KTM Industries honored with first-ever Rick Snyder Spirit of Entrepreneurship award by SBAM
November 9, 2019
The Small Business Association of Michigan recently honored Tim Colonnese, owner of KTM Industries, as the recipient of the first-ever Rick Snyder Spirit of Entrepreneurship Award.
This award is named in honor of former Governor Rick Snyder in recognition of his work leading Michigan’s economic revitalization. The award-winning small business must have fewer than 500 employees, be headquartered in Michigan, and have a turnaround story that allowed it to achieve substantial growth.
“KTM Industries’ growth after reinventing its business strategy shows the perseverance and determination it takes to be a successful entrepreneur,” said SBAM CEO Rob Fowler. “We were proud to honor Tim and the KTM team with the Rick Snyder Spirit of Entrepreneurship Award, recognizing their small business turnaround success just as the state went through a turnaround under Gov. Snyder’s leadership.”
KTM launched Green Cell Foam, a unique, earth-friendly cushioning and thermal insulating material for packaging in 2002. After the initial response to the product wasn’t strong, Colonnese tried several strategy modifications to put the company on the right trajectory. The turnaround truly began when he retooled the company’s entire sales and marketing strategy, taking hold of the entire customer experience from the initial discussion to product delivery.
The new approach worked and the company began to see significant gains. The hands-on strategy led the company to continued growth including $4 million in sales in 2014, making the company profitable. The company has continued to grow year after year including moving into a new facility in Holt in 2016 and then expanding that facility. Sales are expected to pass $10 million by the end of this year.
The award was presented at SBAM’s recent annual Leadership Council Summit on Mackinac Island. The award was presented by former Governor Rick Snyder and SBAM CEO Rob Fowler.