Chicago: Fieldglass, a technology provider to procure and manage contingent labor and services, announced that it's Founder and CEO Jai Shekhawat has been named a 2011 Ernst & Young Entrepreneur Of The Year Midwest finalist. Shekhawat led Fieldglass to one of the company's best years on record in 2010, despite a still-recovering economy.
Awards are given to those who demonstrate excellence and extraordinary success in innovation, financial performance and personal business and community commitment.
"These finalists create jobs in our area, encouraging community development and innovation in our broader economy," said Randy Tavierne, Ernst & Young Partner and Midwest Strategic Growth Markets Leader. "No matter who wins on June 22, we know one thing for sure - the Midwest is enriched by every one of these finalists."
Shekhawat established Fieldglass as an early Software-as-a-Service (SaaS) innovator, at a time when the model had little success. SaaS is now the preferred delivery model for VMS solutions, and Fieldglass is helping some the world's largest companies manage their contingent labor and service providers.
Back in February 2005, Fieldglass had raised an $11 million round of funding from investor Grotech Capital Group. Their existing investors BlueStream Ventures, StarVest Partners, and HLM Venture Partners also participated in the oversubscribed round.
In September 2010, Fieldglass secured a substantial investment from Madison Dearborn Partners, delivering a cash return to investors of nearly five times. In addition, last year Shekhawat led Fieldglass to 50 percent revenue growth in its fifth consecutive year of profitability.
Shekhawat is leading Fieldglass in its 12th year and is actively involved in Chicago's business and technology communities through TiE Midwest, the Mayor's Council of Technology Advisers and the Economic Club of Chicago's technology committee.
"It is an honor to be recognized as a finalist in such a prestigious award program," said Shekhawat. "Most importantly, I am pleased to be a part of Chicago's thriving culture of business and technology innovation, and consider it an ideal environment to establish companies and hire qualified, talented individuals," he said.
Celebrating its 25th year, the entrepreneur of the year program honors entrepreneurs regionally in June, leading up to the national awards in November. The program recognizes business leaders in more than 140 cities and more than 50 countries throughout the world.
