...small- and medium-sized enterprises (SMEs), Spring Singapore estimates that 95 per cent have an annual sales turnover...Emerging Enterprise 2012 is supported by Spring Singapore, NUS Extension and Acorn Marketing and Research Consultants...
THE Emerging Enterprise 2012 Award was launched yesterday by Singapore Press Holdings' financial daily The Business Times (BT) and OCBC Bank.
The award, now into its fifth year, is to recognise businesses that have an annual sales turnover of up to $10 million.
The pool of candidates is potentially huge: Of the approximately 154,000 small- and medium-sized enterprises (SMEs), Spring Singapore estimates that 95 per cent have an annual sales turnover of up to $10 million.
These are 'mainly small or start-up businesses that would require additional resources and wholehearted support from many quarters, including financing, business advice and technology, in order to develop to their full potential', said BT and OCBC in a joint press statement.
Up to three SMEs can each win $390,000 worth of prizes.
These consist of a $150,000 interest- free loan from OCBC, professional services, training programmes and support in capability development.
Also, two firms will receive the SingTel Best Innovation Award for harnessing innovation to build an original and sustainable business model. They will each get $30,000 worth of business infocomm technology from SingTel.
'2012 will be a challenging year. It may be the right time for SMEs to leverage information and communications technology such as cloud computing to reduce costs, conserve cash and exploit digital channels to drive business growth,' said Mr Dumas Chin, vice- president of business sales at SingTel.
Mr Tan Chor Sen, OCBC's head of emerging business in its enterprise banking division, said: 'Having worked with and supported many emerging businesses, we understand the day-to-day struggles that these entrepreneurs face.
'That is why it is of particular importance to celebrate their achievements of having beaten the odds and gone on to become very successful.'
Prospective applicants for the award will be evaluated on four criteria: their vision and mission; business model and growth strategy; milestones and achievements; and management capabilities.
Interested firms can apply online at the Emerging Enterprise 2012 website http://www.asiaone.com/EE2012
The deadline for all submissions is March 9.
The winner will be announced on June 1.
Emerging Enterprise 2012 is supported by Spring Singapore, NUS Extension and Acorn Marketing and Research Consultants. RSM Chio Lim is the official auditor for this year's award.
MELISSA TAN