Nominations open for the 18th EY Entrepreneur Of The Year™ 2019 awards in Singapore
Singapore, 22 March 2019
From now till 30 April 2019, members of the public can nominate outstanding entrepreneurs for the 18th annual EY Entrepreneur Of The Year™ (EOY) awards in Singapore. Themed “Unstoppable – innovate, disrupt, transform”, the 18th EOY awards was launched today at a forum held at The Fullerton Hotel.
The nominees will be assessed by an independent judging panel (see factsheet A) across the six globally benchmarked criteria (see factsheet B). They must demonstrate strong entrepreneurial spirit, innovation, sound strategic direction and financial track record, and have built successful businesses that have national and global impact.
Fact sheet A: Judging panel
Chia Nam Toon
Assistant Group CEO
ARA Asset Management
Ooi Huey Tyng
Managing Director, Singapore, Malaysia, Philippines
Dr. Shi Xu
Founder and Executive Chairman
EY Entrepreneur Of The Year 2017 Singapore
Prof. Annie Koh
Vice President, Business Development
V3 Group Professor of Family Entrepreneurship
Professor of Finance (Practice)
Academic Director, Business Families Institute and International Trading Institute
Ng Cher Pong
Executive Chairman and CEO
V3 Group Limited
EY Entrepreneur Of The Year 2003 Singapore
Fact sheet 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/ 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 for 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 responsible 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.
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 individual who ranks the highest across all six criteria will be selected as the EY Entrepreneur Of The Year 2019 Singapore to represent the country at the EY World Entrepreneur Of The Year (WEOY) award in Monte Carlo, Monaco next year.
Come June 2019, last year’s EOY Singapore winner, Jeffrey Tiong, founder and CEO of PatSnap, will be Singapore’s representative at the world award and compete with over 50 other country contenders.
Addressing attendees at the launch forum, Mr. Max Loh, EY Asean and Singapore Managing Partner, Ernst & Young LLP comments:
“In Singapore and around the world, entrepreneurs have built some of the world’s most enduring companies. Aside from job creation and economic contribution, many have also given their time, money and expertise to support good causes through their business or personal capacities. Their creativity, tenacity and courage serve as an inspiration for many. In many ways, the way they overcome the odds, the power of their influence, and the ripple effect they create, is unstoppable. Entrepreneurs may not be just founders of businesses; they could be the next generation or an owner-manager who epitomizes the finest in entrepreneurial spirit, innovation and leadership through opportunities and adversities.”
EY Family Business Award of Excellence
At the launch forum, EY announced that it will once again confer the EY Family Business Award of Excellence. 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).
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 seventh year on board the EOY platform (award recipient does not compete for the EY EOY Singapore 2019 title).
The EOY launch forum culminated in a panel discussion on the topic of disruption. Panel speakers Michelle Cheo, CEO and Executive Director of Mewah Group; Dr. Shi Xu, Founder and Executive Chairman of Nanofilm Group and EOY Singapore winner in 2017; and Derrick Yap, CEO of PBA Group and EOY – Diversified Engineering winner in 2017 shared their experience and concerns with disruption, innovation and transformation, as well as where they believe the next big disruptive force will come from.
Fact sheet C: 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.
- 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 etc.
Other sponsors and supporters of the EOY awards include: The Business Times and The Edge Singapore (official media partners); Merrill Corporation (data partner); and supporters Action Community for Entrepreneurship; Enterprise Singapore; Singapore Business Federation; and SkillsFuture Singapore. For more information on the EOY awards, visit www.ey.com/sg/eoy.
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Notes to editors
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This news release has been issued by Ernst & Young Solutions LLP, a member of the global EY organization.
About EY Entrepreneur Of The YearTM
EY Entrepreneur Of The Year™ is the world’s most prestigious business awards program for entrepreneurs. The program 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 awards program 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. ey.com/eoy