EIGHT young companies from Singapore, Indonesia and Hong Kong clinched the top accolades for their cutting-edge innovation and sustainable solutions at the 2024 Emerging Enterprise Awards on Thursday (Oct 24).
For the second year, applications for the awards were open to emerging businesses across the region, beyond Singapore.
Over 650 entries from a broad mix of industries including biotech, sustainable energy, food and beverage and medical technologies were received, with more than 200 from Hong Kong, Malaysia and Indonesia.
Now in its 17th year, the Emerging Enterprise Awards aim to recognise business innovation, resilience and excellence of small and medium-sized enterprises under 10 years old. It is jointly organised by The Business Times and OCBC Bank.
Singapore-based Kskin Management and Pancare Medical, as well as Hong Kong-based Fano Labs, were the three winners of the Emerging Enterprise Awards. The category recognises companies with an enterprising mindset that have achieved consistent and significant growth, on top of displaying the ability to scale and expand overseas.
Kskin Management offers pay-per-visit 15-minute facial treatments using Korean skincare technology and proprietary solutions. The company has ventured to Malaysia and the Philippines, and is set to open its first outlet in the United States; it is also developing a mobile app for artificial intelligence (AI)-driven skin analysis and digital booking.
Pancare Medical provides medical services at clinics run by private general practitioners (GPs) and healthcare projects, including Covid-19 testing and vaccination centres, and transitional care facilities. With six GP clinics in the heartlands, it plans to open two to three more per year in older residential neighbourhoods.
Hong Kong-based Fano Labs specialises in AI-driven language solutions, focusing on automatic speech recognition, speaker diarisation, voice biometrics and natural language processing technologies. It serves enterprises and clients in the public sector, including banks and regulators in Hong Kong.
Speaking at the awards ceremony held at The Ritz-Carlton, Millenia Singapore on Thursday, Senior Minister of State for Trade and Industry Low Yen Ling lauded the “can-do spirit and enthusiasm” of young and promising entrepreneurs, which are “a mark of a vibrant enterprise ecosystem”.
Many companies are incorporating AI into their business models and operations to capture new opportunities, she noted, while also seizing business potential arising from the global green transition.
With Asia being one of the fastest-growing economic regions in the world, enterprises in Singapore are thus “well-placed to capitalise on the new opportunities arising from the changing economic landscape and global carbon transition”.
This year’s Emerging Enterprise Sustainability Awards were conferred on three companies: Singapore-based Pyxis Maritime and RushOwl Singapore, and Indonesia-based PT Peduli Alam Nusantara (Plana).
Introduced in 2023, the new award category recognises up-and-coming enterprises capturing growth opportunities in the green economy – from embedding sustainability in their operations, to leveraging technology and innovation to drive the transition towards low-carbon economies.
Pyxis Maritime specialises in maritime electrification and provides a comprehensive ecosystem for electric vessels. It has three business streams: electric vessel production; an Internet of Things-enabled digital platform, Electra, to manage these vessels; and energy solutions for the seamless adoption of electric vessels.
RushOwl Singapore has developed the RushTrail app, an AI-driven platform that provides demand-responsive and self-optimising bus pooling services for corporations and schools. This optimises vehicle use and reduces operational costs, while guaranteeing rides for commuters.
Plana is a social enterprise from Indonesia that converts plastic and husk waste into sustainable material PlanaWood, which can be used to substitute natural wood in building and furniture products. This benefits the environment and supports local farmers by creating economic value from waste materials.
Meanwhile, the Most Promising Sustainability Startup Awards – which recognise startups that have developed a unique and commercially viable idea that can be sustained in the long run – went to Singapore-based Life Lab Resources and The Powder Shampoo.
Life Lab Resources aims to ensure food security by revolutionising food waste management. Its proprietary WasteMaster system treats food waste on-site. The waste is then converted into microbial protein in a biorefinery plant and formulated into feed for fish or livestock, which are harvested for human consumption.
The Powder Shampoo specialises in eco-friendly, powder-to-foam personal care solutions such as shampoo and body wash. Its products are completely water-free and packaged in light aluminium bottles. They offer 10 times more washes per weight, reducing environmental impact.
A total of 30 companies were selected as finalists for both the Emerging Enterprise and sustainability award categories.
All six winners of the Emerging Enterprise Awards category and Emerging Enterprise Sustainability Awards category will receive a two-year interest-free term loan of up to S$200,000 – or local currency equivalent – from OCBC, as well as a business consulting package from RSM Singapore worth S$15,000.
The two winners of the Most Promising Sustainability Startup Awards will receive a two-year interest-free term loan of up to S$100,000 – or local currency equivalent – from OCBC.
All will receive media publicity across BT’s print, digital, social media, radio or podcast channels in Singapore and the region.
BT editor Chen Huifen noted that this year’s awards received one of the highest number of applications since its inception in 2008.
Companies in the pool spanned diverse, high-growth industries, with many demonstrating AI capabilities, she added, while there were an increasing number of women entrepreneurs.
“We hope their stories can challenge stereotypes, and enhance the diversity and innovation of the business ecosystem.”
Christie Chu, head of emerging business and commercial banking cash at OCBC Global Commercial Banking, highlighted how this year’s finalists have taken the lead in prioritising sustainability and building a scalable business model, on top of constantly finding new ways to innovate and differentiate themselves.
“We believe that their successes will inspire other entrepreneurs not only in Singapore, but also across the region to follow in their footsteps.”
