Nominations open for 2023 Enterprise 50 Awards
Chong Xin Wei
NOMINATIONS are now open for this year’s Enterprise 50 (E50) Awards, which recognise the 50 most enterprising privately owned local companies in Singapore.
Organised by The Business Times (BT) and KPMG, and sponsored by OCBC, the 29th edition of the annual awards was launched on Friday (Mar 31).
In her remarks at the launch, BT editor Chen Huifen noted that 2023 is expected to be a tough year for the global economy, but added: “We are confident that many of our home-grown companies will rise to the occasion.”
This year’s theme, “Scaling New Heights, Conquering New Frontiers”, pays homage to companies that have shown innovation and courage to succeed in an ever-changing environment.
The theme represents “our conviction that our local enterprises will be able to find ways to better themselves, whether through reinventing their business models, through innovation, or new markets, or even through partnerships and collaborations”, Chen said.
Chiu Wu Hong, partner and head of private enterprise at KPMG in Singapore, said: “With the rise of protectionism and deglobalisation, businesses looking to make a mark must focus on providing innovative solutions that improve efficiency and effectiveness for businesses and consumers, and fostering trust in an increasingly unstable business landscape.”
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Nominations close on Jun 30 at 5 pm. The winners will be announced at an award ceremony and gala dinner in November.
A Sustainability Special Recognition Award will be introduced this year, for companies that have made strides towards their environment, social and governance (ESG) goals.
“ESG is now an essential component in every corporate strategy from a risk mitigation and opportunity optimisation standpoint,” said Chiu.
“An ESG strategy paves the way for a company to gain investor confidence, earn customer loyalty, reduce operating costs and improve both asset management and financial performance,” he added.
Sustainability is a growing focus for offshore mooring solutions provider Mooreast, one of the winners of the 2020 E50 Awards, said executive director Sim Koon Lam in a fireside chat at the launch.
His business, which started in 1993, went on to list on the Singapore Exchange’s Catalist board in November 2021.
To stay relevant, Mooreast began looking into renewable offshore energy a couple of years ago, he added: “We have to prepare to change and adapt, we have to go into a niche.”
“For every SME (small and medium-sized enterprise), you have to start thinking about: What is your niche, what can you change to adapt?” said Sim. SMEs can also move some operations to neighbouring countries to reduce costs, while keeping value-added operations in Singapore, he added.
Applicants for the E50 Awards will be evaluated and ranked on a set of qualitative and quantitative factors. Quantitative metrics include financial performance indicators such as operating profit before tax, turnover and profit growth.
Qualitative criteria include management and marketing strategies such as business models, innovations, management ideals, governance, marketing branding and overall potential.
The E50 Awards, launched in 1995, recognise, support and reward the most outstanding local companies across all sectors.
Companies can find out more and apply for the 2023 E50 Awards at https://enterprise50.org/.
The awards are supported by Enterprise Singapore, the Singapore Business Federation and the Singapore Exchange Group.
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