Connect with us

Entrepreneurship

27 Singaporean Entrepreneurs Win Asia Pacific Entrepreneurship Awards 2016

Published

on

Twenty-seven prominent entrepreneurs and business leaders from Singapore were named awardees of the Asia Pacific Entrepreneurship Awards 2016 at a glittering gala dinner at Singapore Marriott Tang Plaza Hotel.

Over 300 attendees were present at the by-invitation only event, comprising of industry leaders, leading entrepreneurs and dignitaries including Mr. Seah Kian Peng, Member of Parliament, His Excellency Mr. Nimal Weeraratne, High Commissioner of Sri Lanka to Singapore, Mr. Victorio Mario M Dimagiba, Jr., Consul General of the Philippines, Tan Sri Dr. Fong Chan Onn, Chairman of Enterprise Asia, and Dato’ William Ng, President of Enterprise Asia.

The Asia Pacific Entrepreneurship Awards, or APEA, is a regional recognition program organized by Enterprise Asia, the region’s foremost association and think-tank for entrepreneurship. The Awards are presented to a handful of entrepreneurs across Asia Pacific each year, with award ceremonies held in over twelve countries every year.

The Awards are often compared to the Olympics for the stringent entry criteria and highly competitive judging parameters. Nominations of the Awards itself is by invitation, either by past and current awardees, a supporting trade association or the executive committee of Enterprise Asia. Nominees are then subjected to a series of rigorous tests, including financial verification by an appointed audit firm and a compulsory physical site audit and interview, culminating in a secret balloting process by Enterprise Asia’s executive committee.

Awardees are expected to be torchbearers of entrepreneurship and business leaders in their representing industries of respective countries, and adhere to a strict standard of personal and business ethics.

“We can say with certainty that the recipients of the APEA are like none others. Not only do they have to prove their entrepreneurial skills and experience in one of the toughest contests in the world, they also subject themselves to a pledge to uphold the highest standards of entrepreneurship, which includes allegiance to the two founding pillars of Enterprise Asia, namely Investment in People and Responsible Entrepreneurship”, says Dato’ William Ng, President of Enterprise Asia.

Recipients join over a thousand other alumni from across Asia Pacific, including Indonesia’s Ciputra, Chairul Tanjung and Mochtar Riady, Singapore’s Sam Goi and Yao Hsiao-Tung, Malaysia’s Teh Hong Piow and Yeoh Tiong Lay, Hong Kong’s Lui Che-woo and Lawrence Ho, China’s Jiang Xipei, Thailand’s Rit Thirakomen and India’s Adi Godrej, Rahul Bajaj and Brijmohan Lall Munjal.

Mr Joselito D. Campos, Jr. of Del Monte Pacific, who was named Entrepreneur Of The Year, said, “I am very honoured to be bestowed the APEA in recognition of our efforts in entrepreneurship and nation building. To harvest good fruit, we need to sow good seed and nurture it.”

“Receiving the APEA award is a recognition of our past efforts; a sign for trying even harder in the future”, said Mr Su Chung Jye, Executive Chairman, Regal International Group Limited.

“APEA lights the path to a healthy entrepreneurial spirit in Asia”, shared by Dr Jau- Fei Chen, Founder of E.Excel International Group.

“To take the company to another level, you need a bold vision, an ambition or even a dream. The dream has to be big and exciting enough and requires your full commitment. Then you will put your whole heart into achieving it”, said Dr Andy Adhiwana, Group CEO of Auric Pacific Group Limited.

“Success is not final. For continued success, a successful company must innovate everyday”, said Ms Shalini Kamal Sharma, Group MD of Formula One Furniche Pte Ltd.

The recipients in Singapore were selected from among 100 shortlisted candidates, ranging from talented young entrepreneurs to experienced industrialists.

Ng explained, “The APEA is aimed at promoting entrepreneurship. Beyond recognizing the efforts of these entrepreneurs, we hope to encourage them to continue taking their businesses to the next level, and in the process, providing more job opportunities to the people in the region, and help to drive the economy forward”.

