At annual IBEX conference, Soundings Trade Only magazine recognized Correct Craft (in a tie with Brunswick) as the most innovative company in the marine industry at the IBEX Industry Breakfast. The company was recognized for its innovative technology, culture, learning environment and M&A strategy.
Soundings Trade Only acknowledges companies using innovation in different ways to advance their businesses in choosing the marine industry’s Most Innovative Company. The magazine considered all types and sizes of marine companies around the world. The judging panel consisted of Soundings Trade Only editors, staff members, and outside industry experts. They reviewed company initiatives that include innovative materials, new manufacturing processes, fresh marketing approaches, workforce solutions, supply chain, export programs and more.
Correct Craft President and CEO Bill Yeargin stated, “Correct Craft is honored to receive such a phenomenal award. All our Correct Craft brands have been working hard at developing cultures of innovation. Correct Craft’s Watershed Innovation, our disruptive innovation company, is making a better tomorrow today by identifying, researching and applying disruptive innovation throughout our company.”
Yeargin added, “We believe increasing computational power over the next ten years will drive technological development beyond what we can currently comprehend. We want to prepare our company today for this inevitable and disruptive future. We believe our focus on innovation is positioning our company to thrive in the years ahead and help us carry out our mission of ‘Making Life Better.’”
Correct Craft has a four-pronged approach to innovation: technology, culture, learning, and mergers and acquisitions.
Innovative Technology
Watershed Innovation was formed by Correct Craft for disruptive innovations. Ingenity, Correct Craft’s electric drive company, has developed the most advanced electric recreational boat ever made. Osmosis, our company focused on IoT, has created the marine industry’s most advanced telematics system. Watershed Innovation also acquired Merritt Precision to bring new technologies to the industry by implementing cutting edge milling, tooling equipment, additive manufacturing, artificial intelligence and robotics.
Innovative Culture
Correct Craft believes innovation is deeper than technology and sees culture not only as a key to innovation but one of its innovations. Correct Craft articulates its culture with the following: communicating purpose over profit, having an open environment for crazy ideas which creates innovation, supporting marine industry advocacy, going on global and local service trips, and many other avenues. Correct Craft also recently announced a marine industry culture summit marine industry executives and HR personnel to share our learnings and learn from others. The summit is being underwritten completely by Correct Craft as a service to our industry.
Innovative Learning
Correct Craft University (CCU) was designed for employee development and learning through personal, professional, and leadership growth. CCU creates courses specifically for each brand through on-site classes, micro-learning videos, webinars, and readings. The Correct Craft team aspires to be learners.
Innovative Mergers and Acquisitions
Correct Craft has a unique and innovative M&A focus that ensures sellers we will look after their employees, brand and legacy. While most acquisitions are made with an eye toward a future sale, Correct Craft has no exit strategy when acquiring companies. We want to build on the legacy of the seller and invest in the company for long-term future growth, not just short-term profits. Correct Craft has closed three acquisitions within the past year and expect more acquisitions in the future. Sellers can trust Correct Craft to take good care of their company.
About Correct Craft
Celebrating 94 years of excellence in the marine industry, Correct Craft is a Florida-based company with global operations. Focused on “Making Life Better,” the Correct Craft family includes Nautique, Centurion, Supreme, Bass Cat, Yar-Craft, SeaArk, Parker and Bryant boat companies, Pleasurecraft Marine Engine Group, Watershed Innovation and Aktion Parks. For more information please visit www.correctcraft.com.
