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As an innovative force in the market, and an inspiring source of new ideas, goods, services and business models — entrepreneurs are one of the key driving forces behind business and economic growth in the world. Yet, many such motivators prefer to keep low profiles.
To celebrate entrepreneurship and to champion entrepreneurs' outstanding contribution to the economy, in 1986, leading international professional services firm EY established the EOY award in the United States.
The theme of the EOY 2019 China, Gathering Strength for Unstoppable Growth was recently launched in Beijing, followed by Shanghai, representing the commencement of the 14th edition of the EOY China award.
Chairman of EY China Albert Ng acknowledged the challenging situation in China, and its entrepreneurs find themselves in, saying: "With current uncertainties in the global, political and economic environment, China continues to deepen reform and open up, stimulating market vitality and promoting high quality development through institutional and technological innovation."
In an era when the business sector is experiencing a sea change, Ng added that we now need hard-driving entrepreneurs more than ever, and, in particular, we need their genuine sense of social responsibility.
Hot on the heels of the ceremonies in Beijing and Shanghai, Hong Kong picked up the role of host to launch the EOY China programme in the Special Administration Region of Hong Kong. The event, held at the Conrad Hong Kong last week, was attended by more than 100 guests, including government officials, industrial luminaries and exceptional entrepreneurs.
Welcoming her guests, Agnes Chan, Managing Partner, Hong Kong & Macau, EY, shared with the gathered audience not only the global significance of last year's World EOY winner Rubens Menin, but also the all-important future economic development implications for the city as a result of the Greater Bay Area development, and the Belt and Road Initiative.
Chan encouraged Hong Kong and Macau’s leading entrepreneurs to be part of the EOY programme. "The biggest attraction of the EOY award would be its uniqueness that comes with its worldwide recognition and the associated coverage of such a prestigious accolade."
Entrepreneurs in Hong Kong are expected to represent an important source of the EOY China's nominations, especially with the exciting prospect of making the best of the Greater Bay Area development. "Hong Kong boasts strength in innovation, finance, trade and logistics and dispute resolution, while the added opportunities associated with the 70 million plus population in the Greater Bay Area, will play into the hands of Hong Kong entrepreneurs."
The EOY programme has earned the reputation of being fair and transparent. CK Lai, EOY China Programme Co-Chairman, relates the story. "All the processes [from nomination to review] take months and the independent panel of judges spends a lot of time and effort to review the nominated entrepreneurs and to carry out interviews." Lai said the judges look at six key aspects of the nominees, namely: entrepreneurial spirit, national or global impact, financial performance, innovation, and strategic direction, as well as personal integrity and influence.
Lai's comments are echoed by independent judge Anthony Fan. Having served the role of EOY China Programme’s Judge for the past three years, Fan has once again been invited to use his experience and expertise to contribute to the judging process.
"I've been personally invited to play a role in different awards," said Fan, who is the President of The Hong Kong Independent Non-Executive Director Association, "but the process for the panel of judges to work at the EOY programme is like no other. The process is truly independent, with each judge being able to cast their vote without another party's influence."
EOY China features diverse channels for nominations. The professional services firm constantly draws into its resources and carries out wide-ranging research projects in order to keep its finger on the pulse of the business world. It also has the benefit to work with a range of sponsors and partners. Multinational financial services provider Credit Suisse has played the platinum sponsor role for four years, actively contributing to the advancement of the EOY China.
Joe Lai, Co-Head of Investment Banking & Capital Markets, China at Credit Suisse, praises the EY team of successful individuals with strong professional backgrounds for EOY China, while adding: "What we hope we can contribute to the process is more from the capital market's perspectives, looking at the corporate side or the [value creation potential] of the business, be it a new economy business or a well-established company. Hopefully, Credit Suisse can bring a different perspective to the process."
As the nomination and reviewing processes are carried out by highly experienced professionals, they constantly look to separate the crème de la crème from the rest in the business world. For the nominees themselves, the experience can be surprisingly stress-free, according to previous EOY China winner Annie Yau Tse.
The Chairman and Chief Executive Officer of Tse Sui Luen Jewellery International recalls her experience. "As a contestant, I remember being true to myself without trying to please the judges or to make my company look outstanding," said the winner of the EOY 2012 China Country Winner, Hong Kong/ Macau Region.
"Consistency is key, as contestants are expected to be interviewed both by the judges and members of the media alike." A champion of employees' well-being, the judges might have been impressed by the hard-working and caring nature of the top executive, who also embraces innovation in her business that features about 450 stores in the Greater China region and Malaysia.
The 2019 EOY China is now open to nomination. Entrepreneurs who have contributed to the economy, society and industries should be proud of their success and so be recognised by receiving one of the world’s most prestigious business accolades.