gym staffed with chiropractors, a physical therapist, and exercise physiologist. An aesthetic spa and mammography services were added, so women can access them on the same days as their regular appointments.
Christian Lawrence
Founder and CEO Rise Modular
FOUNDED: 2019
HEADQUARTERS: Minneapolis
MISSION: To deliver modular manufacturing and construction services.
MAJOR IMPACT: Lawrence launched the manufacturing platform to bring volumetric modular technology to the Midwest. After renovating an Owatonna property to establish Rise Modular’s first manufacturing facility, workers for Rise started production in mid-2020 of an urban infill apartment building in Minneapolis. By early 2023, Rise had completed 261 apartment units and stacked 506 modules. In addition to construction work on apartment buildings, Rise is now involved in building hotels.
Maureen Steinwall
CEO and CFO Steinwall Inc.
FOUNDED: 1965
HEADQUARTERS: Coon Rapids
MISSION: To manufacture thermoplastic injection molded components and assemblies for U.S. customers.
MAJOR IMPACT: Steinwall’s vision is: “to empower all employees to balance work and home, become members of a supportive work community, and feel that every day is an opportunity to produce the best.” In 2019, Steinwall bought a 145,000-square-foot warehouse to manage customers’ inventories. With a stable workforce and good facilities, Steinwall was poised to help customers during the supply chain crisis. After the first phase of the pandemic, Steinwall was recording 22% revenue growth.
