[17 March 2010]
HSBC ropes in corporate partners to hot-house aspiring young entrepreneurs
Hosted by HSBC, Tips from the Top is part of the 2010 Lee Kuan Yew Global Business Plan Competition organised by SMU for local teams to obtain valuable advice on their business plans
Singapore, 17 March 2010 – Imagine taking a shower without water? Ever thought of installing an electronic prompting device that not only reminds a loved one to take their medication but also dispenses the correct dose? What about applying to your vehicle a green device that automates the injection of fuel additives into the fuel tank to improve energy efficiency and reduce carbon emissions?
These are among the many innovative business ideas presented by aspiring young entrepreneurs vying to win the Lee Kuan Yew Global Business Plan Competition to a line-up of seasoned business leaders at Tips from the Top, a hot-housing session hosted by HSBC today. (Please see Annex 1 for the list of Singapore teams and a description of their business plans)
Since 2003, HSBC has been supporting the Lee Kuan Yew Global Business Plan Competition organised by the Singapore Management University (SMU) as part of its Youth Excellence Initiative to nurture and develop young talent and harness their abilities for the benefit of the community.
Commenting on the hot-housing session, Mr Guy Harvey Samuel, CEO of HSBC Singapore, said: “HSBC recognises that education is the vehicle for individual and community success and that's why we are actively involved in so many different initiatives that aim to give our young people the best possible start in life and their careers. Tips from the Top is part and parcel of our endeavour to nurture youth enterprise through the Lee Kuan Yew Global Business Plan Competition. It is the platform on which we hope, with the help of successful and seasoned business leaders, we can give budding entrepreneurs in Singapore a real boost in their passion for enterprise as well as their prospects in this very prestigious competition.”
Professor of Information Systems (Practice) Desai Narasimhalu, who is also the Director of the SMU Institute of Innovation and Entrepreneurship, added: “The Lee Kuan Yew Global Business Plan Competition is the first of its kind for undergraduates worldwide. We are delighted to have received more than 130 submissions from local participants alone. These tertiary students could not have chosen a better platform to advance their business ideas. The Institute of Innovation and Entrepreneurship at SMU offers a comprehensive suite of support to budding entrepreneurs – from mentorship all the way to finding investors. I hope the teams participating in today's session will come with an open mind and benefit from the wisdom of their mentors. We have a host of new features in this year's finals, including a Most Promising Young Entrepreneur Award and an opportunity for one of the top three teams to undergo a three-month exposure in Silicon Valley. I wish the teams all the best in the global leg of the competition."
The hot-housing session featured a distinguished line-up of business leaders comprising HSBC's corporate partners and senior executives, as well as a select group of venture capitalists supporting SMU's student enterprises. Among them are prominent businessmen like Mr Ong Yew Huat, Executive Chairman of Ernst & Young; Mr Terry O'Connor, CEO of Courts (Singapore) Pte Ltd; and Mr Kuah Boon Wee, CEO of Middle East South Asia, PSA International Pte Ltd. (Please see Annex 2 for the full list of participating Business Leaders)
These business leaders graciously volunteered their time and expertise to spend the morning listening to the business ideas of some 30 local teams from the various tertiary institutions. Through one-on-one discussion, the business leaders provided valuable feedback and tips to help the aspiring young entrepreneurs bring out the best in their business plans.
Expressing his appreciation to the business leaders, Mr Harvey-Samuel 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. I hope that this hot-housing session and, in particular the support our business leaders are giving this morning, will inspire all participants to give of their best and do Singapore proud. Their sheer presence and readiness to share their time and wisdom is also in itself a lesson in leadership and corporate responsibility for all of us.”
As part of its commitment to nurture youth enterprise, HSBC is also providing a $100,000 Youth Enterprise Fund which the winning or best performing local team in the finals of the 2010 Lee Kuan Yew Global Business Plan Competition will be eligible to tap into to take their business ideas to market.
Mr Harvey-Samuel 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.”
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 over 8,000 offices in 88 countries and territories and assets of US$2,364 billion at 31 December 2009, 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 10 branches incorporating 6 HSBC Premier centres and 27 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.
About 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 Lee Kuan Yew Global Business Plan Competition
Named after Singapore's Minister Mentor, who developed the defining business plan for the country, the Lee Kuan Yew Global Business Competition provides an opportunity for budding entrepreneurs to test their business Ideas and pit their business acumen against students from other renowned international institutions. Organised by the Institute of Innovation and Entrepreneurship at the Singapore Management University, the biennial competition is into its fifth run and is open to all undergraduates, college and polytechnic students from around the world. The inaugural competition saw 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$60,000 worth of cash prizes. The winning team will take home US$36,000, the first runner-up, US$12,000 and the third runner-up, US$3,000. The other finalists will get US$500 per team. HSBC is the presenting sponsor of the Competition.
About the Institute of Innovation and Entrepreneurship at SMU
The Institute of Innovation and Entrepreneurship (IIE) at SMU has been set up to nurture and grow the innovation and entrepreneurial culture amongst students, staff and faculty of SMU through collaboration with the community. IIE is committed to help innovators commercialise their ideas and aspires to build high quality and robust start-ups within SMU and the larger community through research, strategy, training, R&D, business incubation and knowledge sharing. IIE plays the role of a strategic innovation partner, working closely with SMEs, large enterprises, early stage venture capitalists, academic institutions and individual researchers.