FIVE years ago, animation company Scrawl Studios was a shoestring operation with only three staff. Now, it is gunning for a turnover of $6 million this year.

The company has become one of Singapore's pioneer animation studios, specialising in original, made-for-TV animated titles that are marketed worldwide.

Its stellar performance has clinched for it one of the new Emerging Enterprise awards created to recognise accomplished small and medium-sized enterprises (SMEs).

Semiconductor distributor McCoy Components and OAAG, which manages golf events, also won.

The three firms each received $380,000 worth of prizes - an interest-free loan of $150,000 from OCBC Bank, a $150,000 grant from Spring Singapore, and consultancy services and educational and information technology packages.

The award, co-presented by OCBC and The Business Times, attracted more than 80 applications. They had to be locally registered and should have an annual turnover of less than $10 million, among other criteria.

The 10 shortlisted firms then made presentations to a panel of judges consisting of representatives from the organisers, as well as Spring Singapore, HP Singapore, financial consultancy RSM Chio Lim and NUS Enterprise.

'We were looking for vision, a good business model, and the quality of operating and control procedures, as well as the company's ability to meet certain key performance indicators,' said Mr George Lee, the executive vice-president of group investment banking at OCBC.

'All three companies came in strongly on these criteria.'

OCBC will take out an equity option to invest in each of the winning companies.

Mr Wong Chi Kong, one of the three founders of Scrawl Studios and its chief operations officer, said the firm's ambition of targeting the international market probably impressed the judges.

'As an entrepreneur, I believe it is important not to be afraid of failure,' he added. 'I think our talented designers are our strongest point and helped us stand out.'

OAAG's chief executive, Mr Nicklaus D'Cruz, said the competition was 'a good opportunity for companies to audit themselves'.

His firm plans to use the prize money to set up a luxury golf magazine.

'I would strongly encourage other entrepreneurs to take part in such competitions,' said Mr Mike Tiong, the managing director of McCoy Components.

'It was an eye-opening experience, and the judges' questions at the presentation helped me improve on my business plan.'

'This award is a good attempt to identify fast-growing and promising small firms whose growth paths can be made very different with special grooming and coaching,' said Minister of State for Trade and Industry Lee Yi Shyan, the guest-of-honour at the award ceremony.

This article was first published in The Straits Times on May 22, 2008.

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