The EY Entrepreneur of the Year 2023 awards marked a historic moment as women claimed victories in all categories for the first time in its 22-year history. This year’s finalists and category winners include Phyllis Ong of Armstrong Industrial Corporation (advanced manufacturing), Althea Lim from Gushcloud International (new media and entertainment), Yvon Bock of Hegen (consumer products) and Olive Tai of Synagie Group Asia and Europe (e-commerce services).
Last year, when we interviewed Ernst & Young Solutions LLP’s Liew Nam Soon, the regional managing partner for EY Asean and managing partner for Singapore and Brunei, he expressed satisfaction with the diverse group of winners. In 2022, Melissa Tan of Wah & Hua stood out in a list that had been traditionally male-dominated.
“Sometimes [when] you wish hard enough, these things come to fruition,” says Liew, speaking to The Edge Singapore recently for this year’s edition of the awards, referring to the mix of category winners this year. He stressed that the nomination of winners was an independent process without set quotas. However, he acknowledged the growing impact of women in business and society, noting their significance as they make up at least half of the population.
“There’s no reason we should be surprised that we have more and more women entrepreneurs. It just happens that the planets were all aligned this year,” says Liew. “Perhaps more importantly, we wouldn’t get these questions in the future. Then, you will be entrepreneurs, not whether it’s men or women. And I think by then, if that happens, we reach a level of gender parity and recognition, on advancing breaking down the gender barriers, various and advancing gender equality.”
In addition to the diversity, this year’s winners stand out for their compelling blend of business acumen, passion and purpose. He says: “It’s not just about the business. It’s about the communities serving the people they care for and impacting wider societies. We are excited that this year, again, we have some very good winners in this space.” He adds that companies have always been working on initiatives beyond focusing on profits but are now more intentional in articulating their cause.
Liew notes a significant shift in the industries represented among the nominees. While earlier years of the award were dominated by traditional manufacturing, the landscape has diversified, encompassing emerging sectors such as digital commerce, technology, professional services, consumer and health, mental health and wellness.
See also: Yvon Bock, founder of Hegen, named EY Entrepreneur of the Year 2023 Singapore
This year’s winners cover a diverse spectrum, including second-generation business owners, professionals transitioning from corporate roles and recent graduates entering the entrepreneurial arena. Technology — particularly data-driven tech — and a heightened focus on purpose stand out among the winners.
While this is not new, it is now very “front and centre”. “We see it in our organisation, our firms and our clients; the younger generation does not just want to work for a living to get bills paid. They want to [have a sense of] purpose and [know] the impact that they are delivering,” he says.
Key trends
See also: Lead with a servant leadership mindset: Gushcloud’s Althea Lim
In today’s economy, businesses, particularly those lacking adequate reserves, encounter increased challenges amid the current high-interest rate environment. The increased cost of credit has impacted various corporate sectors, including real estate companies. Entrepreneurs, solely responsible for sustaining business growth, feel the brunt of this challenge even more, says Liew.
Entrepreneurs who effectively communicate their business propositions, manage cash flow well and demonstrate a path to profitability still have access to numerous funding sources, notes Liew.
“But the flip side is if you haven’t all of the above but have a good business model, [you] may become targets for mergers and acquisitions. So I think we’ll see more consolidation,” he continues.
“There’s still a lot of dry powder out there, as we know with the private equity firms, but they are also much more cautious about where they invest. It’s not for lack of funding sources. It’s just that the funders are more precise and looking at profitability. And then the cost of funding has gone up. And so, therefore, those factors make it more difficult to get funding [these days].”
Amid macroeconomic volatility, Liew emphasises the importance of businesses staying closely connected to market trends, leveraging data and technology and adapting swiftly to the evolving environment.
One of the trends to look out for is the focus on environmental, social and governance (ESG), which is “important” and is “more than a buzzword”. Liew adds: “Many companies have set up net zero goals by 2025, 2030, 2050, but we know investors and shareholders and customers also know and are watching out for the trend for the journey towards renewables.”
“It’s heartening to see that standards are evolving for climate risk reporting and various other things. But at the same time, there is a big debate on the costs associated with renewables. It is very challenging, so who’s going to fund that?”
EY’s recent CEO Outlook Pulse survey indicates that AI adoption is a prominent trend. More than half of the surveyed global CEOs (65%) and Singapore CEOs (66%) view AI as a “force for good.”
While recognising AI’s positive impact, CEOs also acknowledge the need to address social, ethical and security concerns such as cyberattacks and disinformation. The survey included insights from 1,200 global CEOs, including 40 from Singapore, revealing nuanced perspectives on AI leadership.
In the same survey, 90% of Singaporean CEOs are incorporating AI into capital allocation, with 50% intending to make substantial investments in AI next year.
Fresh opportunities
Liew says that AI, especially generative AI, generates fresh opportunities and business cases that enhance productivity, elevate customer experiences and refine decision-making processes.
Meanwhile, digital infrastructure investments in Asean countries — especially in Vietnam and Indonesia — and advanced manufacturing, including electric vehicles, autonomous driving and semiconductors, are also sectors to look at for newfound opportunities.
Businesses should also not overlook the impact of changing demographics, such as an ageing population. Conversely, it is crucial not to disregard Gen Z, who will emerge as significant consumers with distinct buying preferences.
He adds: “Hyper personalisation is very important. We talked earlier about purpose and how people react regarding what companies stand for becomes very important.”
