EY opens nominations for its 16th EY Entrepreneur Of The Year™ 2017 awards in Singapore

Spotlights the critical role of leaders in the age of disruption

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SINGAPORE, 7 FEBRUARY 2017 – From now till 30 April 2017, members of the public can nominate outstanding entrepreneurs for the 16th annual EY Entrepreneur Of The Year™ (EOY) awards in Singapore.

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 global and/or community impact.

Please refer to fact sheet A: Judging panel

Fact sheet A: Judging panel

Dr. Robert Yap
Executive Chairman
YCH Group Pte Ltd
EY Entrepreneur Of The Year 2007

Richard Eu
Group CEO
Eu Yan Sang International Ltd
EY Entrepreneur Of The Year 2011

Dr. Kar Wong
Managing Director
Advanced Group of Companies
EY Entrepreneur Of The Year 2014

Elaine Yew
Partner and Global Executive Committee Member
Egon Zehnder

Derek Lau
CEO
Heliconia Capital Management Pte Ltd

Professor Annie Koh
Vice President, Office of Business Development 
Practice Professor in Finance
Singapore Management University 

Poon Hong Yuen
Chief Executive
SPRING Singapore

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Please refer to fact sheet B: Judging criteria

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
    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 (or 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.
  • Innovation
    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.

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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 2017 Singapore to represent the country at the World Entrepreneur Of The Year (WEOY) award in Monte Carlo, Monaco next year.

Come June 2017, last year’s EOY Singapore winner, Mr. David Low Chor Hoon, Chairman and CEO of Futuristic Store Fixtures Pte Ltd, will be Singapore’s representative at the world award among over 50 other country contenders.

Leading through disruption

Themed “Leading through disruption”, the 16th EOY awards was launched today officially at a ceremony held at St. Regis Singapore.

Mr. Max Loh, EY Asean and Singapore Managing Partner, Ernst & Young LLP comments:

“Disruption, whether catalyzed by dramatic shifts in technology or workforce and consumer demographics, is one of the most defining challenges for both established players and new entrants to the market. How our local entrepreneurs successfully seize the upsides of disruption will have a clear impact on Singapore’s future economy. Leadership’s response is key – this is where the role of leaders, whether in government or business, is now more important than ever in co-creating an agile, relevant and pro-business ecosystem that enables innovation and fresh commercial thinking to thrive.”

New major sponsor for awards program

This is the first year where Standard Chartered Bank joins as a major sponsor of the EY EOY awards program, as well as the co-presenter of the EY-Standard Chartered Family Business Award of Excellence, for 2017 to 2018.

Ms. Judy Hsu, CEO Standard Chartered, Singapore says:

“Standard Chartered is pleased to sponsor the EY Entrepreneur Of The Year Awards in Singapore. It is most timely for us to celebrate the success of local entrepreneurs. As the pace of change becomes increasingly rapid, the traits of entrepreneurs – the willingness to constantly adapt to new challenges, embrace innovation and conquer new grounds – are key to the future of Singapore's economy.

“We are committed to supporting entrepreneurs in Singapore, whether it is by helping them protect and grow their wealth through our private banking and wealth management expertise, or supporting their business plans as they take on world markets via our commercial banking network. Our sponsorship is also in line with Singapore’s efforts to foster entrepreneurship and innovation in our business community.”

EY will once again collaborate with Business Families Institute @ Singapore Management University (BFI @ SMU) and the Family Business Network Asia (FBNA) to select the winner for the EY-Standard Chartered Family Business Award of Excellence. This is an honorary award presented for the fifth year on board the EOY platform (award recipient does not compete for the EY EOY Singapore 2017 title).

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).

Please refer to fact sheet C: EY-Standard Chartered Family Business Award of Excellence

Fact sheet C: EY-Standard Chartered Family Business Award of Excellence

This winner will be selected by independent knowledge partners, Business Families Institute @ Singapore Management University and the Family Business Network Asia, based on the judging criteria below.

Eligibility:

  • 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.

Judging criteria:

  • 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.

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EY will also confer the EY Asean Entrepreneurial Excellence Award for the third year on board the EOY platform (award recipient does not compete for the EY EOY Singapore 2017 title). The honorary award recognizes successful Southeast Asian businesses that contribute to the economy and community in the region. 

Other sponsors and supporters of the EOY awards include The Edge Singapore (official business publication); The Peak (official luxury lifestyle magazine); Action Community for Entrepreneurship; International Enterprise Singapore; Singapore Business Federation; and SPRING Singapore. For more information on the EOY awards, visit www.ey.com/sg/eoy

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Notes to Editors

About EY

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 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

About Standard Chartered

Standard Chartered Bank in Singapore is part of an international banking group with around 84,000 employees and a 150-year history in some of the world's dynamic markets.  

We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered Bank has a history of 157 years in Singapore, opening its first branch here in 1859 and in October 1999 was among the first international banks to receive a Qualifying Full Bank license, an endorsement of the Group's long-standing commitment to its businesses in the country.

The Bank transferred its Singapore Retail and SME business to a locally-incorporated subsidiary, Standard Chartered Bank (Singapore) Limited (SCBSL) on 7 October 2013. After the transfer, all banking services offered to retail and SME clients, particularly deposit taking, wealth management services, overdrafts, personal loans, credit cards, auto financing, and mortgages, are offered by SCBSL. SCBSL is rated one of the highest banks globally: Aa3 by Moody’s and A+ by Fitch Ratings.

The Bank offers corporate and institutional clients services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance. The Bank also provides private banking services through its private banking division. The Bank employs around 7,000 people in Singapore and has a network of 17 branches, 6 Priority Banking centers and 29 ATMs.

The Bank's global business is managed out of Singapore, as is its global Technology & Operations function.