Entrepreneurship: Resilience over uncertainty
AS WE approach the end of the year, it is evident that 2022 can be characterised as the year of unpredictability. The year began with degrees of optimism, especially in Asia. However, that situation developed quickly as multiple macroeconomic headwinds, including global monetary policy tightening, the war in Ukraine, and the slowdown of the Chinese economy, set in and will likely continue to provide challenges to businesses.
While the economic environment presents some unique challenges, it also offers opportunities, and we remain optimistic that better times are on the horizon – as they always are through market cycles. The longer-term outlook for South-east Asia remains robust, with the region expected to continue to be one of the fastest growing regions globally. The expansion of Asean consumer markets will be an impetus for the growth of economies and companies alike, and with that the region increasingly becomes an important magnet for capital.
Rising above uncertainty
As entrepreneurs and start-up founders pivot to build resilience in the face of adversity, it is timely for us to recognise and celebrate companies and entrepreneurs that continue to thrive. This year’s EY Entrepreneur Of The Year awards recognise entrepreneurs that have not only demonstrated their agility during the shifting stages of the pandemic, but also their endurance and foresight in the face of a new economic landscape to navigate in 2022.
By identifying and harnessing opportunities to innovate and adapt, these entrepreneurs have been able to lead their teams and create value that has appealed to a broad group of stakeholders. For technology-enabled health care company Doctor Anywhere, the core of its business is leveraging technology and innovation to advance a more personalised, borderless and holistic approach to healthcare.
Grand Venture Technology, an advanced manufacturing solutions and services provider, also attained exponential revenue growth and penetrated new customer sectors ranging from semiconductors to analytical life sciences and aerospace industries. What is admirable about the entrepreneurs behind these businesses is that that besides focusing their efforts to “do well” for their customers, partners and investors, they are also prioritising the need to “do good” by making a positive impact on their communities.
With an aim to provide affordable and accessible financial services to underserved populations in South- east Asia, FinAccel recently announced its commitment to the EDISON Alliance’s 1 Billion Lives Challenge, with the aim of positively impacting the lives of tens of millions in the region. And while biotechnology company INEX Innovate democratises medical diagnostics for women around the world, it also supports the local ecosystem by providing the scientific and medical community access to its intellectual property and know-how to innovate new products.
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Delivering sustainable business growth
For entrepreneurs, uncertainties often present opportunities that allow them to take stock of the current environment and refine their business models. Many are prioritising the transition to more sustainable and long-term oriented models, while at the same time finding adequate avenues for growth. Amid the constantly evolving business landscape, we have seen how some companies have adapted, digitalised, and innovated to build operational resilience and stay competitive.
F&B technology platform Oddle is a good example. It provides digital solutions enabling restaurants and merchants to access valuable consumer data so they can optimise strategic decisions for their businesses. While revenue growth is a critical value driver, many entrepreneurs also recognised that increasingly, ESG considerations play an important role to drive long-term growth. One of this year’s winners is Wah & Hua, a multi-material recycling and waste management company that is serving many industrial and commercial premises and expanding their network outside of Singapore.
The importance of collaboration and partnerships As we look ahead to 2023, inflationary pressures are likely to continue. As a trade-dependent nation, Singapore knows the risks of looking inward and becoming insular all too well. It is therefore critical for companies to look towards diversifying their businesses and accessing opportunities to collaborate to stay competitive.
Like many other businesses, SGX Group recognises the significance of partnering with stakeholders and partners to create a more vibrant ecosystem. By working with organisations such as EY to provide industry insights and resources, fast-growing local companies can tap into these to strengthen and grow their business.
At a time when portfolio risk management activities are expected to rise in tandem with increasing risks in the global economy, we focus on how we can simplify access to Asia by enhancing our products and forging new partnerships. These products and partnerships will strengthen SGX’s platform, allowing companies, increasingly from newer economy sectors, to meet their capital needs at every stage of their growth.
These initiatives are essential in helping us propel entrepreneurs and their companies forward, thus driving job creation and economic vibrancy. As we recognise the success of these entrepreneurs for their determination and adaptability, SGX remains committed to ensuring that the ecosystem has the necessary resources and support to help entrepreneurs as we navigate the uncertain environment together. We look forward to celebrating the ongoing successes of our entrepreneurs and their businesses in the years to come.
The writer is head of Global Sales and Origination, SGX
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