In our fast-evolving business environment, the question posed by Mr. Abhay Bangi, EY ASEAN Life Sciences and Healthcare Leader, during Business Families Institute (BFI) Case Jam 2024, held on 30 and 31 August 2024, remains ever relevant: "What is your competitive advantage when technology levels the playing field?" With technology creating more equal opportunities, it's essential for business leaders to focus on unique strategies and skills that can help them stand out. The BFI Case Jam, now in its third year, provides a platform where family business leaders, industry partners, and faculty experts from Singapore Management University (SMU) collaborate to help students develop crucial business skills like analytical thinking, communication, and collaboration.
Speaking to participants, Professor Bert De Reyck, Dean of the SMU Lee Kong Chian School of Business, highlighted the powerful impact of family-owned firms on our global economy. He said, “It is important to remember that business families have a significant impact on the economy and society. They influence values and traditions through their business practices and charitable donations.” In fact, the numbers speak for themselves - according to the 2023 EY and University of St. Gallen Family Business Index, the top 500 family firms generated an astounding US$8.02 trillion in revenue in 2021.
This year’s competition welcomed more than 80 undergraduate and postgraduate students hailing from eight institutions, namely Australia’s University of Melbourne, Indonesia’s BINUS University, Japan’s Waseda University, Malaysia’s Universiti Teknologi PETRONAS; as well as Singapore's Nanyang Technological University, National University of Singapore, Singapore Institute of Technology and SMU.
Associate Professor Kenneth Goh, Academic Director of Business Families Institute, shared his perspective on the significance of the case competition. He said, “The BFI Case Jam is an innovative platform that creates a realistic, intense, yet fun environment. It provides family businesses with a valuable opportunity to spot and attract talent that excels in high-pressure, collaborative environments, which is crucial for sustainable growth and innovation. It also allows us to observe and gather valuable data on critical future-of-work competencies like collaboration, communication, and analytical thinking. This immersive experience offers key insights into how participants perform under pressure, which allows us to identify tomorrow's leaders in a technology-driven world.”
The BFI Case Jam substantially benefits business families by aligning with their core values and fostering a culture of practical learning and innovation. Mr Victor Tan, CEO of TOP International Holding and a Supporting Partner of the event, expressed his commitment. He said, “I firmly believe in the value of continual learning, and I attest to the mutually beneficial nature of TOP's participation in this Case Jam, which has afforded me the opportunity to gain invaluable fresh perspectives in return.”
Mr Giacomo Clerici, Managing Director of Coeclerici Far East P/L, echoed his views. “Engaging with young talent helps us stay innovative and keep abreast of new trends, which is key to long-term success. This aligns with our family’s values of fostering growth, innovation, and sustainability. By contributing to the development of future leaders, we uphold our commitment to nurturing talent and ensuring the longevity of family businesses.”
Over an exhilarating two-day event, teams were formed randomly each day. With less than six hours to address challenge statements based on real-world family business cases, participants excelled under intense pressure, showcasing their ability to navigate complex business scenarios effectively. Each day concluded with presentations to a judging panel comprising practitioners from family business, EY-Parthenon and SMU.
At the end of Day 2, winners for the Best Team, Best Performing Guest University, and Best Individual categories were named and awarded cash prizes totalling $15,000. Participants demonstrating exemplary competencies were also invited to apply for priority internships and job offers with EY-Parthenon.
Jacob Cheah Jia Jin, third-year SMU accountancy undergraduate and winner of the Best Individual Performer award, described the BFI Case Jam as an intense and rewarding case competition. It allowed him to tackle a real-world business case in a high-pressure setting and develop teamwork skills with new teammates. The competition, which required them to create a video presentation and slides within 5 hours, also tested their time management and collaboration abilities.
Lucyanna Geraldine from BINUS University, who excelled in all three categories, expressed that the BFI Case Jam was one of the best competition experiences she has had. She initially felt nervous about the random team assignment format, but eventually found it enjoyable to meet new people and bond over the business case once she got to know her teammates.
Another participant, Jared Yit Chor Hon, a second-year SMU business undergraduate and a first-place team winner on Day 1, noted that the event helped him understand the importance of innovation in family businesses, and how they could focus on developing unique innovations that can set them apart.
Mr Goh Wee Ping, CEO of Wee Hur Capital and Chief Investment Officer of Wee Hur Holdings, who was a member of the judging panel, was impressed by the quality of the participants and presentations. “It was pleasing for us to see many quality young talent. Beyond our family businesses, we think this bodes well for Singapore's future as human capital is critical to all of us,” he said.
BFI extends its heartfelt thanks to Wee Hur Holdings Ltd and TOP International Holding, for their invaluable support as Supporting Partners. Special appreciation goes to its Knowledge Partner, EY-Parthenon, for their collaboration on the case and programme execution. The BFI team is also grateful to all the judges and mentors from the business families, EY-Parthenon, and SMU faculty, whose expertise greatly enhanced the quality of the competition.
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Day 1 Team Winners:
Day 2 Team Winners:
Best Performing Guest University:
