Technology: Michael J. Collins, CEM Corp.

• Author: Eldridge, Lisa
• Position: Entrepreneur of the Year

Michael Collins has a tough act to follow - his own. In 1978, he co-founded CEM Corp., which transformed microwave ovens into precision testing devices. His products won raves and created a comfortable niche for the Matthews-based company, which had $16 million in sales in fiscal 1989. Earnings grew about 30 percent a year through the late '80s, and the stock price doubled. It split two-for-one last year.

Over the last 18 months, earnings growth has slowed. But Collins is plowing money into R&D and developing...