Nominations for EY Entrepreneur Of The Year 2014™ open
Singapore, 16 April 2014 – Leading professional services organization, EY, today launched the nominations for its 13th annual EY Entrepreneur Of The Year (EOY) awards.
From now till 16 June 2014, members of the public can nominate outstanding entrepreneurs who have demonstrated strong entrepreneurial spirit, innovation, sound strategic direction and financial track record, and built successful businesses that have global and/or community impact.
The nominees will be assessed by an independent judging panel (see factsheet A) across the six globally benchmarked criteria (see factsheet B). Entrepreneurs who excel across the six criteria will be honored as winners of award titles that are designed to reflect their unique quality or achievements. The EY Entrepreneur Of The Year 2014 Singapore will be presented to the individual who ranks the highest across all six criteria.
The awards is themed “Driving innovation, building the future” this year. Mr. Max Loh, Asean and Singapore Managing Partner at EY says: “Entrepreneurship – and innovation – is core to Singapore’s economic transformation, and in the better working world that we envisage, entrepreneurship will be essential. With the growing complexities in the business landscape, entrepreneurs will need to be innovative in both their product and service offerings as well as the way they lead their teams.”
According to EY’s The power of many report, effective team leaders maximize the value that diverse teams contribute to their business by providing clear direction and leadership, creating an open and inclusive team culture, and empowering, developing and coaching their teams. The survey of 821 global respondents also found that a majority of them (85%) agreed that inclusive leadership, which attracts and encourages diverse perspectives and dissent, is an effective means of improving team performance.
Mr. Loh comments: “Having a diverse team, including the right combination of local and international talent, is an important talent strategy for many of our homegrown entrepreneurs who want to be successful with overseas expansion. Entrepreneurs as business leaders will need to develop an inclusive leadership style and foster a cross-cultural mindset in the organization so as to turn the merits of team diversity into improved growth and profitability.”
New knowledge partners for EY– Barclays Family Business Award of Excellence
This year, EY is collaborating with Family Business Institute @ Singapore Management University (BFI @ SMU) and the Family Business Network Asia (FBNA) to select the winner for the EY – Barclays Family Business Award of Excellence. This is an honorary award presented on board the EOY platform (award recipient does not compete for the EY EOY Singapore 2014 title).
Mr. Loh adds: “Many entrepreneurs that we know are also leaders of highly successful family businesses. Family businesses are complex as the emotional aspects of family ties are intertwined with the professional demands of business relations. It takes a good balance of the two and strong family governance for the business to flourish in a sustainable manner.”
The award recipient will be selected based on the family business’ ability to successfully balance business and family issues, grow the business and show responsibility for others through philanthropic or social engagements (see factsheet C for eligibility and judging criteria).
Paul Loo to compete at the World Entrepreneur Of The Year award
From 4 to 8 June 2014, Mr. Paul Loo Lip Giam, Group CEO of Focus Networks Agencies (S) Pte Ltd, who was named EY EOY 2013 Singapore, will represent the country at the EY World Entrepreneur Of The Year (WEOY) 2014 in Monte Carlo, Monaco.
He will be competing against other country winners such as Australia’s Andrew Bassat of SEEK Limited, China’s Yang Guoping of Dazhong Transportation (Group) Co., Ltd, Germany’s Dr. Andreas Kaufmann and Alfred Schopf of Leica Camera, Indonesia’s Johannes Suriadjaja of PT Surya Semesta Internusa Tbk., Malaysia’s Dr. Ngau Boon Keat of Dialog Group Berhad, and the UK’s James Lambert of R&R Ice Cream.
On representing Singapore at this pinnacle event, Mr. Loo says: “It is an honor and privilege to represent Singapore at the EY World Entrepreneur Of The Year platform, and a great opportunity for like-minded entrepreneurial peers to exchange ideas and build relationships.”
Barclays returns as a major sponsor of the EY EOY awards program for the sixth consecutive year. “Entrepreneurship and innovation are the main engines of Singapore’s economic growth. As we continue to be inspired by the stories of successful entrepreneurs, the awards play an important role in celebrating their vision, tenacity and enduring spirit. The vast majority of our clients in Asia built their wealth through founding, acquiring, building and selling their companies. At Barclays, we help entrepreneurs achieve their ambitions – by advising them on their financial affairs and supporting our clients in funding and taking their businesses to international frontiers," says Mr. Didier von Daeniken, Head of Wealth Management, Asia- Pacific, Middle East and Africa, Barclays.
