The three winners win top SME entrepreneurial awards and prizes of $1.17 million
Singapore, 23 June 2011 – Heat Exchangers Specialist (S) Pte Ltd, MDS Retail Pte Ltd and World Metal Recovery Pte Ltd have been named as the top three winners of the Emerging Enterprise Awards 2011 (EE2011). They received their awards from Guest-of-Honour, Mr Lee Yi Shyan, Minister of State for Trade & Industry and National Development at the EE2011 Gala Dinner and Awards Ceremony that was held at the Shangri-La Hotel this evening.
Now in its fourth year, EE2011 saw the number of applications grow twofold, as compared to 2010. The awards continue to attract applicants from a myriad of industries, including fashion, education, food and beverages (F & B), media, electronics and engineering and the environment sciences. A number of submissions were also received from up-and-coming players in the green and recycling industries.
EE2011 is, to date, Singapore’s only annual entrepreneurial award that reaches out to younger and smaller businesses which are up to 10 years old and have annual sales turnover of $10 million or less. It is jointly organised by The Business Times, and OCBC Bank, and supported by SPRING Singapore, NUS Extension and Acorn Marketing and Research. SingTel is the presenting sponsor for the two Best Innovation Awards, while RSM Chio Lim is the official auditor for EE2011.
Celebrating outstanding entrepreneurship
This year, a record number of applications was received from younger entrepreneurs. More female entrepreneurs have also come forward to stake a claim in the traditionally male-dominated entrepreneurial community. These trends bode well for the development and sustainability of Singapore as an entrepreneurial hub.
Many of these submissions demonstrated sound business models and high growth potential, with the ability to leverage on technology to deliver stellar financial results. Heat Exchangers Specialist (S) Pte Ltd, MDS Retail Pte Ltd and World Metal Recovery Pte Ltd stood out for possessing a global outlook even as they were just setting up their home bases in Singapore. Pioneers in their respective trades, they have proven that they have the tenacity and resilience to achieve commercial success despite their size. With capable leaders at the helm, these companies are well-positioned to challenge the bigger players as they go in search of new markets.
Each winner will receive $390,000 in prizes comprising an interest-free loan, professional services, training programmes and support in capability development.
The two recipients of the Singtel Best Innovation Award are Hydroemission Corporation Pte Ltd and Winrigo (S) Pte Ltd. Introduced in 2010, this award recognises our winners’ spirit of innovation and originality in business concepts. Each winner will receive $30,000 worth of business infocomm technology solutions sponsored by SingTel, and an additional S$100,000 interest-free loan from co-organiser OCBC Bank.
Quotes from co-organisers and partners:
Mr Alvin Tay, Editor of The Business Times, said: “Since its inception in 2008, the Emerging Enterprise Award has seen an eclectic mix of companies from diverse industries taking part. I have been impressed with the quality of applicants – they all exhibit key traits such as innovativeness, resourcefulness, versatility and agility. With the support and nurturing under the Emerging Enterprise franchise, these companies will mature and thrive, thereby raising the profile of entrepreneurship in Singapore.”
Mr Tan Chor Sen, Head of Emerging Business, Enterprise Banking, OCBC Bank said: "This year’s finalists have impressed with their astuteness in capitalizing on new trends and leveraging on technologies such as green technology and Internet platforms to accelerate their business growth. They have demonstrated that business size does not matter when it comes to true entrepreneurship. In fact, being small in size has allowed them to be nimble, think out of the box and expand beyond Singapore. We are confident they will continue to push boundaries and take their businesses to new heights.”
Mr George Lee, Head, Group Investment Banking, OCBC Bank, said: “Congratulations to all the finalists this year on their excellent achievements and inspiring success stories. This year’s winners have demonstrated unique ability in leveraging on originality and innovation to overcome the challenges they had faced. Besides the strategic thinking behind their plans to prepare their businesses for new markets and customer segments, their ability to deliver a stronger performance going forward is also impressive. Once again, we are pleased to give these emerging leaders within the small business and enterprise community due recognition through our awards program.”
