[24 March 2008]
HSBC hosts hot-housing session for young entrepreneurs to pick the brains of business leaders

An integral part of the 2008 Lee Kuan Yew Global Business Plan Competition organised by SMU, the session provides an opportunity for local teams to obtain valuable advice on their business plans

Singapore, 24 March 2008 (Monday) - More than 100 young varsity and tertiary students had the opportunity to pick the brains of senior business leaders at a hot-housing session hosted by HSBC today. Aptly entitled "Tips from the Top”, the session is an integral part of the 2008 Lee Kuan Yew Global Business Plan Competition organised by the Singapore Management University (SMU) to hot-house the short-listed local teams participating in the biennial Competition.

This year, 43 business plans by Singapore varsity and polytechnic teams were short-listed to compete with other international entries for a total of US$69,000 worth of cash and prizes in July. This is a marked increase compared to the 29 plans by Singapore teams that were short-listed in the 2006 Competition, reflecting the higher quality of business plans and ideas coming from young people in Singapore. (Please see Annex 1 for the list of short-listed Singapore institutional teams and a description of their business plans)

HSBC is supporting the SMU in organising the 2008 Lee Kuan Yew Global Business Plan Competition in line with the objective of its Youth Excellence Initiative to nurture and develop young talent and harnessing their abilities for the benefit of the community.

Elaborating on HSBC's support for the prestigious Competition, Mr Guy Harvey-Samuel, CEO of HSBC Singapore, said: “ At HSBC, we recognise that education is the vehicle for individual and community success and this is why we are actively involved in so many different initiatives designed and dedicated to give our young people the best possible start and help them make the most of their talent and potential.

It is precisely for this purpose that we are supporting this prestigious Competition. We see the Lee Kuan Yew Global Business Plan Competition as an effective platform to nurture youth excellence in enterprise and provide an opportunity for Singapore's young undergraduates to pitch their best against their peers at the international level.”

The hot-housing session featured a distinguished line-up of business leaders comprising HSBC's corporate partners and venture capitalists supporting SMU's student enterprises. The panel included prominent businessmen like Mr Philip Ng, CEO of Far East Organisation; Mr Sat Pal Khattar, Senior Partner of Khatter Holdings Pte Ltd; Mr Danny Teoh, Managing Partner of KPMG; and Mr Roy Adair, President & CEO of Senoko Power Limited. They took time off from their busy schedules to spend the morning listening to the business ideas of the local teams and in turn, share their vast business experience and acumen with the young aspiring entrepreneurs. (Please see Annex 2 for the full list of business leaders)

Commenting on the hot-housing session, Guy said: “As leading businessmen and captains of industry with vast experience in commerce and enterprise, they are eminently qualified to provide the mentoring and guidance to help our aspiring young entrepreneurs sharpen their business plans and hopefully enhance their prospects of progressing into the final stages of this very prestigious global competition.”

Expressing his appreciation to the business leaders for sharing their time and experience with the aspiring young entrepreneurs, Guy said: “We are very heartened by the generosity of our business partners in helping us in the important mission of nurturing the next generation of entrepreneurs and business leaders. Beyond the invaluable advice, our young participants would no doubt have benefited from the exemplary leadership that these senior leaders have shown in their readiness to help nurture the next generation of entrepreneurs, a leadership virtue which our aspiring young entrepreneurs here today would do well to emulate.”

Giving the already prestigious Lee Kuan Yew Global Business Plan Competition even more firepower is the S$100,000 HSBC Youth Enterprise Fund which provides the much-needed financial support for entrepreneurial youths to test the viability of their business ideas. The winning or best performing local team in the finals of the 2008 Lee Kuan Yew Global Business Plan Competition will be eligible to tap into the Fund to turn their business plan into reality.

Guy said: “In granting the seed funding for the best performing Singapore team in the finals to turn their business plan into reality, we hope to provide not just a source of financial support, but also more importantly, a source of inspiration for young entrepreneurs to realise their potential in enterprise. We certainly hope that the fund will spur our local teams to give their very best in the competition.”

Professor Howard Hunter, President of SMU, said, “I am delighted to hear of Singapore 's increased presence in the Competition this year. That judges were able to shortlist more business plans to compete at the global level attests to the amount of strong quality business ideas coming out of young people in Singapore today. As a hub for youth entrepreneurship, SMU is happy to provide the many opportunities with our investor and venture capitalist partners to seed and transform many of these business propositions into reality. I thank the business leaders for lending their time and invaluable advice to our competition participants. I wish all of them the best in the global leg of the competition.”

The Competition opened for entries on 18 January 2008 and ends on 10 July 2008 during the finals and when the winners will be announced. The top six teams, short-listed through an anonymous judging system, will receive an all expenses paid trip to Singapore to compete in the finals.

? 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 83 countries and territories and assets of US$2,150 billion at 30 June 2007, is one of the world's largest banking and financial services organisations.

? 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.

? HSBC in the Community
In Singapore since 1877, HSBC has been providing service and support for the community mainly in the areas of education, the environment and volunteerism. The Bank's community initiatives include support for young talents through the HSBC Youth Excellence Initiative, and the care and conservation of nature areas in Singapore through the HSBC Care-For-Nature Programme. Through the Bank's staff volunteer programme - Volunteers@HSBC, HSBC staff also give their time, energy and expertise to organise and participate in community projects that include meal delivery to the elderly and the mentoring and tutoring of needy children.

? 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.