[1 February 2008]
SMU's hothousing programme to groom young global entrepreneurs and connect them with business investors in Singapore returns

4th Lee Kuan Yew Global Business Plan Competition increases exposure for participants in the entrepreneurial arena and offers greater learning opportunities to kick start new business ideas in Singapore

Singapore, 1 February 2008 – The Singapore Management University (SMU) today launched the fourth biennial Lee Kuan Yew Global Business Plan Competition. Open to all university undergraduates, college and polytechnic students from around the world, the competition is a prestigious opportunity for student entrepreneurs to test their business ideas, raise the visibility of their business concepts on a global platform, seek funding from potential investors and receive mentorship from business gurus. Participants are required to submit business plans for a start-up or early stage venture to compete for a total of US$69,000 worth of cash and prizes.

For the first time, the Competition is organised by the Lee Kong Chian Scholars at SMU, with HSBC Singapore as the sole presenting sponsor. To expand opportunities for participants to foster closer relationships and network with industry leaders and potential investors, finalists will embark on a Business Study Mission in Singapore when they meet for the finals in July. The study mission covers a whole range of activities, meetings, site visits and networking sessions with relevant government agencies, successful local entrepreneurs and venture capitalists in Singapore. There will also be a session for finalists to pitch their business ideas to angel investors and get industry feedback on their business plans before the finals.

Local participants from Singapore can look forward to programmes specially designed to further hone their business skills and fine-tune their business ideas for the Competition. A business plan writing workshop for all tertiary students in Singapore has been arranged and it includes an information session with CEOs for participants to gain insight into presenting their ideas in various industries. A Tips from the Top session for short listed local teams gives them the chance to have their business plans analysed and critiqued by business leaders for feasibility. The best performing local team will be eligible to tap into the S$100,000 HSBC Youth Enterprise Fund to bring their business idea to life.

Elaborating on HSBC's support for the Lee Kuan Yew Global Business Plan Competition, Mr Guy Harvey-Samuel, CEO of HSBC Singapore, said, “This competition is part of our ongoing efforts under the HSBC Youth Excellence Initiative to nurture talent and further the cause of education in Singapore, which lies at the forefront of our corporate responsibility efforts in Singapore and around the world. It is premised on our belief that education is the vehicle for individual and community success.” He added, “By providing the opportunity for Singapore's best and brightest to compete against peers at an international level through this prestigious competition, we hope to enable and encourage more young Singaporeans to act on their business ideas, aspirations and creativity, and ignite their passion and pursuit for excellence in enterprise.”

“The Lee Kuan Yew Global Business Plan Competition was the first ever international business plan competition to be organised at the undergraduate level when it was launched in 2001. Through the competition, SMU aims to reinforce the synergy between education and entrepreneurship in the new economy by encouraging undergraduates from around the world to develop their entrepreneurial inclinations, while also opening opportunities for them to have their business plans reviewed and even possibly accepted as actual business propositions by investors and venture capitalists. We look forward to further catalyse the generation and fruition of creative, viable business ideas here at SMU,” said Professor Howard Hunter, President, Singapore Management University.

The Competition opened for entries on 18 January 2008 and ends on 10 July 2008. It will be conducted in three rounds: preliminary, semi-final and final. The top six teams, who will be shortlisted through an anonymous judging system, will receive an all expenses paid trip to Singapore to compete in the finals.

4th Lee Kuan Yew Global Business Plan Competition

Log on to www.smu.edu.sg/lky for submission and full details.

About the Lee Kuan Yew Global Business Plan Competition

Named after Singapore's founding father, Minister Mentor Lee Kuan Yew who developed the defining business plan for the country, the Lee Kuan Yew Global Business Plan Competition provides an opportunity for budding entrepreneurs to test their business ideas on a global platform and pit their business acumen against students from other renowned international institutions. Organised by the Lee Kong Chian Scholars at the Singapore Management University, the biennial competition has reached its fourth run and is open to all university undergraduates, college and polytechnic students from around the world. The inaugural Competition in 2001 saw a total of 203 business plans from 74 universities representing 30 countries. Students are required to submit business plans for a start-up or early stage venture and compete for a total of US$69,000 worth of cash prizes. The winning team will take home a cash prize of US$20,000. Prize money for the 2nd and 3rd positions is US$15,000 and US$10,000 respectively. HSBC is the sole presenting sponsor.

Board of Advisors for the 2008 Competition

1) Professor Pang Eng Fong
Dean, Lee Kong Chian School of Business, SMU
Vice Provost (Academic Strategic Planning), SMU

2) Dr Desai Arcot Narasimhalu
Practice Professor of Information Systems, SMU
Associate Dean, Student Programmes & External Relations, SMU
Chairman, SMU Business Innovations Generator

3) Practice Associate Professor Ong Siow Heng
Director, Lee Kong Chian Scholars' Programme, SMU

4) Practice Associate Professor John Davis
Director, Centre for Marketing Excellence, SMU

5) Ms. Yong Soo Ping
Vice President, Walden International Pte Ltd

About the Lee Kong Chian Scholars

Funded by a grant from the Lee Foundation, the Lee Kong Chian Scholarship is available to outstanding local and foreign undergraduates studying full-time at SMU. Scholars under the Lee Kong Chian Scholars Programme must complete two degrees in four years. One of the degrees must be awarded by the Lee Kong Chian School of Business. The other degree can be from any one of the other five Schools in SMU. Up to 50 Scholarships are awarded annually, each tenable for four years.

About the HSBC Youth Excellence Initiative

Launched in 2000, the HSBC Youth Excellence Initiative aims to recognise, support and nurture outstanding young Singaporeans to achieve international recognition for themselves and more importantly, for Singapore. It is also designed to enable our young talents to in turn contribute to the Singapore community through their involvement in community outreach programmes.

About The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which, with around 10,000 offices in 82 countries and territories and assets of US$1,861 billion as at 31 December 2006, is one of the world's largest banking and financial services organisations.

About HSBC in Singapore

The HSBC Group's history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch. Today, HSBC has 11 branches incorporating 5 Premier centres and 34 automated teller machines in Singapore. A qualifying full bank, HSBC in Singapore offers a comprehensive range of services including personal and commercial banking, investment and private banking, insurance, forfaiting and trustee services, securities and capital markets services.