World Entrepreneur Of The Year
Finalists at World Entrepreneur Of The Year are assessed by an independent panel of judges from around the world, most of whom have previously participated in Entrepreneur Of The Year programs. Ernst & Young personnel are not involved in the judging process.
Judges will receive written information on the entrepreneurs representing more than 50 countries prior to their arrival in Monte Carlo. They then meet with each other and the finalists several times throughout the weekend, and assess the candidates according to the following set of criteria:
- Entrepreneurial spirit: sets very high standards for self and business and demonstrates strong leadership skills and an unflinching desire and determination to be successful. Entrepreneur demonstrates perseverance in the face of adversity and overcoming obstacles. Has undergone significant disappointments and learned from those experiences. While he/she relies on trusted individuals and the team, also shows capacity to be an independent thinker and to take on and manage risks in the face of uncertainty.
- Financial performance: this is reflected in the strength of the organization’s financial performance. If applicable; the track record in raising finance; the quality of past investments; if public, market performance over the past 3 years; and the strategies in place for long term sustainability.
- Strategic direction: creates and turns business visions into business realities. Builds and rebuilds the teams’ commitment to the common goals. Demonstrates the ability to produce new products, innovate product use and differentiate themselves from their competitors. Demonstrate operational excellence within the organization to optimize structure and processes within the business model. Entrepreneur demonstrates entrepreneurial maturity by building strategic alliances and surrounding him/herself with talented people—sharing knowledge and empowering individuals, teams, the Board and a range of advisers/allies, to ensure success for all.
- Global (or community) impact: the entrepreneur’s global impact can be measured with either revenue, operational, or influential presence in international markets. Results of their presence in these markets include job creation and improved living economics. Alternatively, if not currently doing business overseas, a strategy and model to expand their presence abroad is under development and shows a high degree of potential.
- Innovation: Entrepreneur pioneers a new approach/business model in product, culture or processes. Entrepreneur recognizes the business imperative of anticipating and embracing change occurring in the competitive environment through continuous improvement and innovation in all aspects of the business. Entrepreneur creates a culture of innovation within the organization.
- Personal integrity/influence: living their values has earned him/her great respect from staff, competitors, customers, advisers, family and the wider community. A culture of corporate social responsibility within the organization demonstrates a commitment to the highest ethical and quality standards in business activities and operations, resulting in an inclusive and flexible workplace, highly regarded reputation, positive social change, impact on the environment and/or improved quality of life within their community.
The World Entrepreneur Of The Year Winner will be announced at a black-tie awards gala on 8 June 2013, following the induction of all Entrepreneur Of The Year country winners into the World Entrepreneur Of The Year Hall of Fame.