[5 July 2010]
Six teams from Singapore, Hong Kong, USA and Canada bid for top prize at the 5th Lee Kuan Yew Global Business Plan Competition
The finalists are now on a Singapore Entrepreneurship Study Mission to network and learn about the local innovation eco-system
Singapore, 5 July 2010 – Six teams from Singapore, Hong Kong, USA and Canada have made it to the Finals of the 5th Lee Kuan Yew Global Business Plan Competition. Organised by the Singapore Management University (SMU) and sponsored by HSBC, the Competition hothouses young entrepreneurs from around the world to launch new business ideas. Competing for the top prize on Thursday 8 July are business ideas that span the communications, environment, medical and social media sectors.
The finalists include three teams from Singapore and one each from the United States, Canada and Hong Kong. They were selected from some 300 teams from tertiary institutions of 38 countries. The Competition is judged by a panel of international judges including venture capitalists, serial entrepreneurs and business leaders.
This year, participants stand to win up to US$60,000 in cash, prizes and business development opportunities. For the first time there will also be an individual Most Promising Young Entrepreneur award and an opportunity for one of the top three teams to undergo a three-month exposure in Silicon Valley with PlugandPlayTechCenter.com, a community of over 280 technology start-up companies in the areas of Web 2.0, software (SaaS), systems, semiconductor and telecomm verticals . The best performing local team in the finals can also tap into a S$100,000 HSBC Investment Grant to give life to their business idea.
Launched in 2001, this was the first global business plan competition for undergraduates, college and polytechnic students. “We want to encourage undergraduates around the world to develop their entrepreneurial inclinations by providing this opportunity for them to share their business plans, and possibly win for themselves funding not just from the competition, but also from angel investors and venture capitalists. Through this, we want to equip participants with the necessary skills and connections to take them far beyond the Competition,” says Professor Howard Hunter, President of SMU.
This competition ties in with the mission of the Institute of Innovation and Entrepreneurship (IIE) at SMU which is behind this year's Competition. The Institute was set up on the foundation of a unique SMU Plus Strategy which welcomes collaborations with anyone with a compelling innovation, including those outside the SMU community.
“IIE at SMU offers a comprehensive suite of support to budding entrepreneurs - from mentorship to funding opportunities. We are committed to help inventors commercialise their ideas, and in the process, build high quality and robust start-ups. I have no doubt the teams who have made it this far will raise the bar in this Competition,” says Professor Desai Narasimhalu, Director of the Institute of Innovation and Entrepreneurship at SMU.
The Competition was launched in January, and in March, shortlisted Singapore teams in the preliminary round had the chance to pick the brains of senior business leaders in a Tips from the Top session hosted by HSBC. The Bank roped in its senior executives and business partners, along with faculty from SMU to share their vast business experience and acumen as well as to provide comments and advice on the business plans submitted by the local teams through one-on-one sessions with the team members.
“HSBC is delighted once again to support the Lee Kuan Yew Global Business Plan Competition as part of our Youth Excellence Initiative. This is a commitment which stems from HSBC's belief that education is a cornerstone of economic success and holds the key to the continued viability and prosperity of the communities we operate in,” says Mr Guy Harvey-Samuel, Group General Manager and CEO of HSBC Singapore.
“HSBC sees the Lee Kuan Yew Global Business Plan Competition at SMU as a useful platform to help develop youth excellence in enterprise and an opportunity for Singapore's young undergraduates to pitch their best against their peers at an international level,” adds Mr Harvey-Samuel.
The teams are currently on an Entrepreneurship Study Mission in Singapore from 5 to 7 July to understand the local innovation and entrepreneurship eco-system. They will visit incubators and network with early stage VCs and Technology Incubation Managers. The teams will also have the opportunity to have their business plans critiqued and reviewed before pitching them at a monthly networking event.
Following the Entrepreneurship Study Mission, the six finalists will compete in the Finals on 8 July 2010. The winner of the Competition will be announced later that evening at the Awards Presentation Ceremony. The Guest-of-Honour for the ceremony is Mr Sam Tan, Parliamentary Secretary for Ministry of Trade and Industry and Ministry of Information, Communications and the Arts.
Details about the Finalists are in Annex A.
Details about the Finals' Judging Panel are in Annex B.
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 will play the role of a strategic innovation partner, working closely with SMEs, large enterprises, early stage venture capitalists, academic institutions and individual researchers.
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 8,500 offices in 86 countries and territories and assets of US$2,422 billion at 30 June 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.