Following the resounding success of Malaysian SME TROOPERS Innovation Sdn Bhd (TROOPERS) at last year’s regional Singapore-based Emerging Enterprise 2023 Awards, Malaysian SMEs will get another chance to shine on the regional stage as nominations open today across the host country, Malaysia, Hong Kong and Indonesia for the 2024 edition.

TROOPERS did Malaysia proud last year by emerging as one of only three winners in the Emerging Enterprises Award category, the other two being from Singapore. Two other Malaysian companies made it to the final as well – Didian Realtor Sdn Bhd (Emerging Enterprise Award category) and BSL Eco Energy Sdn Bhd (Emerging Enterprise Sustainability Award category).

Now, for a second year, young businesses from across OCBC’s core markets in the region get a chance to emulate the feat of the homegrown HR Tech platform innovator.

Jointly organised by The Business Times and OCBC, the Emerging Enterprise 2024 Awards is now in its 17th year. Since inception, it has celebrated the entrepreneurial spirit, innovation and resilience of young businesses in Singapore that are under ten years old and have an annual turnover of up to SGD20 million.

In 2023, the Emerging Enterprise 2024 Awards was opened up to the region for the first time. Over 600 applications from a broad mix of industries were received, including more than 200 applications from Hong Kong, Indonesia and Malaysia. Thirty companies were selected as finalists, from which eight companies were crowned winners across the two flagship awards – the Emerging Enterprise Award and the Emerging Enterprise Sustainability Award.

The Emerging Enterprise Award recognises emerging enterprises that demonstrate an enterprising mindset, drive consistent, significant and sustainable growth, and display the ability to scale and expand overseas, resulting in excellent business performance. This will be awarded to up to three enterprises. One enterprise that demonstrates a strong startup spirit and has developed a unique and commercially viable idea with long-term potential, will also stand to walk away with the Most Promising Start-up Award.

The Emerging Enterprise Sustainability Award, introduced in 2023 on the back of growing sustainability adoption by SMEs across the region, recognises emerging enterprises that are capitalising on growth opportunities in the green economy, embedding sustainability in their businesses and leveraging technology and new solutions to transition to low-carbon businesses and industries. Up to three enterprises will be conferred this award. One enterprise with a commercially viable green or sustainability-related business model that has long-term potential and demonstrates a strong startup spirit, will also stand to walk away with the Most Promising Sustainability Start-up Award.

Commenting on what the Awards means to SMEs in Malaysia, Mr Tan Chor Sen, CEO of OCBC Bank (Malaysia) Berhad said it represents an opportunity to be recognised for doing well on the international stage.

“In the inaugural year in which the Awards went regional, Malaysia had a winner, TROOPERS, whose innovative spirit was recognised by the judges. It was a watershed moment that told other Malaysian SMEs that they too could shine beyond our own borders.

“What was common to all the three Malaysian companies that made it to the finals was their entrepreneurial spirit, innovation and resilience.  They were all committed to driving consistent, significant and sustainable growth, and displayed the ability to scale and expand overseas.

“We look forward to having more Malaysian emerging enterprises participate and stand a chance to be seen as an exemplar of the enterprising spirit,” he said.

The winners of the Emerging Enterprise 2024 Awards will walk away with attractive prizes including a 2-year interest-free term loan equivalent to SGD200,000 in the local country currency, and a consulting package by RSM Singapore for growing businesses worth SGD30,000 each.

Interested businesses can obtain an application form for the EE 2024 Awards at https://www.businesstimes.com.sg/events-awards/emerging-enterprise  and submit their applications between 6 May and 7 June 2024. From the applications received, 30 businesses will be shortlisted and the winners will be announced at the end of October 2024.

Please refer to the Annex for more details of the award categories and prizes.

Annex: Emerging Enterprise 2024 Awards categories and Prizes

Emerging Enterprise 2024 (EE 2024) is open to companies with up to 10 years of operations (or up to 3 years of business operations for Most Promising Startup Award), with the following annual sales turnover as of the last financial year:

- Singapore: Up to SGD 20 million

- Malaysia: Up to RM 50 million

- Hong Kong: Up to HKD 100 million

- Indonesia: Up to IDR 225 billion

- Business incorporation: Registered either as a Sole Proprietor, Partnership, Limited Partnership, Limited Liability Partnership, or Private Limited (or Sdn. Bhd.)

1.  Emerging Enterprise Award

(i) The Emerging Enterprise Award

Recognises emerging enterprises that demonstrate an enterprising mindset.  These are businesses that drive consistent, significant and sustainable growth, resulting in excellent business performance; and display the ability to scale and expand overseas.

Prizes

Up to 3 winners, who will each receive:

- OCBC – a 2-year, interest-free term loan of up to SGD 200,000 (or local currency equivalent, as set out in the terms and conditions);

- The Business Times - Media publicity in print, digital, social media, radio, podcasts for Singapore and the region; and

- RSM - “Consulting Package for Growing Businesses” worth S$30,000.

(ii) Most Promising Startup Award

Recognises emerging enterprises with a strong startup spirit. These are startups that have developed a unique and commercially viable idea, which has the potential to be sustained in the long run.

Prizes

Up to 1 winner, who will receive:

- OCBC – a 2-year, interest-free term loan of up to SGD 100,000 (or local currency equivalent, as set out in the terms and conditions); and

- The Business Times - Media publicity in print, digital, social media, radio, podcasts for Singapore and the region

2.  Emerging Enterprise Sustainability Award

(i) The Emerging Enterprise Sustainability Award

Recognises businesses that prioritise sustainability, utilise technology and innovative solutions for a low-carbon future, and capitalise on green economy growth opportunities.

Prizes:

Up to 3 winners, who will each receive:

- OCBC – a 2-year, interest-free term loan of up to SGD 200,000 (or local currency equivalent, as set out in the terms and conditions); and

- The Business Times - Media publicity in print, digital, social media, radio, podcasts for Singapore and the region; and

(ii) Most Promising Startup Sustainability Award

Recognises emerging enterprises with a strong startup spirit. These are startups that have developed a unique and commercially viable idea, which has the potential to be sustained in the long run.

Prizes:

Up to 1 winner, who will receive:

- OCBC – a 2-year, interest-free term loan of up to SGD 100,000 (or local currency equivalent, as set out in the terms and conditions); and

- The Business Times - Media publicity in print, digital, social media, radio, podcasts for Singapore and the region