Singapore, 3 October 2019 - Emage Vision, an automated ultra-high accuracy optical inspection company; Spark Systems, a low-latency FX trading platform and Xjera, a video analytics start-up with proprietary technology were the three winners for the Emerging Enterprise Award. This award recognises emerging enterprises that demonstrate an enterprising mindset and display the ability for significant and sustainable growth.
This year, the Best Innovation Award which recognises emerging enterprises with a strong culture of innovation was presented to both Xjera, a Singapore based emerging market leader of artificial intelligence and video analytics solutions, and Tria, the makers of eco-friendly disposable foodware.
Aquaculture Centre of Excellence, an aquaculture company that combines precision aquaculture engineering with state-of-art post-harvest processing was presented with the Most Promising Startup Award.
For their efforts on the sustainability front, Third Wave Power, a manufacturer of solar powered electronics in electricity deprived frontier markets was given special mention.
The finalists were shortlisted based on the sustainability of their business models and growth plans, as well as the viability of their business strategies in taking on the challenges and opportunities in their various industries
The Emerging Enterprise Awards 2019 Ceremony and Gala Dinner was held at the Raffles Hotel this evening. The Guest-of-Honour was Senior Minister of State for Trade and Industry and Education, Mr Chee Hong Tat.
Since 2008, the award has been empowering startups and young enterprises with both recognition and resources to take flight and achieve stellar growth. 2019 marks twelve years of the award’s celebration of business innovation, resilience and excellence in SMEs - the bedrock of the Singapore economy.
The winners of the Emerging Enterprise Award will each receive:
- OCBC – Interest-free Business Overdraft facility worth $200,000 each (two years)
- Mastercard – $20,000 credit in the OCBC Business Debit Card and a Mastercard Priceless Travel Experience worth $30,000 each
- RSM – Consulting Package for Growing Businesses worth S$30,000 each
- Acorn Marketing & Research Consultants – Strategic Research consultancy package worth S$20,000 each
- Rajah & Tann Legal Basix – Legal and advisory package worth up to S$15,000 each
The winners for Best Innovation Award will each receive:
- OCBC - Interest-free Business Overdraft facility worth S$50,000 each (two years).
- Singtel - Information and Communication Technology business solutions package worth up to $30,000
- Rajah & Tann Legal Basix - Legal and advisory package worth S$5,000
- RSM- Up to S$10,000 professional fee voucher for OCBC Start Digital Package when linked up with XERO or Quickbook, for each winner
- Acorn Marketing & Research Consultants – Strategic Research consultancy package worth S$15,000 each
The winner for Most Promising Startup Award will receive:
- Wavemaker - Digital consulting package worth S$30,000
- Rajah & Tann-Legal Basix - Legal and advisory package worth S$5,000
Emerging Enterprise 2019 is jointly organised by The Business Times and OCBC Bank and the Award is supported by RSM, Mastercard, Singtel, ACORN, Rajah & Tann Legal Basix, Wavemaker and Enterprise Singapore.
Quotes from co-organisers and partners:
Mr Wong Wei Kong, Editor of The Business Times, said: “We hope that with these awards, emerging enterprises can feel more empowered to break boundaries and achieve greater growth! Likewise, the awards will provide these young businesses with resources to help them mature and thrive in this challenging economic environment. Congratulations to all the winners!”
Ms Christie Chu, Head of Emerging Business and Commercial Banking Cash Global Commercial Banking, OCBC Bank, said: “This year’s Emerging Enterprise Award winners continue a trend that we’ve been seeing for some time now: technology is at the heart of what they do. They are constantly finding new ways to innovate and differentiate themselves to achieve long-term growth. But more than that, sustainability is also being increasingly prioritised. Many of this year’s finalists believe, and have shown that they can do well by doing good, and we are certain that their successes will inspire other entrepreneurs to follow in their footsteps.”
Mr Tay Woon Teck, Partner, RSM Singapore said: "Congratulations to the winners of Emerging Enterprise Awards 2019! It is my wish that these winners will stay focused on their purpose. The true value of an enterprise should not be about valuation. It should be determined by how well value is delivered to customers."
