From now till 30 April 2020, members of the public can nominate outstanding entrepreneurs for the 19th annual EY Entrepreneur Of The Year™ (EOY) awards in Singapore.
The theme for the awards this year is “The Unstoppables”.
Encouraging the public and business community to nominate outstanding entrepreneurs for the award, Mr. Max Loh, Managing Partner for Singapore and Brunei, Ernst & Young LLP says:
“To build a long-term and sustainable business takes grit, persistence and a sense of ambition that is free from doubt or fear. It takes a special kind of leader to ignore the critics and transform a blue-sky dream into a reality that contributes value and purpose beyond simple profits. We call these entrepreneurs the unstoppables – those whose boundless ambitions deliver innovation, growth, employment and prosperity that transform our world. By recognizing and celebrating the achievements of these exceptional entrepreneurs, we hope to inspire the next generation of entrepreneurs, given the importance of entrepreneurship to a vibrant economy and the socio-economic spin-offs.”
The nominees will be assessed by an independent judging panel across the six globally benchmarked criteria (see factsheet A). They must demonstrate strong entrepreneurial spirit, innovation, sound strategic direction and financial track record, have built successful businesses that have national and global impact, and displayed personal integrity and purpose driven leadership.
Entrepreneurs who excel across the six criteria will be honored as winners of award titles that are designed to reflect their unique qualities or achievements. The individual who ranks the highest across all six criteria will be selected as the EY Entrepreneur Of The Year 2020 Singapore to represent the country at the EY World Entrepreneur Of The Year (WEOY) award in Monte Carlo, Monaco next year.
Come June 2020, last year’s EOY Singapore winner, David (Hyonmoo) Lee, Executive Chairman of Iyuno Media Group, will be Singapore’s representative at the world award to compete with over 60 other country contenders.
Reflecting on the awards theme and how entrepreneurs are unstoppable, Mr. David (Hyonmoo) Lee says:
“You first start out with a great idea, and fail. You manage to sustain but when you scale, you fail. Industry changes, and you fail again. An entrepreneur’s journey is filled with failures, and that is exactly what distinguishes us from others. We fail, but we endeavor to learn from failures, try out creative ideas and finally break it through. We prove to the world that failure is not the opposite of success. What determines success is not the failure itself, but what you do afterwards.”
New partners for the EOY awards
This year, Singapore Exchange Limited (SGX) and the Portfolio magazine will be joining the EOY awards as partner and official media partner, respectively.
Other sponsors and supporters of the EOY awards include The Business Times and The Edge Singapore (official media partners); and supporters: Action Community for Entrepreneurship; Enterprise Singapore; Singapore Business Federation; and SkillsFuture Singapore.
On board the EOY platform, EY will once again confer the EY Family Business Award of Excellence this year. 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 B for eligibility and judging criteria).
Knowledge Partners, Business Families Institute @ Singapore Management University (BFI @ SMU) and The Wendel International Centre for Family Enterprise, INSEAD, will select the winner. This is an honorary award presented for the eighth year and the award recipient does not compete for the EY EOY Singapore 2020 title.
For more information on the EOY awards, visit www.ey.com/sg/eoy.
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 doing so, we play a critical role in building a better working world for our people, for our clients and for our communities.
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This news release has been issued by Ernst & Young Solutions Limited, 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 awards program for unstoppable entrepreneurs. These visionary leaders deliver innovation, growth and prosperity that transform our world. The program engages entrepreneurs with insights and experiences that foster growth. It connects them with their peers to strengthen entrepreneurship around the world. EY Entrepreneur Of The Year is the first and only truly global awards program of its kind. It celebrates entrepreneurs through regional and national awards programs in more than 145 cities in over 60 countries. Winners go on to compete for the EY World Entrepreneur Of The Year™ title. ey.com/eoy
Fact sheet A: Nomination and judging criteria
To be a nominee, the candidate must be:
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/Value creation
The business has demonstrated strong financial performance and maintains a good track record in raising finance. Coupled with quality investments and its focus on the development of human capital, 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.
- National and global impact
The business has displayed a high degree of potential of growth and expansion into international markets that has made national and 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/Purpose-driven leadership
The individual earns great respect and is able to communicate ideas and influence the wider community. The individual’s enforcement of socially responsibility practices seeks to improve the quality of life. The individual demonstrates a commitment to the highest ethical and quality standards in business activities and operations.
Fact sheet B: EY Family Business Award of Excellence
This winner will be selected by independent knowledge partners, Business Families Institute @ Singapore Management University and The Wendel International Centre for Family Enterprise, INSEAD, 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.
Companies 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 family ownership (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 maintained 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 etc.