New category for Emerging Enterprise 2014 awards

[SINGAPORE] Startups still building their track record can now put themselves in the running for a new category in the Emerging Enterprise 2014 (EE2014) awards.

The Most Promising Startup award is specifically for businesses under three years old and with an annual turnover of below $1 million.

EE2014 jointly organised by The Business Times (BT) and OCBC Bank, is the only annual prize here that honours entrepreneurship among small and medium-sized enterprises (SMEs) with annual turnover of less than $15 million and which are not more than 10 years old.

Companies in the running for these main awards are required to submit their financial statements for the last two financial years.

Eric Ong, OCBC's head of emerging business, global enterprise banking, pointed out that startups which are not yet profitable tend to be overlooked although they may have great products, services or business models.

The Most Promising Startup category is thus specially for such companies.

"We're making it clear, we don't want to look at your financials, we just want to look at your business," said Mr Ong.

BT editor Alvin Tay expressed hope that more young companies with strong growth potential will present their ideas.

Startups yet to monetise their operations can give projections in place of audited financial statements.

Mr Ong said that this award, by recognising promising startups with long-term scalable business models, may open doors for them, as has been the case for past winners of EE awards.

Among the companies which grew in credibility and attracted fresh business opportunities was G-Energy Global, one of the three winners in EE2013.

Vincent Low, the vice-president of business development for the company which performs energy audits for other companies, said G-Energy received visits from multinational corporations, with some wanting to acquire or invest in it.

BT's Mr Tay, referring to the 15 finalists - including the startups - to be profiled in this newspaper, said: "Publicity is priceless."

Besides the new award, a mentorship consulting prize from OCBC worth $150,000 stands to be won.

The mentorship replaces an interest-free loan of the same value, which the bank previously sponsored. Mr Ong said this change was based on feedback from companies that, in the early stages of growth, guidance is more essential than pure capital.

The mentorship prize will enable winners to engage mentors for advice in areas such as regional expansion; these mentors can also add value to the business and give some direction, especially to young SMEs and business owners, he said.

Up to three overall winners will receive prizes worth $440,000 each, which includes the mentorship consulting prize.

The Best Innovation Award will reward up to two firms with $45,000 in infocomm technology prizes from SingTel.

And one winner will be presented the trophy for being the Most Promising Startup.

Applicants will be judged based on the company's mission and vision, business model, management capabilities and milestones.

The deadline for applications for this seventh edition of the awards is May 2.