Prizes Terms & Conditions
OCBC Business Overdraft Prize
a. Emerging Enterprise Award Category
Up to 3 businesses will win the Emerging Enterprise Award. OCBC shall award a business overdraft facility with a credit limit of S$200,000 (the “EEA Business Overdraft”) to each Emerging Enterprise Award winner. The EEA Business Overdraft shall be interest- free for 24 months from the date of acceptance. Each winner is entitled to access the credit line, whenever they need the funds for working capital, market expansion and/or other liquidity purposes.
As a condition for accepting the EEA Business Overdraft prize, each winner shall give OCBC the right of the first offer to participate in any financing and/or fundraising related activities. This right shall last for a period of 2 years from the date of acceptance of the EEA Business Overdraft.
b. Best Innovation Award Category
Up to 2 businesses will win the Best Innovation Award. OCBC shall award a Business Overdraft facility with credit limit of S$50,000 (the “BIA Business Overdraft”) to each Best Innovation Award winner. The BIA Business Overdraft is interest- free for 24 months from the date of the prize acceptance. Each winner is entitled to access the credit line, whenever they need the funds for working capital, market expansion and/or other liquidity purposes.
In return for accepting the prize, each winner shall give OCBC the first right participate in all fund-raising exercises by the winner and accept all binding terms and conditions of the BIA Business Overdraft.
1. What is the Prize?
The prize is a Business Overdraft facility with a credit limit of S$50,000 or S$200,000, depending on the award category.
No interest, processing and annual fees will be charged for 24 months from the date of acceptance of the Prize. Additional terms and conditional apply. The Prize can only be availed to a winner who opens a new Business Overdraft account with OCBC Bank.
Moreover, the Prize comes with the convenience of chequing facilities.
2. Is interest chargeable if the Prize is utilised?
The Prize shall be interest-free for a period of 24 months from the date of Prize acceptance. Thereafter, the interest rate which shall apply to the Prize shall be such rate as determined by OCBC.
3. Are personal guarantees required?
Yes, all directors and individual shareholders of the winner have to provide personal guarantees to OCBC.
4. How does the winner accept the Prize?
The winner has to provide written confirmation of acceptance for the Prize's terms which are set out in an offer letter issued by OCBC Bank and provide supporting documents as requested by OCBC Bank. The Prize will be then made available to the winner upon the opening of a Business Overdraft account with OCBC Bank.
RSM Consulting Package for Growing Businesses
1. What is RSM’s role in this award?
As official auditor of the award, we will review the applications and verify if the applicants meet the qualifying criteria of the award. As a sponsor of the award, RSM is offering our 'Consulting Package for Growing Businesses' consulting programme worth $30,000.
2. What is the 'Consulting Package for Growing Businesses' Programme?
'Consulting Package for Growing Businesses' is a consulting programme run by affiliate companies of RSM. To cater to the different needs of the Emerging Enterprises, RSM will engage each winner to customise a consulting package * worth S$30,000 to suit the winner’s business needs.
Examples of possible packages:
- Financial Planning and Budgeting to help to improve the company’s financial management capabilities.
- Corporate Health Check – payroll, income tax, GST health check on most recent records to examine if there are errors or omissions and ensuring that the company is in compliance with Singapore legislations
- Internal Controls and Operating System Review – develop measures and controls to enhance company’s operating system
- Fundraising for business growth – preparation of an information memorandum that supports the company in its fundraising initiatives, etc
* The package is non-transferable, not exchangeable for cash and must be utilised within 6 months
1. What is Mastercard sponsoring for Emerging Enterprise Award?
Mastercard is sponsoring Mastercard Prize for the Emerging Enterprise Award winners (each defined as the organization that has submitted an application, fulfilled the requirements and terms and conditions of participation, and has been selected by the judging panel as one of the top three submissions). Each Mastercard Prize includes two (2) components:
i) S$20,000 credit in the OCBC Business Debit Card; and
ii) a Mastercard Priceless Experiences travel package
2. What if our company does not have an OCBC Business Banking Account and/or OCBC Business Debit Card?
A winner without an OCBC Business Banking Account and/or OCBC Business Debit Card must open an OCBC Business Banking Account/apply and acquire an OCBC Business Debit Card by no later than 10 October 2017 to receive the S$20,000 credit in the form of a cheque.
