THE Emerging Enterprise Awards 2023 is now inviting applications – and accepting entries from companies across Asia for the first time.

Where previous editions of the awards were open only to emerging businesses in Singapore, this year’s will include entries from markets such as Hong Kong, Indonesia and Malaysia as well.

Jointly organised by The Business Times (BT) and OCBC Bank, the Emerging Enterprise Awards 2023 aims to recognise business innovation, resilience, and excellence in small and medium-sized enterprises (SMEs). It is now in its 16th year.

BT editor Chen Huifen said: “Since they were launched 16 years ago, the Emerging Enterprise Awards have helped to bring to the stage promising young Singapore companies that have gone on to be world-class players...

“With the expanded platform, we hope that the Emerging Enterprise Awards can inject new buzz and opportunities among the finalists.”

A new category called the Emerging Enterprise Sustainability Award will be introduced this year.

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The category recognises emerging enterprises that are capitalising on growth opportunities in the green economy, embedding sustainability in their operations, and leveraging technology and new solutions to drive the transition to low-carbon businesses and industries.

There are two awards under this category: the Emerging Enterprise Sustainability Award (up to three recipients), and the Most Promising Startup Sustainability Award (one recipient).

This is on top of the existing flagship Emerging Enterprise Award category, under which are two awards: the Emerging Enterprise Award (up to three recipients), and the Most Promising Startup Award (one recipient).

Christie Chu, head of emerging business and commercial banking cash at OCBC Global Commercial Banking, said the introduction of the new Emerging Enterprise Sustainability Award category was timely, given the “strong traction” that sustainable business models have among SMEs.

The award will encourage and provide recognition for startups and young businesses across Singapore, Hong Kong, Indonesia and Malaysia, which are making an impact in the sustainability space, she added.

“Despite signs that the general outlook for SMEs in the region is softening amid headwinds such as persistent inflation and a weakening global economy, SMEs continue to hold up strong. We are confident they will remain resilient and overcome the challenges,” she said.

This year’s winners stand to win prizes. These include a two-year interest-free term loan of up to the equivalent of S$200,000 in the winner’s local currency, and a consulting package for growing businesses worth S$30,000.

Past winners of the Emerging Enterprise Awards include gaming-chair maker Secretlab, smart bicycle helmet maker Lumos Labs, and rewards platform ShopBack.

Applications for the Emerging Enterprise Awards 2023 close on Jun 30. Interested businesses can find more information and sign up at https://www.businesstimes.com.sg/awards/ee/apply-now.