Other sponsors and supporters include new official business publication, The Edge Singapore; Martell (official cognac); The Peak (official luxury lifestyle magazine); Action Community for Entrepreneurship (ACE); International Enterprise Singapore (IE Singapore), Singapore Business Federation and SPRING Singapore. For more information, please visit EY Entrepreneur of The Year Singapore.
Notes to editors
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young Solutions LLP, a member of the global EY organization.
About EY Entrepreneur Of The Year™
EY Entrepreneur Of The Year™ is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries.
Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information, visit Barclays.
About Martell XO
With its distinctive arch-shaped bottle, Martell XO is a powerful symbol of vision and inspiration, which is a testimony to Jean Martell’s will to connect the best of things.
A unique combination of the elegance of the Borderies and the power of the Grande Champagne, Martell XO is an outstanding XO which bears the hallmark of the Martell Style.
Golden amber with dark copper and mahogany highlights, Martell XO starts with the elegance of the Borderies, which is rounded and fruity on the palate, followed by the characteristic power and finesse of eaux-de-vie from Grande Champagne leading to a long and silken finish.
Enjoy Martell cognac responsibly.
For more information, visit Martell.
Factsheet A: Judging panel
- Wong Ngit Liong
Chairman and CEO
Venture Corporation Limited
EY EOY 2002 Singapore
- Paul Loo Lip Giam
Focus Network Agencies (S) Pte Ltd
EY EOY 2013 Singapore
- Henn Tan
Chairman and CEO
Trek 2000 International Ltd
EY EOY 2002 - Emerging
- Dr. Steven Fang
Action Community for Entrepreneurship
Clearbridge Accelerator Pte Ltd
- Andy Tse
- Teo Eng Cheong
International Enterprise Singapore
- Professor Bernard Yeung
Dean, Stephen Riady Distinguished Professor
National University of Singapore, NUS Business School
Factsheet B: Judging criteria
The following six judging criteria sets the global standard adhered to by each and every country participating in the EY Entrepreneur Of The Year awards.
- Entrepreneurial spirit
The individual is a risk-taker who sets very high standards and demonstrates an unflinching desire and determination to succeed despite significant obstacles.
- Financial performance
The business has demonstrated strong financial performance and maintains a good track record in raising finance. Coupled with quality investments, the business has the potential for long-term sustainability.
- Strategic direction
The individual not only creates and turns business visions into realities, but also builds strategic alliances and empowers talents to achieve common goals.
- Global/ Community impact
The business has expanded or plans to expand into international markets and has made global impact in terms of job creation and improved living economics.
The individual has pioneered a new approach or technology, embraces changes and continuously innovates.
- Personal integrity/ influence
The individual earns great respect and is able to communicate ideas and influence the wider community. The individual’s enforcement of socially responsible practices seeks to improve the quality of life.
Factsheet C: EY - Barclays Family Business Award of Excellence
This winner will be selected by independent knowledge partners Family Business Institute @ Singapore Management University and the Family Business Network Asia based on the judging criteria below.
- Leadership of the company includes family member(s) from second or subsequent generations, or has multiple branches of a family involved in leadership. (i.e., one individual and first generation would not qualify for the award).
- The family still has a significant ownership and voting stake and is primarily responsible for setting the strategic direction and values for the firm.
- The legal form of the company or group of companies is not relevant.
- Companies may be private or publicly traded.
- If the shares and voting rights have been transferred to a trust, it will remain to be considered as family business if the family has dominant influence on the trust in a way described above.
- The business or headquarter of the business is located in Singapore.
- Company shows evidence of a successful, sustainable and long term-oriented strategy.
- Company has adopted an effective and transparent corporate governance approach, enabling the execution of the desired strategy and living out of family values.
- Company governance enables unity among the ownership family (i.e., little evidence of significant family disputes impacting the business).
- Demonstrated the ability of the family to preserve company culture, tradition and values and maintain the entrepreneurial spirit and continued innovation over generations.
- Evidence shown of exceptional personnel management.
- Commitment to philanthropic causes or corporate social responsibility.
- Other exceptional achievements such as business awards, public service or philanthropic awards, etc.