SALT LAKE CITY–Dr. Patrick Byrne, chairman and CEO of Overstock.com, has been honored as the Ernst & Young National Entrepreneur of the Year for 2011 in the retail and consumer-products category.
Ernst & Young recognized Byrne for his ability to spot an opportunity for a website devoted to inventory liquidations, and for enhancing the online shopping experience. The financial-consulting firm also cited the site’s philanthropic-retail efforts through its sister sites Worldstock.com Fair Trade and The Main Street Revolution.
Worldstock.com Fair Trade, which was launched in 2001 and which carries handcrafted products from artisans from developing nations and rural areas of the United States, returns between 60 and 70 percent of the sales prices on these goods to the artisans.
The Main Street Revolution Store, which debuted in 2010, connects consumers to local vendors by allowing them to search for products made and sold in a particular state. This provides small businesses with a platform for national exposure while reducing their supply-chain costs.