[8 July 2008]
Three Singapore teams among six finalists for the 2008 Lee Kuan Yew Global Business Plan Competition

All finalists are now on a Singapore Business Study Mission to get acquainted with Singapore's business environment and connect with business investors.

Singapore, 8 July 2008 – Six teams have been selected to compete in the Finals of the 4 th Lee Kuan Yew Global Business Plan Competition for prize money totalling US$69,000. The biennial competition, organised by the Singapore Management University (SMU) and sponsored by HSBC, is an opportunity for student entrepreneurs to raise the visibility of their business ideas on a global platform, test the attractiveness and viability of their plans, and seek funding from potential investors to turn their plans into a sustainable business.

The six finalist teams consist of three teams from Singapore , and one team each from the United States, Canada and South Korea. They were selected out of 222 teams from 73 universities spanning 15 countries who participated this year. The Competition is judged by a panel of international judges including venture capitalists, academics, business leaders and representatives from economic agencies such as the Economic Development Board and Spring Singapore.

Launched in 2001, the Lee Kuan Yew Global Business Plan Competition is the first ever international business plan competition organised at the undergraduate level for students from universities, colleges and polytechnics. Besides the international reach and intensity of the Competition, it has expanded in scope over the years into a comprehensive hot-housing programme, aimed at nurturing its participants and equipping them with the necessary skills and industry connections to take them further beyond the Competition.

Earlier this year, a Business Plan Writing Workshop was organised for Singapore participants to gain better techniques for committing their business ideas into sound, attractive and professional proposals. HSBC also hosted a hot-housing session entitled Tips from the Top in March for short-listed local teams to present their business plans to seasoned business leaders, including Mr Philip Ng, CEO of Far East Organisation; Mr Sat Pal Khattar, Chairman of Khattar Holdings Pte Ltd; Mr Danny Teoh, Managing Partner of KPMG; and Mr Roy Adair, President & CEO of Senoko Power Limited. The purpose of the hot-housing session is to enable the local teams to benefit from the wealth of experience imparted by these senior business leaders and to pave the way to a successful journey to the finals of the Competition.

Elaborating on HSBC's support for the Competition, Mr Guy Harvey-Samuel, CEO of HSBC Singapore, said: “HSBC is delighted once again to support the Lee Kuan Yew Global Business Plan Competition as part of our Youth Excellence Initiative. At HSBC, we see education as the vehicle for individual and community success and this is why we are involved in so many initiatives designed to give our young people the best possible start in life and the impetus to excel through education.

We see this prestigious international Competition as an ideal platform to help develop youth excellence in enterprise and provide an opportunity for Singapore's young undergraduates to benchmark themselves against their peers at an international level.”

In line with this goal, HSBC established the $100,000 Youth Enterprise Fund which the winning or best performing Singapore team can tap into to bring their business ideas to life.

Another initiative this year was the focus, in the judging process, on short-listing business plans that are best able to attract funding and to be executed successfully. Venture capitalist firms instead of individuals were therefore enlisted as judges during the semi-finals, which further provided participants with a real-world dimension of the process to obtain funding.

As a result, judges observed that the business plans submitted this year were creative, attractive and comprehensively presented. One of the finalist teams Flatcity, comprising undergraduates from SMU, has already attracted interest from venture capitalists in their business plan to create an integrated web service that allows communities in China to shop and obtain information and services online from businesses and resources across the country.

In addition to the opportunity to compete and present their business ideas in Singapore during the Finals, all six finalists will participate in a Singapore Business Study Mission (BSM). The BSM is modelled after SMU's own successful BSMs, which have exposed over 800 SMU undergraduates to businesses and leaders in both developed and emerging economies worldwide. Currently underway, the three-day Singapore BSM (7-9 July 2008) aims to provide the finalist teams, particularly those from overseas, with a first-hand encounter of Singapore 's economy and its key drivers. The teams are visiting local businesses and meeting various of government and industry leaders. They will also have the opportunity to meet and market their business plans with 20 members of Business Angels Network South East Asia (BANSEA) for potential investment. All flights to Singapore and accommodation here during the BSM and for the Finals are provided for.

Following the BSM, the six finalists will compete in the Finals on 10 July 2008. The winner of the Competition will be announced later that day at the Awards Presentation Ceremony. The Guest-of-Honour for the ceremony is Grace Fu, Senior Minister of State for Education and National Development.

“I am pleased by the growth of the Competition. It has grown beyond its initial form as a simple competition for uncovering promising young entrepreneurs and new business ideas. The initiatives and improvements introduced this year have transformed it into a comprehensive hot-housing programme, aimed at nurturing its participants and equipping them with the necessary skills and industry connections that will take them far beyond the Competition. These efforts are important to continually encourage aspiring young entrepreneurs and give them greater confidence to bring their business ideas into fruition,” said Professor Howard Hunter, President, SMU.

The organisation of the 2008 Lee Kuan Yew Global Business Plan Competition was handled by first-year undergraduates from SMU's Lee Kong Chian Scholars' Programme. They have taken on all aspects of organising the expanded Competition, from marketing, collation of entries, securing and liaising with judges, to the logistics involved in arranging the Singapore BSM and Awards Presentation Ceremony.

A summary of business plans by the six finalist teams is in Annex 1.

The list of Judges is in Annex 2.

The Singapore BSM and Awards Presentation Ceremony Programme are in Annex 3.

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

Professor Pang Eng Fong (Chairperson)
Dean, Lee Kong Chian School of Business
Vice Provost (Academic Strategic Planning)
Singapore Management University

Practice Professor Desai Arcot Narasimhalu
Associate Dean, Student Programmes & External Relations, School of Information Systems
Chairman, SMU Business Innovations Generator
Singapore Management University

Associate Professor Ong Siow Heng
Associate Dean, Admissions and Undergraduate, Lee Kong Chian School of Business
Director, Lee Kong Chian Scholars' Programme
Singapore Management University

Associate Professor John Davis
Director, Center for Marketing Excellence
Singapore Management University

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

Ms. Grace Cheng
Associate Director, Head of University Events
Singapore Management University

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 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.

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.