3. Is there any restriction on how our company can utilize the S$20,000 credit in the OCBC Business Debit Card?
No. However, the winner must submit a summary of the planned usage of this S$20,000 fund in writing in the Letter of Acceptance for the Mastercard Prize.
4. What is the Mastercard Priceless Experiences travel package?
The Mastercard Priceless Experiences travel package consists of a learning journey and a Mastercard priceless experience. Full details on the Mastercard Priceless Experiences travel package shall be revealed at a later date.
5. Can the Mastercard Priceless Experiences travel package be exchangeable for cash?
Both components of the Mastercard Prize are neither transferable nor exchangeable for cash or any other items.
6. Who from our company should go on the Mastercard Priceless Experiences travel package?
One representative shall be appointed by each winner to redeem the Mastercard Priceless Experiences travel package, and the required personal details for travelling must be provided in the Letter of Acceptance. The Representative must be an employee/personnel of the winner at the point of travel, is required to follow the planned travel itinerary and will not be allowed to make any changes to the travelling dates, and must possess valid travelling documents at the point of travel.
7. Can I take the S$20,000 credit and forgo the Mastercard Priceless Experiences travel package?
No. Each winner must accept both components of the Mastercard Prize in order to be eligible for the Mastercard Prize.
8. Other terms and conditions apply.
ACORN Marketing & Research Consultants Strategic Brand/Product Development Research Package
1. What will be provided by Acorn Marketing & Research Consultants?
The Emerging Enterprise Award winners will receive a Strategic Brand/Product Opportunity Scan package to crystalize current brand strengths and identify opportunities in which they can increase their brand differentiation within the Singapore market either by positioning their brand differently or through innovating their offering or both, depending on where they currently stand.
The Brand/Product Opportunity Scan will comprise of:
- Consumer Insights and Validation Research
2. What will be the end deliverables for each winner?
Each winner will be provided with turnkey solutions to move forward on pertinent issues that may be facing their business.
- Consumer Insights and Validation Research to enhance the product or service offering that will best position the brand/product in a more compelling manner
Based on assessments of appropriateness and feasibility by Acorn Marketing & Research Consultants, the Brand/Product Opportunity Scan Package may be replaced by another research study of similar value, so as to better support the success of the winning enterprise.
3. When will the winners receive the prize?
From the date of Award
4. Is there an expiry date for the use of the prize?
The research must be carried out within a year from date of award. Any unconsumed amount will be forfeited and exchange for cash is strictly not allowed.
INSEAD Open Enrolment Programme
1. What is INSEAD sponsoring for Emerging Enterprise 2017?
INSEAD is sponsoring an open enrolment programme award prize to be taken at our Asia Singapore campus or online, worth up to S$30,000 (each), for up to three winning companies with one staff member nominated per company. This includes a maximum of two (2) on-campus programmes and one (1) online programme.
2. How would the programme prize be administered?
The open enrolment prize package would be administered by INSEAD. The individual staff member selected by the winning companies would be provided with a non-negotiable selection of programmes, or suite of programmes, according to the suitability of the nominated staff member and their profile. Programme areas could include general management, family business, leadership, finance, strategy, corporate governance, digital transformation and innovation or marketing and sales.
3. Are there any entry requirements for the programme?
Yes. The winning company’s nominated staff member must confirm their attendance to their INSEAD programme by submitting a full application. The application must follow INSEAD’s standard procedures and before the respective programmes registration deadline. If the staff member fails to meet the admission criteria, INSEAD may extend the deadline to enable the winner to submit an alternate staff member who will be accepted if he/she meets the admission criteria.