Ms Chew Mok Lee, Group Director, Enterprise & Innovation, SPRING Singapore, said: “It has been a very stiff competition this year and I would like to congratulate all winners and finalists. By making it into the finals, they have demonstrated significant developments in their businesses despite their tender years, and I am confident they are well on track to scale greater heights. SPRING Singapore will continue to work with them as they seek new growth opportunities.”
Mr. James Tay, Executive Director, of NUS Extension, said: “This year’s Emerging Enterprise 2011 has crafted a new milestone for many. It has also revealed a diverse and quality mix of promising entrepreneurs whom have raised the bar for future entrepreneurs. Continued learning is essential in order to achieve higher success and at NUS Extension, we are dedicated in providing that. Our heartiest congratulations to all finalists and winners!”
Mr Kaka Singh, Chairman, RSM Chio Lim LLP, said: “The quality of this year's candidates portends well for entrepreneurship in Singapore - young entrepreneurs, innovative business models and the sprouting of businesses in emerging sectors like green businesses. We are also seeing more promising and high calibre entries. Shortlisting the top 15 finalists was indeed a challenge. RSM Chio Lim congratulates the winners and hope the awards will motivate and spur them to greater heights."
Mr Danny Lai, Country Business Manager for Acorn Marketing and Research in Singapore, said: “We were impressed by the high caliber finalists; many coming from niche and challenging industries. It is interesting how some have cleverly leveraged on Singapore’s unique strengths and resources to build their reputation as global players. We can see that these entrepreneurs are not just visionaries but astute businessmen with the ability to commercialize their idea/vision in the market space they seek to occupy. We liked that many of them also focus on making a difference in their respective fields. As with any businesses, everyone is trying to increase profitability, improve efficiency and retain employees. We find it insightful and refreshing that they have figured out the mechanics required to translate these intentions into concrete results. Congratulations to all finalists and winners.”
Mr Dumas Chin, Vice President Business Sales SingTel, said: “This year’s finalists comprised a diverse base of SMEs, who had strong management experience that ranged from 2 to 10 years. They were passionate about their business, and knew where they wanted to head to. The clear business plans they shared, demonstrated that clearly. Congratulations to the winners. They have effectively shown how, business sustainability and a good business model could be further paired with efficient usage of info-communications technology, to give them an edge in the playing field. It is our pleasure to recognise their efforts with 2 Business Innovation Awards.”
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About The Business Times
The Business Times (BT), published by Singapore Press Holdings, is South-east Asia's leading business daily. It is Singapore’s only financial daily and provides a complete guide on the local, regional and international business scene.
BT brings to its readers each day a comprehensive and concise package of corporate, financial, economic and political news, analysis and commentary. BT also carries features and the latest lifestyle trends in food, entertainment, shopping, arts, health, travel and design.
In June 1995, BT became the first English-language newspaper in Asia to go on the World Wide Web. Since January 2000, BT Online started to be available from 4am Singapore time (GMT +0800) and to offer news updates throughout the day.
Redesigned in September 2004 to engage a new generation of readers, a refreshing blue masthead, bigger fonts and friendlier layout were introduced. The content has been expanded to reflect a complete read, packing in loads of new features, such as specialty pages, a daily take on the health of the Singapore economy and dedicated regional pages.
About OCBC Bank
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. It is also ranked by Bloomberg Markets as the world's strongest bank.
OCBC Bank and its subsidiaries offer a broad array of specialist financial services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.
OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has a network of over 500 branches and representative offices in 15 countries and territories, including more than 400 branches and offices in Indonesia that are operated by its subsidiary, Bank OCBC NISP.
OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the largest insurance group in Singapore and Malaysia by assets. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia. Private banking services are provided by subsidiary Bank of Singapore, which has been ranked among the top five global private banks in Asia.