RECIPIENT LIST OF ASIA PACIFIC ENTREPRENEURSHIP AWARDS 2016 SINGAPORE:

Consumer Goods

  • Dr. Andy Adhiwana, Group CEO, Auric Pacific Group Limited

Education & Training

  • Dr. Jau-Fei Chen, Founder, E.Excel International Group
  • David Kwee, Chief Executive Director, Training Vision Institute Pte Ltd
  • Png Bee Hin, Chief Executive Officer/ Founder, LDR Technology Pte Ltd

Engineering

  • Eric Phua, Managing Director, TEE International Limited

Financial Services

  • Dr. Tan Chong Koay, Founder/CEO/Chief Strategist, Pheim Asset Management (Asia) Pte Ltd
  • Andrew Au, Founder & CEO, AG Delta Pte Ltd

Food & Beverage

  • Entrepreneur Of The Year
    Joselito D. Campos, Jr., Chief Executive Officer/ Managing Director, Del Monte Pacific Limited
  • Aillyn Ang, Director, 320 Below Pte Ltd

Healthcare & Pharmaceutical

  • Anuj Khosla, Founder/ Chief Strategy Officer, KK Labs Pte Ltd

Hospitality, Food Service & Tourism Industry

  • Arun Madhok, Chief Executive Officer, Suntec Singapore Convention & Exhibition Centre

Industrial & Commercial Products

  • Shalini Kamal Sharma, Group Managing Director, Formula One Furniche Pte Ltd
  • Philip Lee Tze Yong, Chief Executive Officer/ Managing Director, RAM SMAG Lifting Technologies Pte Ltd
  • Kenny Liu ZhenQi, Managing Director, The Super Group

IT. Internet & Telecommunications

  • Johnny Huang Shih Chia, Group MD, MAKA GPS Technologies Pte Ltd
  • Shashank Dixit, Chief Executive Officer, Deskera Holdings Ltd

Media & Entertainment

  • Giulio Dorrucci, Founder and Group CEO, PGK Media Group Pte Ltd Oil & Gas
  • Jonathan Lee, Managing Director, McPEC Marine and Offshore Engineering Pte Ltd

Professional & Business Services

  • Teo Jin Lee, Managing Director, ODE Consulting Pte Ltd
  • Ravi Arumugam, Chief Executive Officer & Managing Partner, RT LLP & RT Group of Companies

Property Development

  • Su Chung Jye, Chief Executive Officer/ Founder/ Executive Chairman, Regal International Group Limited
  • Dato’ Colin Tan, Group Managing Director, Hatten International Pte Ltd

Retail

  • Dr. Michael Tien, Founder & Chairman, Atlas Sound & Vision Pte Ltd

Trading & Wholesaling

  • Shu Setogawa, Director, MTG Pacific Pte Ltd
  • Doris Wee Hui Cheen, Chief Executive Officer, Wendell Trading Company
  • Peh Yeng Yok, Chairman, Yok Impex Pte Ltd

Transportation & Logistic

  • Danny Lo, Chairman and Chief Executive Officer, Watt Wah Petroleum Haulage Pte Ltd

Entrepreneurship

Is There A Coworking Space Bubble?

Published

on

An annual growth rate of nearly 100%, almost five years in a row? More than 60 coworking spaces in a city like Berlin? Are these the characteristics of a bubble? Nope, these are characteristics of a lasting change in our world of work, which has been further catalyzed by the recent economic crises in many countries. But what makes this change different to a bubble? We’ve summarized some arguments of why the coworking movement is based on a sustainable change. However, that doesn’t mean it’s an easy job to open a good working coworking space.

Five reasons why the growth of coworking spaces is based on organic and sustainable growth: 

1. Coworking spaces invest their own money and create real wealth

Already, there is a convincing argument supporting why coworking spaces are not developing in a bubble: the fact that they create real wealth.

Whether referring to the dotcom bubble a decade ago or the real estate crisis in Spain or the United States, the crisis originated in a glut of cheap money, in an environment in which the sender and the recipient were unacquainted. From funds and banks, money flowed in steady streams to investments which offered little resistance and the most promising returns – which only a little while later turned into delusions and ruined investments.

Redistributed risks create illusions. Those people who distributed the money rarely wore the risk of investment decisions. The risk was mainly taken by small shareholders or people who bought parts of those investments. This was because either both parties’ (better) judgement was drowned out by the noise of the market, or because shareholders were unaware of the risk, and were at the mercy of banks and funds for reliable information.

Another fundamental condition for the creation of bubbles are the sheer amounts of money that flow from various locations globally and are concentrated, by comparison, in much fewer places.

Most coworking spaces, however, receive their funding from local or nearby sources and do not operate within this financial system. In fact, the founders mainly inject the bulk of the required investment, and turn to friends or relatives for additional support. They wear the full brunt of the risks that are involved in small-time investment.

