OCBC and The Business Times have launched nominations for the Emerging Enterprise Award 2019, the 12th running year for the competition that rewards winners with interest-free loans and support packages.
Past winners include well-known brands such as Shopback, Udders and Secretlab, among others.
Applications are now open for the three categories: Emerging Enterprise Award, Best Innovation Award and Most Promising Startup Award.
To qualify, companies must have been in operation for at most 10 years and citizens or permanent residents must own a minimum of 30 per cent of shareholdings. For the Most Promising Startup Award, the company must also have been in business for less than three years.
The Emerging Enterprise Award honours small and medium-sized enterprises (SMEs) that have a strong entrepreneurial spirit; the Best Innovation Award recognises those that have a strong culture of innovation; while the Most Promising Startup Award recognises those with a unique, commercially viable and sustainable product idea.
The EE Award is the only business award in Singapore that reaches out to firms with annual sales revenue of S$20 million and under.
The winners will receive a variety of prizes depending on their category, ranging from an interest-free business overdraft facility, marketing and research consultancy packages as well as a legal and advisory package from Rajah and Tann-Legal Basix and more. On the impact of the awards, Wong Wei Kong, editor of The Business Times, said: "These awards encourage and empower young businesses with recognition and resources to continue growing. It also gives them the impetus to work even harder and achieve great things. We hope that it will serve as an inspiration for up-and-coming startups and enterprises as well."
The awards are supported by Mastercard, ACORN Marketing and Research Consultants, Singtel, Wavemaker, Enterprise Singapore, Rajah & Tann-Legal Basix and the official auditor, RSM.
Christie Chu, head of emerging business and commercial banking cash, global commercial banking, OCBC Bank, said: "We look forward to the Emerging Enterprise Award every year because we never fail to be amazed by the ingenuity and drive of Singapore's start-ups and young businesses."
Emerging enterprises that meet the qualifying criteria have until Friday, May 31, 2019 to apply.