[Singapore, 13 November 2015 (Friday)] – Two teams, which proposed a vessel trading platform and homecare matching services respectively, have won the SICC–SMU SG50 Eureka! Prize sponsored by Singapore International Chamber of Commerce (SICC) and organised by Singapore Management University (SMU) to celebrate SG50.

The competition was the first collaboration of its kind between SICC and a university. The aim of generating innovative business ideas with commercial potential was achieved. The competition was open to all current undergraduate and postgraduate students of SMU.

The two winning teams were each presented with $20,000 for prototype development and proof of concept testing by SICC Chief Executive Victor Mills at a prize presentation ceremony tonight.

Team Marine Nexus, comprising Mr Timothy Ong Tze Yhi and Mr Eric Chean Yu Fei from the School of Economics and School of Accountancy respectively, have created an online platform MarineNexus.com to connect buyers and sellers of marine crafts. Buyers or charterers of assets would be able to use the site, without charge, to search for assets of their choice and connect directly with the ship-broker or ship-owner providing the asset. Viewers can use the site, also without charge, while listing of assets will require a subscription to be paid.

Team Homage, made up of Mr Tong Nhat Duong (School of Information Systems), Ms Nguyen Ngoc Tuyet Ngan and Mr Tran Binh Minh (both from SMU Lee Kong Chian School of Business) have designed a platform which uses a proprietary matching engine that pairs the elderly with the best care professionals for their needs in real-time. Family members can schedule, manage, and monitor care visits through Homage family app from anywhere, stay in communication with the care professional and get real-time information on the care their elderly relative is receiving. Homage app allows family members to know who visited their loved ones, how long they spent in the house, and what activities they did. For care professionals, Homage app provides them with better client information, such as a care plan individualised to each elderly person, helpful tips, and ease of communication with the family members.

[Caption: SICC Chief Executive Victor Mills (extreme right) presented the prize to Team Homage, one of two winning teams of the SICC-SMU SG50 Eureka! Prize competition.]

The five-member judging panel for the finals were: Justin Mencher, Partner, Incuvest Pte Ltd; Ms Goh Swee Chen, Country Chair – Singapore, Shell Eastern Petroleum (Pte) Ltd; Ms Dawn Tan, Founding Director, Adtvance Law LLC; Prof Kevyn Yong, Academic Dean, ESSEC Asia-Pacific; Mr Daniel Liebau, Founder, Lightbulb Capital (Hong Kong) Limited.

Ms Dawn Tan said, “The winning teams, Homage and Marine Nexus, bring to the table fresh ideas which are innovative, commercially viable and clearly executable. In the case of Homage, bringing together home care providers and consumers in a win-win formula for both also fills a pressing social need, namely, providing accessible care solutions for the increasing numbers of aged people. In the case of Marine Nexus, bringing together vessel owners, charterers and brokers brings a breath of fresh air to time-honoured ways of doing business in that industry and opens new possibilities for smaller players.”

Mr Victor Mills commented: “The Chamber knows that sustainability is all about adaptability and that innovation is essential to achieve adaptability and growth. Singapore has innovated throughout its history and especially since independence. Celebrating innovation in SG50 is particularly apposite and relevant. On behalf of all the members of SICC, I offer my congratulations to the winning and participating teams for exhibiting practical innovation. I also extend my sincere thanks to all the judges and to Team SMU for its tremendous help and support in organising the competition.”

Professor Desai Arcot Narasimhalu, Director of SMU Institute of Innovation and Entrepreneurship said, “We are very pleased to organise this meaningful competition with SICC, and would like to thank all participating teams for making this competition a success. Many of the business plans we received were creative, well-conceived, and made good business sense, showing a high level of maturity and good industry knowledge. We are particularly delighted to note that many teams were made up of members from different Schools, which bring with them multi-disciplinary approaches to their ideation and product development process.”

Many creative ideas were conceived by the 28 teams which participated in the competition, from a one-stop, easy-to-use online celebration planner, to a hybrid tool that incorporates both education and parental control to combat childhood smartphone/device addiction.

Participating teams had a month to work on their business ideas. 10 teams were shortlisted for the semi-finals, and 5 teams were selected for the finals on 3 November 2015.

The judging criteria were: innovativeness of the business Idea, commercial feasibility, potential market opportunity, capability to execute, team composition, IP strategy and value created.

[Featured photo: SICC Chief Executive Victor Mills (extreme right) presented the prize to Team Marine Nexus, one of two winning teams of the SICC-SMU SG50 Eureka! Prize competition.]

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