The award was inaugurated in 2008.

The Award is open to all local SMEs who satisfy the Award’s Qualifying Criteria.

Yes, past participants can apply. However, if the company was a previous winner of any of the award categories (that is, the Emerging Enterprise Award or the Best Innovation Award or the Most Promising Startup Award), they will then not be eligible to apply for this year’s award.

They are:

• Emerging Enterprise Award
• Emerging Enterprise Sustainability Award

You do not need to apply for a specific Award category. All applications will be reviewed by the official Auditor RSM, and shortlisted companies will be evaluated by the judging panel.

The top finalists will be interviewed and evaluated further on the Judging Day. The winners of the sub-categories will be selected during the Judging Day. The results will only be announced at the Awards Ceremony Gala Dinner.

Emerging Enterprise Award

Recognises emerging enterprises that demonstrate an enterprising mindset. These are businesses that drive consistent, significant and sustainable growth, resulting in excellent business performance, while displaying the ability to scale and expand overseas.

Up to 3 winners will each receive:

• From OCBC: a two-year, interest-free term loan of up to S$200,000 (or local currency equivalent, as set out in the terms and conditions);
• From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region; and
• From RSM: Consulting Package for Growing Businesses, worth S$30,000.

Most Promising Startup – up to 1 winner will each receive:

• From OCBC: a two-year, interest-free term loan of up to S$100,000 (or local currency equivalent, as set out in the terms and conditions); and
• From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region

Emerging Enterprise Sustainability Award

Honours businesses that prioritise sustainability, utilise technology and innovative solutions for a low-carbon future, and capitalise on green-economy growth opportunities.

Up to 3 winners will each receive:

• From OCBC: a two-year, interest-free term loan of up to S$200,000 (or local currency equivalent, as set out in the terms and conditions); and
• From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region

Most Promising Sustainability Startup – up to 1 winner will each receive:

• From OCBC: a two-year, interest-free term loan of up to S$100,000 (or local currency equivalent, as set out in the terms and conditions); and
• From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region

OCBC BANK

Terms and conditions of the loan prize:
a. The term loan is an unsecured facility of:
b. Up to S$200,000 for recipients of the Emerging Enterprise Award and the Emerging Enterprise Sustainability Award. 
c. Up to S$100,000 for recipients of the Most Promising Startup Emerging Enterprise Award and Most Promising Sustainability Startup Emerging Enterprise Sustainability Award. 
d. The loan shall be interest-free for 24 months from the date of loan disbursement. 
e. No interest, processing and annual fees will be charged for 24 months from the date of loan disbursement. 
f. The loan prize can only be availed to a winner who has a business account with OCBC. 
g. For businesses incorporated in countries outside of Singapore, Malaysia, Indonesia and Hong Kong, the prize can only be availed to a winner who incorporates a business in Singapore.
h. Full terms and conditions will be available in the Letter of Offer.

RSM

Terms and conditions of the RSM Consulting Package for Growing Businesses prize:
a. The Consulting Package will only be provided to companies that receive the Emerging Enterprise Award, excluding any related companies or group of companies.
b. Redemption of the prize shall not be applicable for assurance, tax advisory and valuation advisory services. 
c. The prize is non-transferrable, not exchangeable for cash, and must be utilised within six months of the award.
d. Acceptance of any engagement by RSM, pursuant to the Consulting Package, is subject to the winner companies complying with RSM’s internal requirements on client acceptance procedures. 

These terms and conditions shall be governed by the laws of Singapore. The courts of Singapore shall have exclusive jurisdiction to settle any dispute, controversy or claim arising from or in connection with these terms and conditions and/or the Emerging Enterprise 2023 Award.

The shortlisted applicants will be notified by email and phone by early July 2023.

Applicants shortlisted for the Emerging Enterprise Awards undergo a rigorous 2-part judging process: Site visits (physical and/or virtual) as well as live judging for applicants to present their business model, products and services to our esteemed panel of judges.

The carefully selected expert judging panel will review entries based on the criteria set within each category, whilst also applying 3 key principles:

• Results and performance metrics
• Measurable evidence of innovation, impact and scalability, with demonstrable, long-term commitment to a sustainable transformation
• Relevant award category criteria 

Shortlisting is based on the qualifying criteria and assessments by the judging panel.

Only the top finalists will be featured in The Business Times.

Access to the submitted documents and information is kept strictly to the Award organizing committee comprising key members of the Sponsors, and the panel of judges. They are used solely for judging and reference purposes and will be kept strictly confidential.

You need to submit financial statements of the last two years. For businesses that have only been in operation for a year, the financial statements required will be for the prior or current year. If you do not have a year's worth of financial statements, then the latest management accounts will suffice.

Financial projections will be taken into consideration. Shortlisting will also be based on the business owner’s or management team’s justification on how he/she/they is/are going to achieve the plans and if the projections are achievable.

All applications must be accompanied with:

1. A copy of the business profile from ACRA,

2. Latest financial statements for the last two financial years (for businesses with only 1 year of operation, note that the financial statements can be for the prior/current year, whichever is available),

3. Latest management accounts (including the income statement and balance sheet).

4. For those with corporate shareholder(s), please ensure that the following are included in the application:

   • A copy of the business profile from ACRA of the ultimate corporate shareholder.
   • Turnover (Current and Previous Financial Year) of the ultimate corporate shareholder
   • Number of employees of the ultimate corporate shareholder

Yes, we will accept accounts that are no longer than six months old.