Since its inception in 2003, the Award has gained prestige and recognition at the national level and within the business community.
A. AWARD OVERVIEW & PROCESS
The SOE Board of Governors, tertiary students or members of the public would have submitted their nominations to the Spirit of Enterprise. Any other interested parties may also nominate by contacting the Spirit of Enterprise at firstname.lastname@example.org.
All nominations received will be screened by SOE based on the prescribed qualifying and judging criteria to ascertain eligibility.
Site Visit and Interview
SOE’s appointed Student Interviewer will contact shortlisted Nominees to arrange for site visits and interviews. All interviews will be carried out at the Nominees’ place of business.
Preparation of Interview Reports
The Student Interviewers will prepare the interview reports, audio recordings, supporting documents and photographs for submission to SOE. Our SOE Student Interviewer will present the reports and materials to Nominees for vetting and clearance prior to officially submitting them to SOE for judging.
Judging & Selection
The SOE Board of Governors will review all submitted interview reports and supporting documents; perform evaluation using the judging criteria and select the Award Honourees.
Awards Presentation Ceremony
All Award Honourees will be announced at the Presentation Ceremony and be presented with commendation plaques by the Guest-of-Honour.
B. QUALIFYING CRITERIA
The nominee and company must meet the following criteria:
- Entrepreneur must be a Singapore Citizen or a Singapore Permanent Resident, and is at least 21 years old.
- Company must be registered in Singapore and must be in operation for the last 3 years and is still in business.
- Company has good standing in the industry and with the relevant authorities, and is not involved in any legal proceedings.
- Company must have at least 30% local equity and the nominated entrepreneur must own at least 30% of the shares. Government investment programme should not be a principal shareholder of the company.
C. JUDGING CRITERIA
All nominees will be assessed on the following by our Judging Panel, comprising SOE Board of Governors:
Entrepreneurship Spirit & Leadership
- Exhibits vision, mission, commitment, ability to make calculated risks, and always striving to excel
- Demonstrates capabilities to turn vision into business realities and sustaining the business
- Demonstrates his/ her perseverance to overcome adversity or challenges
- Entrepreneur is forward looking and is seeking ways to develop their businesses
- Received accolades and certifications from government agencies and industry bodies
- Able to promote a teamwork and employee empowerment environment within company
- Is open and receptive to new ideas, thus promoting a learning culture within the company
Personal Integrity & Ethics
- Demonstrates ethical conduct in business
- Has a fair and ethical business practice system within the company.
Financial Performance of Company
- Shows good track record on long-term sustainability of the business
- Shows ability to make a significant impact to the business financial performance (profitability, cash flow, ROI, ROE, etc)
- Difficulties faced by the entrepreneur when establishing and developing the enterprise
- How did the entrepreneur overcome crisis, challenges, and tribulations
- Pioneers new technology or business approach
- Implemented innovation solutions within company to improve productivity, deliver service excellence, expanding market share, etc
- Demonstrate impact on job creation and improving the economic situation of the community they serve
- Implements initiatives that make a positive contribution to the society and community
D. AWARD CONDITIONS
- Entrepreneur must be present at the SOE Awards Ceremony to accept the Award, if selected.
- Entrepreneur agrees for SOE to feature /publicize his/her stories.
- SOE will not pay any royalty fees to nominees/ awardees for publicizing their stories.
E. PARTICIPATION REQUIREMENTS
The SOE Award is open for nomination by our SOE Board of Governors, SOE Alumni, appointed Student Interviewers and the entrepreneur (self-nomination).
All nominees must complete the nomination form together with the supporting documents and send them to SOE for preliminary screening to ensure that qualifying criteria have been met.
Thereafter, our SOE appointed Student Interviewers will contact shortlisted nominees for interviews, submit their interview reports, and our judging panel will review and make the final selection of awardees.