Ms Deborah Heng, Country Manager, Singapore, Mastercard, said: “SMEs play a vital role in the economy, in terms of job creation, innovative solutions, economic growth and competitiveness. Promoting growth in this sector is a top priority, and award programs such as Emerging Enterprises incentivise and elevate SMEs’ success, and equip them with the tools and resources needed to expand their capabilities. In addition to supporting such initiatives, Mastercard is committed to empowering SMEs with digital solutions and payments technologies to help them innovate and scale their businesses.”
Mr Andrew Lim, Managing Director, Business Group, Group Enterprise at Singtel said: “Congratulations to the winners of the Best Innovation Award – Tria, for its use of technology to produce biodegradable foodware particularly as sustainability has become a pressing issue for companies and consumers alike; and Xjera, for developing mission-critical applications that use deep learning to improve productivity and performance in the transport, healthcare and security industries. We look forward to working with both companies as they move to the next stage of growth, and supporting them in their digitalisation journey.”
Mr Kwan Chong Wah, Founder/CEO of Acorn Marketing and Research Consultants said: "This year's finalists comprise of several who are already fully operating businesses. Some are already profitable, while others are on the cusp of profitability. These are viable businesses, way past the ‘proof-of-concept’ stage. What is most impressive is that quite a few of them are self-funded. This demonstrates the founding owners’ strong belief in their ventures, the confidence in their deep domain expertise, and their clever application of technology to build deep and wide moats around their businesses. To these entrepreneurs, the Emerging Enterprise Award will definitely give their businesses a boost. More importantly, I feel that this award would be a timely recognition for all their sweat, sacrifices and tenacity.”
Mr Johnathan Yuen, Partner, Head of Rajah & Tann Legal Basix, said: "Rajah & Tann is delighted to partner OCBC Bank for the Emerging Enterprise Awards 2019. We are excited to work with the very deserving winners and other finalists to advise them on their legal matters, processes and documentation to ensure that they have all the right advice and frameworks to grow and scale their businesses; and to ensure that all their interests are properly protected. We extend our congratulations to all finalists and award winners!"
Mr Zachary Lim, Managing Director of Wavemaker Singapore, said: “Wavemaker strongly believes in the recognition and empowerment of startups. Wavemaker Singapore is proud to be a continued supporter of the Emerging Enterprise Award. Through the years, we always had the pleasure of witnessing so many strong entrepreneurial startups who have taken the effort to identify gaps in their respective fields and industry, with the single motivation of providing solutions that are built on data and technology and this year is no different. With the focus-driven mindset of these startups and our deep expertise and understanding of the media landscape, we hope that the winner of the Most Promising Startup Award will be able to effectively apply their learning from our agency’s digital consultancy. Congratulations to all these rising stars!”
Ms Chew Mok Lee, Assistant Chief Executive Officer of Enterprise Singapore said: "The Emerging Enterprise Award continues to draw companies with novel solutions. One of the attributes that stood out in this year’s finalists was their ability to leverage technological advancements to gain a competitive edge. Many of them adapted their business models to ride on the change brought on by technology. The finalists also demonstrated passion and ambition. A number of their innovations were driven by purpose and social change. The finalists also set their sights on global markets and have tailored their approach to fit the needs of the market. We congratulate all the finalists and look forward to more breakthroughs in the future.”
For more information about EE2019, please visit www.eeaward.com.
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About The Business Times
The Business Times, a member of the Singapore Press Holdings group, is South-east Asia's leading financial daily. BT brings to its readers daily corporate, financial, economic and political news, analysis and commentary on print and digital platforms. It provides readers with in-depth coverage of Singapore and Asian business and economic developments, as well as global trends that impact Singapore business. BT's lifestyle journalists bring busy executives the latest in recreation, entertainment, the arts, design, food and shopping.
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About OCBC Bank
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.
OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 570 branches and representative offices in 19 countries and regions. These include about 300 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 90 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang.
OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals.
OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.