ESOP-Owned EBO Group Creates Model for Engaging Employee Owners in Innovation

Innovation has become the defining feature of successful companies in today's market. People often think about business innovation in terms of high-technology, but any company can be innovative in ways large and small. For instance, ESOP-owned EBO Group in Sharon Center, Ohio, was facing a declining market for its large machinery for mining or tunneling. It found a new market in recycling equipment, but the real breakthrough came several years ago when the employee owners started a new venture in a new market with different technology-developing medical chairs that convert into stretchers. They quickly became the leading company in that industry. Now the employees are teaming up with Bowling Green State University to develop offshore wind turbines. They have also created a new solar business, and are working with a venture capital group to look at still other endeavors. EBO has discovered that by engaging employees at all levels, and tapping into local resources, companies can constantly redefine themselves to stay successful.