Ernst & Young LLP announced that Watt R. Foster Jr., president and CEO of Foster Fuels Inc. was named an Entrepreneur of the Year 2023 mid-Atlantic Award finalist.

Now in its 37th year, Entrepreneur of the Year is one of the preeminent competitive business awards for transformative entrepreneurs and leaders of high-growth companies who are building a more equitable, sustainable and prosperous world for all.

Foster, a third-generation owner of Foster Fuels Inc., was selected by an independent panel of judges. Entrepreneurs were evaluated based on their demonstration of building long-term value through entrepreneurial spirit, purpose, growth, and impact, among other core contributions and attributes. Foster leads with a "we can always do better...we can always be better" motto. His spirit of innovation and inclusion has allowed for constant evolution for a company over 100 years old.


The legacy of this family-owned, service-oriented business is built on core values like integrity, endurance, and humility. These values have supported growth into an award-winning, diversified business that operates on a local, national, and international level.

In 2022, Watt Foster was named Top CEO in the Virginia Living “Best of” Awards. Regional Entrepreneur of the Year award winners will be announced on Thursday, June 22, during a special celebration in Washington, D.C. The winners will then be considered by the National judges for the Entrepreneur of the Year National Awards, which will be presented in November at the annual Strategic Growth Forum, one of the nation’s most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur of the Year National Overall Award winner will then move on to compete for the EY World Entrepreneur of the Year Award in June 2024.

The Entrepreneur of the Year program has recognized more than 11,000 entrepreneurs throughout the U.S. since its inception in 1986, and it has grown to recognize business leaders across 145 cities in over 60 countries around the world.