The department of Business Innovation and Skills unveiled the winners of the 2014 Queen’s Award for Enterprise. This week Inov-8 was presented with Queen’s Award for Enterprise in International Trade for their outstanding achievement in the global market place.
The award is the UK’s most coveted commercial prize and the highest accolade of business success. The International Trade award recognizes the businesses substantial growth in overseas earnings and commercial success in either the business size or sector.
The Queen’s award presentation took place earlier this week at Inov-8’s Crook office in County Durham, and Lord-Lieutenant of County Durham Mrs Sue Snowdon handed a certificate and glass bowl to the companies founder Wayne Edy.
Edy, who also recently attended a gala reception at Buckingham Palace where all winners met The Queen, said: “We have received many awards but this one is the most prestigious yet.
“I am so proud of what our team has achieved throughout our first 11 years in business. This award reflects their hard work and relentless desire to constantly deliver innovative products, which has led to commercial success.
“We are pioneers within the industry and thanks to the distinctive culture we have built, we continue to grow across the globe, seeking out distribution partners with the right profile and then working closely with them to drive sales. To achieve such rapid global growth in a highly-competitive market, and up against powerful companies boasting massive resources, is a real UK-born business success story.”
Inov-8 began in 2003, in County Durham when Edy spotted the opportunity to innovate in the off-road running market. It designs and manufactures specialist sports products in off-road running and functional fitness markets, and has become famous for the grip achieved by its shoes.
Inov-8 has seen ten successive years of record sales and seen huge growth in its markets across the globe. The business now trades in over 60 countries globally, have achieved an average of 60% growth per year across the last five years, and 77% of sales are now outside of the UK.
Earlier this year the company also won a trio of prestigious ISPO awards for delivery innovative, industry-leading product in all three of its categories of footwear, apparel and accessories.