4. Can the programme prize be exchanged for cash?
No. The INSEAD programme prize can be offered to staff selected by the winning companies to attend the programme conducted by INSEAD. Exchange of programme prize for cash is strictly prohibited.
5. Is there an expiry date for the use of the programme prize?
INSEAD will provide to each winner a non-negotiable selection of INSEAD open enrolment programmes or suite of programmes with corresponding fixed dates. Depending on the schedule and space availability, INSEAD may offer more than one date option for each selected programme. The programme prize must be taken before the end of December 2018.
6. What is the structure of the programme like?
INSEAD open enrolment programmes take place at the Singapore campus in a classroom setting. Programmes vary in teaching style including lectures, group work and role-playing. Online programmes are also offered which will typically take 5 to 7 weeks to complete with approximately 3-5 hours of work per week. The diversity of INSEADs faculty and programme participants provides a unique learning experience.
7. How long is the duration of an INSEAD programme? When are they conducted, i.e. morning or evening classes?
Depending on the open enrolment programme INSEAD offer to the winners, the programmes may vary in duration. Programmes are usually conducted as a full day between the hours of 8:30am and 7:00pm. Online programmes will take 5 to 7 weeks to complete.
8. How many staff can we send for the programme prize?
One staff member can be nominated by each winning company (a total of three) for the INSEAD programme prize.
9. If the staff cannot attend the programme on the designated dates, can we elect an alternate programme or dates?
INSEAD will provide to each winner a non-negotiable selection of INSEAD open enrolment programmes or suite of programmes with corresponding fixed dates. Depending on the schedule and space availability, INSEAD may offer more than one date option for each selected programme.
10. How can we register for the programme?
Nominated winners must register for their INSEAD open enrolment programme following INSEAD’s standard application and admission procedures. The details will be provided to the winners.
11. Is their attendance required for the programme?
Yes. Nominated staff, meeting the INSEAD admission criteria, must be willing and able to participate in the open enrolment programme, or suite of programmes, in its entirety or the prize will be forfeited.
Enterprise Singapore Capability Development Programme
Winners will also be offered an opportunity to apply for Capability Development Grant* to support them with a wide range of capability upgrading initiatives to help grow their businesses.
What kind of support is provided under the development grant from Enterprise Singapore?
The grant will support up to 70%* of the eligible cost of new developmental projects incurred by the SME. The project should enable the SMEs to upgrade their capabilities and lead to significant improvements in products/services, processes, applications, practices or operations.
* Enterprise Singapore's enhanced funding support of up to 70% would be effective until 31 March 2018
Singtel Information and Communication Technology business solution package
Up to 2 winners will each receive an Information and Communication Technology (ICT) business solutions package worth up to S$30, 000.
- The ICT business solutions package must be confirmed within 2 months from the letter of acceptance by the winner. The winner may choose to activate all or only certain items within the ICT business solutions package. However, if the winner opts not to activate any one or more items in the ICT business solutions package, strictly
(i) no replacements of any sort,
(ii) no exchanges for other services, and
(iii) no replacement value in cash or kind of any type or form will be permitted.
- The business solutions package is strictly not exchangeable for cash, not exchangeable for other services, not variable and non-transferrable.
- Only new services apply, no upgrade from existing services.
- Penalty charges will be borne by customers should customers wish to terminate any current services and utilise prize package as new service.
- No hardware of any sort will be provided as part of the ICT business solutions package. Any hardware equipment cost, any installation cost, relocation cost and customization cost will be borne by the customers.
- Singtel reserves the right to:
- Assign the business solutions deemed beneficial by Singtel for the business
- Change the solutions and any terms and condition of the ICT package
- Engage the winners for testimonial statements in any format including case studies or video (marketing collaterals)
- Singtel products and services’ terms and conditions apply
Wavemaker Digital Consulting Package
- Prize sponsorship is non-transferable
- Sponsorship utilization has to be within 12 months from prize announcement
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