THE Entrepreneur of the Year award is jointly given out annually by the Rotary Club of Singapore and the Association of Small and Medium Enterprises (Asme) and has, over the years, come to be recognised as the premier local entrepreneurship award in the country.
Focusing on home-grown companies, the Rotary-Asme award is an opportunity for entrepreneurs here to showcase their successes in business.
This business accolade highlights entrepreneurs in Singapore who have demonstrated excellence in their field of business and contributed significantly to the economy and society.
The two key features of this prestigious award are that it places emphasis on all-rounded development of the enterprise and it also looks at the social contribution by the enterprise, says Mr Kurt Wee (right), co-chairman of the award for the past five years for Asme.
Mr Paliath Mohandas, president-elect of the Rotary Club of Singapore, is the other co-chairman of the award.
"The award is a platform to scout for small and medium enterprises (SMEs) that people have not heard about - the unpolished diamonds in the local circuit," says Mr Wee.
Some of the winners discovered by the Rotary-Asme award are from the pre-IPO (initial public offering) companies - quite a few of whom have gone through their paces to build up the businesses.
Mr Wee says: "Over the years, we have recognised and rewarded many distinguished entrepreneurs who have undeniably helped to raise the profile and prestige of the award.
"The Entrepreneur of the Year Award is certainly an honour that local entrepreneurs strive to achieve as it marks the ultimate accolade of entrepreneurial success."
Mr Mohandas adds: "The desire to establish a unique enterprise, coupled with the passion to fulfil that dream, has seen the birth of entrepreneurs in the past and today.
"These highly driven entrepreneurs have the vision to see opportunities that others cannot in this unpredictable business world. They also have the courage to take calculated risks.
"Through the Entrepreneur of the Year Award, we celebrate and reward the enterprising spirit of these motivated individuals as they journey through the ups and downs of their enterprises."
Mr Wee says the award criteria have been tweaked from time to time to keep them in line with the economic theme of the country. For instance, the current focus is on companies which venture forth in regional development.
About 50 local entrepreneurs compete for the award each year. The candidates are assessed in two primary areas:
- Ability to create a successful enterprise, and
- Ability to sustain a profitable business that is socially responsible.
Each candidate must show leadership qualities, produce evidence of entrepreneurial prowess and be a socially responsible business professional.
The enterprise must reflect the candidate's contribution to its success and positive fiscal performance.
An important qualifying criterion is that the candidate must be a self-made entrepreneur who has been in business for at least two years and has demonstrated outstanding entrepreneurial qualities in growing and developing a business.
Mr Wee says that the first step is to shortlist the candidates to between 25 and 30 companies. The judges then visit the companies and interview the entrepreneurs to trim the list further.
This year, 16 Top Entrepreneurs representing 13 companies have been selected, all winners in their own right.
The panel of judges spends a day interviewing the 16 Top Entrepreneurs before the overall winner is chosen.
Says Mr Wee: "This year, our candidates have demonstrated all-roundedness compared to previous years. This is a very good development. Local enterprise is a breed we should be very proud of."
In addition to the overall Entrepreneur of the Year award (EYA), there are four subcategory awards:
- EYA for Enterprise,
- EYA for eCommerce,
- EYA for Innovation, and
- EYA for Social Contribution.
16 Top Entrepreneurs from 13 companies take different routes to success. Here are their stories:
