SME100™ Awards, a regional award for SMEs, was organised for a second year in Singapore. The awards are now present in Singapore, Indonesia, Malaysia and the Philippines, making it one of the most extensive for SMEs across South-east Asia.
SME100™ is organised by the SME Magazine - published in Malaysia and Singapore and distributed in South-east Asia. The awards identify and recognise Asia's fast moving small & medium enterprises (SMEs) with a focus on growth (turnover, profit and market share) and resilience (best practices, sustainability and vision).
Independently researched, ranked and published by SME Magazine, SME100™ ranks the top 100 fast moving companies in selected countries in Asia based on both quantitative and qualitative criteria. Questionnaires/participation forms are sent to pre-selected SMEs in each country based on a proportionate representation of the 20 industry grouping using the SME100™ Scorecard. After extensive compilation and analysis, the final 100 are determined by the highest weighted average score with heavy weightage on growth and resilience.
To be eligible, SMEs need to fulfil the following criteria:
- Annual turnover of S$500,000 and above, or full-time employees between 20 and 200 for manufacturing-related and agro-based industries (varies by country, please contact us for more information), and between 10 and 150 for services, primary agriculture and ICT industries.
- Must not be listed on any stock exchange.
- Can either be a holding company or a subsidiary. If the holding company participates, all subsidiaries will not be eligible.
Unlike other awards, the SME100™ comprises two components: the survey and the recognition programme. The survey of 2,000 top SMEs in Singapore took place between February and April this year. A total of 292 companies responded to the programme, with the top 100 selected among the respondents based on quantitative criteria such as revenue growth and profit, and qualitative criteria such as business outlook, investment in training, and R&D efforts, to receive the SME100™ Awards. Singapore Commercial Credit Bureau provided the data on the participating companies while Nexia TS is the official auditor. The Awards is supported by Singapore Malay Chamber of Commerce and Industry (SMCCI).
Among the award recipients this year are CHASSasia (Singapore) Pte Ltd, Conergy Asia & ME Pte Ltd, IIa Technologies Pte Ltd, Sauter Singapore Pte Ltd, Sozoluz Clinique, Trendmaker Pte Ltd, Vanguard Fire Systems Pte Ltd and Yang Kee Logistics Pte Ltd.
As a regional award for SMEs, the SME100™ offers winners something that no other award can: regional opportunities and recognition. Award winners join an elite club of fast moving companies across the region, and gain access to by-invitation only networking events and business matching.
SME100™ Awards' judging criteria are, and have always been, very stringent since its inception almost a decade ago. As part of the five-stage evaluation process, the organisers implemented a 100 per cent audit mandate where 90 per cent of the nominees were subjected to physical site audits. The other 10 per cent were vetted through phone interviews and further background research. This exacting procedure ensures that nomination submissions are validated and accompanied with relevant business intelligence and data analytics for the final judging stage. As one winner said, competing for SME100™ is like running in the Olympics.
According to William Ng, group publisher and editor-in-chief of the organisers, Business Media International: "What sets credible awards and award mills apart is the judging process. As organisers, we have been offered all sorts of incentives to favour certain companies, but like everything else we do, the programme's integrity is everything."
He added: "SME100™ is one award you can't buy. The process itself is lengthy and broken into multiple stakeholders. We have a credit rating component built into it. We have a financial authentication module, a compulsory site audit, and many more elements to ensure the winners are truly deserving."