LIVERMORE, Calif. – June 12, 2023 – Ernst & Young LLP (EY US) today announced that CEO and Cofounder, Praveen Penmetsa, of Monarch Tractor was named an Entrepreneur Of The Year® 2023 Bay Area Award winner. The Entrepreneur Of The Year Awards program is one of the preeminent competitive awards for entrepreneurs and leaders of high-growth companies. Penmetsa was selected by an independent judging panel made up of previous award winners, leading CEOs, investors and other regional business leaders. The candidates were evaluated based on their demonstration of building long-term value through entrepreneurial spirit, purpose, growth and impact, among other core contributions and attributes.
In just four years Monarch Tractor brought the world’s only commercially available, 100% electric, driver-optional, connected tractor from initial concept to mass production. Penmetsa says, “Our tractor can not only reduce emissions, help farmers be more profitable in respect to labor, but also create a positive flywheel effect. What we are trying to do is change the statement, ‘There is no future in farming,’ to ‘There is a future, it’s highly profitable and sustainable from a farm community standpoint all the way to the planet.’ Our Monarch Tractor technology has been designed to be scalable the world over.”
For nearly four decades, EY US has honored entrepreneurs whose ambition, courage and ingenuity have driven their companies’ success, transformed their industries and made a positive impact on their communities. Entrepreneur Of The Year Award winners become lifetime members of a global, multi-industry community of entrepreneurs, with exclusive, ongoing access to the experience, insight and wisdom of program alumni and other ecosystem members in over 60 countries — all supported by vast EY resources. Since 1986, the Entrepreneur Of The Year program has recognized more than 11,000 US executives.
As a Bay Area award winner, Penmetsa is now eligible for consideration for the Entrepreneur Of The Year 2023 National Awards. The National Award winners including the Entrepreneur Of The Year National Overall Award winner will be announced in November at the Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the World Entrepreneur Of The Year® Award in June 2024.
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Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, N.A.; SAP America; and the Kauffman Foundation. In the Bay Area region, sponsors also include Platinum sponsors: Cresa and Woodruff Sawyer and Co.; Gold sponsor: Big Picture; and Silver sponsor: ADP.
Entrepreneur Of The Year® is the world’s most prestigious business awards program for unstoppable entrepreneurs. These visionary leaders deliver innovation, growth and prosperity that transform our world. The program engages entrepreneurs with insights and experiences that foster growth. It connects them with their peers to strengthen entrepreneurship around the world. Entrepreneur Of The Year is the first and only truly global awards program of its kind. It celebrates entrepreneurs through regional and national awards programs in more than 145 cities in over 60 countries. National Overall Award winners go on to compete for the World Entrepreneur Of The Year® title. Visit ey.com/us/eoy.
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