SINGAPORE - An annual entrepreneurship award for small businesses is entering its seventh year with a new category.
The Most Promising Start-up Award was unveiled during the launch of the annual Emerging Enterprise awards held on Tuesday at the Singapore Press Holdings (SPH) News Centre auditorium.
The new award recognises businesses which are less than three years old and with an annual turnover of below $1 million. The winner will receive the Most Promising Start-up title and trophy.
The Emerging Enterprise awards, organised by SPH's financial daily The Business Times and OCBC Bank, are Singapore's only annual entrepreneurship prizes for smaller enterprises with a turnover of not more than $15 million.
Three winners of the Emerging Enterprise Award will each get $440,000 worth of prizes, comprising consulting services and business development help, from OCBC Bank, Acorn Marketing and Research Consultants, Spring Singapore and RSM Chio Lim.
The prize also includes an Open Enrolment Programme package worth $30,000 from global graduate business school Insead.
Separately, the Best Innovation Award will go to two companies, which will each receive up to $45,000 worth of information and communication technology business solutions from SingTel.
The Business Times editor Alvin Tay said: "It is always exciting to see new and innovative business ideas from our SMEs, which play a vital role in Singapore's economic growth. With the introduction of a new category - Most Promising Start-up Award - we hope more young companies with strong growth potential will step forward to present their ideas."
OCBC Bank's head of emerging business Eric Ong said new businesses need help adapting to a restructuring economy. "We hope the recognition that comes with the award will open doors for them in terms of new business partners, overseas markets and potential equity sponsors," he said.
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