Cree, Inc. (NASDAQ: CREE) has been identified as one of 2014’s 50 Smartest Companies in MIT Technology Review’s annual list of the world’s most innovative technology companies. The honorees are nominated by MIT Technology Review’s editors, who look for companies that have demonstrated original and valuable technology over the last year, are bringing that technology to market at significant scale and are clearly influencing their competitors. The companies on the list represent the disruptive innovations most likely to change our lives.
Jason Pontin, publisher and editor in chief of MIT Technology Review, states, “At times it seems impossible to keep pace with important emerging technologies. This issue celebrates organizations at the forefront, displaying ‘disruptive innovation’ that will prove to surpass the competition, transform an industry and change our lives.”
Cree was selected as one of MIT Technology Review’s 2014 50 Smartest Companies because of its transformational leadership in the lighting industry. Guided by a culture that thrives on relentless innovation, Cree launched several leadership products during the past year that have significantly contributed to the changing LED lighting landscape. Cree changed the consumer lighting market with the introduction of the Cree ® LED Bulb, a light bulb that works as good as or better than traditional incandescent bulbs at a price that has given consumers a reason to switch to LED. At $99, the Cree XSPR ™ LED street light delivered all the benefits of LED lighting at up-front cost parity to outdated and uninspiring traditional street lights. Most recently, Cree introduced SmartCast™ Technology, the first self-programming wireless lighting-control system to bring the energy saving benefits of lighting controls to the masses with the touch of one button, at half the cost of traditional lighting controls.
“Cree is honored to be part of MIT Technology Review’s 2014 50 Smartest Companies list,” said David Elien, vice president, corporate marketing and business development. “As the industry’s only fully vertically integrated pure-play LED lighting company, this prestigious recognition validates Cree’s long-standing belief that a cultural commitment to continuous innovation results in the creation of breakthrough products that transform markets.”