SAN MATEO, Calif., Nov. 17, 2013 /PRNewswire/ -- Nicholas Woodman, Founder and CEO of GoPro, has been named the National EY Entrepreneur Of The Year™ 2013 Retail and Consumer Products Award winner. The EY Entrepreneur Of The Year Award is the country's most prestigious business award for entrepreneurs. The award encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses. (Logo: http://photos.prnewswire.com/prnh/20130701/NY40565LOGO-b ) Woodman was recognized for developing a high-definition video camera for extreme sports that has evolved into one of the most engaged brands in social media today. He was honored at the Entrepreneur Of The Year Awards gala, the culminating event of the EY Strategic Growth Forum® in Palm Springs, Calif. The Forum is the nation's premier gathering of high-growth, market-leading companies. Awards were given in 10 additional categories. The EY Entrepreneur Of The Year Award winners were selected by an independent panel of judges and from more than 250 regional award recipients. "We are pleased to honor Nicholas Woodman with this esteemed award," said Bryan Pearce, EY Americas Director, Entrepreneur Of The Year. "He was able to see early in the game just how important it is to surround yourself with the right team — people who possess the strengths that you don't. The great minds Nicholas brought to the table under his leadership have made GoPro a huge success." Walking before running Ironically, Woodman's inspiration to develop GoPro came as he was trying to recover from the failure of his first internet business, a marketing start-up he'd launched after graduating from college. While he raised some $4 million in venture capital and made all the right moves, the company didn't survive the dot-com crash. Failure was one thing, but the stress of losing other people's money forced Woodman to reassess his goals and focus on building a business based on a true passion: surfing. An avid surfer, Woodman had long realized how frustrating it was for surfers to get great shots and footage of themselves while they were riding the waves. All that was available at the time were disposable cameras attached to their wrists. However, the photo quality was terrible, and the cameras often flew off, sometimes hitting surfers in the face.