Special 25th Year Digital Economy Award to identify future billion-dollar company
The Enterprise 50 (E50) Awards were launched today by Mr Heng Swee Keat, Minister for Finance and Chairman of the Future Economy Council. The annual awards is organised by KPMG in Singapore and The Business Times.
It identifies local enterprises which have started out humbly, and through perseverance, hard-work, innovation and corporate nimbleness, these companies have achieved success.
Said Mr Jonathan Ho, Head of Enterprise Market at KPMG in Singapore: “Reaching the 25th year of these prestigious awards is a milestone. We have created history in the past, with more than 500 winners, and more than a hundred of them have gone on to be listed on the Singapore Exchange and other bourses in the region. We are confident that E50 will continue to unearth more gems as it evolves to be inclusive of future economy enterprises.”
Said Mr Wong Wei Kong, Editor of The Business Times: “We are proud to be able to recognise and honour the outstanding local enterprises for their accomplishments in the highly-competitive business environment. We are happy to play our part in bringing to greater light the stories of these enterprises, and how they have overcome the challenges they have faced.”
From among the winners of the E50, two will be chosen to receive the Special Recognition - Internationalisation Award, and the Special Recognition – Enterprise Transformation Award. The Special Recognition - Internationalisation Award will identify a local enterprise that has expanded overseas. The Special Recognition – Enterprise Transformation Award seeks an enterprise that is best able to adopt a business model to achieve productivity gains, sustainable growth and the ability to move into higher value-added activities.
Mr Ho continued: “We wanted to mark this milestone by giving out a very special 25th Year Digital Economy Award at our gala dinner in November. This award will be given to an enterprise that could be the next billion-dollar company in the near future. We have seen Singapore raise several such enterprises, and we would like the pleasure in identifying the next one. This will open up the awards to include future economy enterprises which have a very different business model.”
The criteria for choosing this special winner will consider the business model presented, degree of innovation and technology adoption, gross market valuation of the company, the amount of funding raised, revenue growth and a Singapore presence.
Mr Ho went on to reveal more: “KPMG in Singapore has a research collaboration with A*STAR (Agency for Science, Technology & Research). This 25th Year Digital Economy Award will be presented by the KPMG-A*STAR Joint Lab. The winner of this special award will have access to the KPMG-A*STAR Joint Lab, which is a data-science powered laboratory in the professional services sector.”
To decide the winners of the top 50 companies, the qualitative criteria that will be used include their business model, productivity and innovation, management ideals and governance, risk management and market presence in the region and beyond. Additionally, quantitative performance indicators over three years will also be taken into consideration.
Some benefits E50 nominees can look forward to include receiving insights, feedback and an exchange of views from senior business leaders from KPMG in Singapore, The Business Times, Enterprise Singapore and Singapore Business Federation.
The nominations for the 2019 E50 Awards close on 30 June 2019.
The 2019 Enterprise 50 list, including the 25th Year Digital Economy Award will be announced at the awards gala dinner on 26 November 2019.