They have access to much more information, because it is their own project, rather than a foreign one thousands of miles away. This also includes failures and mistakes that are encountered along the way, but the risk is less redistributed, thereby decreasing the probability of failures.

2. Labor market changes demand on certain office types lastingly

Most users of coworking spaces are self-employed. The proportion of employees is also on the rise, in many cases simply because they work for small companies that increasingly opt to conduct their business in coworking spaces rather than in traditional offices. The industry of almost all coworkers fall within the Internet-based creative industries.

With flexibilisation of work markets, new mobile technologies that are changing work patterns, and the increase of external services purchasing from large and medium-sized enterprises (outsourcing), the labor market has changed radically in many parts of the world.

The long-term financial and emotional security of becoming an employee no longer exists, especially for younger generations of workers. Bigger companies are quicker to fire than hire, and precarious short-term contracts are on the rise. Promising options on the labor market are more often recuded to freelancer careers and starting your own company.

And that’s possible with less money to invest. All you need is a laptop, a brain and a good network. For years, the number of independent workers and small businesses has been growing worldwide – particularly in internet-based creative industries. Anyone who has sufficient specialized skills and the willingness to take risks may adapt more quickly to market conditions if they own a small business or are self employed; more so than if they were to work in a dependent position in an equally volatile market.

Coworking spaces provide an environment in which to do this. Once they have joined a (suitable) coworking space, these factors become apparent to coworkers, who will remain in their space for years to come.

Furthermore, independent workers rarely fire themselves in crises, and even small companies are less likely to give their employees the boot – compared to their large counterparts. This combination enables more sustainable business models – and less business models à la Groupon.

3. Coworking spaces don’t live on crises

Global economic growth is waning while the number of coworking spaces is continually growing. Do coworking spaces thus benefit from this crisis?

The current crises accelerate the formation and growth of coworking spaces, because they offer solutions and space for the resulting problems. Coworking spaces are therefore not a result of a crisis, but the product of change that pre-dates their existence. A crisis is simply the most visible expression of change.

The first coworking spaces emerged in the late 1990s; the movement’s strong growth started six years ago – before the onset of economic downturns in many countries.

4. Coworking spaces depend on the needs of their members

Most coworking spaces are rarely full. Does this mean they are unsuccessful? On average, only half of all desks are occupied. But the average occupancy rate of 50% refers only to a specific date.

In fact, coworking spaces generally serve more members than they can seat at any given time, since members do not use the spaces simultaneously. Coworking spaces are places for independents who want to work on flexible terms. Smaller spaces rely more on permanent members. Larger spaces can respond more flexibilty to the working hours of its members, and, can rent desks several times over.

If a coworking space is always overcrowded or totally empty, the purpose of said space would be defeated. Firstly, it is rather impossible to work in an overcrowded room. Second, it’s impossible to cowork in an empty room. Given the nature of flexible memberships, a coworking space only can survive if they fit the needs of their members. Members would otherwise be quick to leave, and membership would be much more transient.

5. The coworking market is far from saturation

Less than 2% of all self-employed – and even fewer employees – currently work in coworking spaces. Reporting on coworking may increase, but inflated reporting on the coworking movement in the mainstream media is still far away.

Coverage of coworking space are most likely to be found in the career or local sections in larger publications – front cover coverage remains the dream of many space operators. This is because the whole coworking movement can’t be photographed in one picture. What appears to be a disadvantage, however, is actually a beneficial truth: niche coverage allows the industry to grow organically, and avoid over inflation.

Conclusion

Coworking spaces don’t operate in parallel universes – like the financial market. Demand and supply are almost exclusively organic and operate in the real world economy.

For the same reason, there is no guarantee that opening a coworking spaces will be automaticly successful. Anyone who fails to learn how to deal with potential customers in their market, or is unfamiliar with how coworking communities function, will have a difficult time of making one work. In the same way that business people in other industries will fail if they do not understand their market.

Those who simply tack on the word ‘coworking’ to their space’s facade will need to work harder. The structure of most coworking spaces is based on real work, calculated risk, and real-world supply and demand.

_______________________________________________

About the Author

This article was produced by Deskmag. Deskmag is the magazine about the new type of work and their places, how they look, how they function, how they could be improved and how we work in them. They especially focus on coworking spaces which are home to the new breed of independent workers and small companies. see more.

Continue Reading

Callum Connects

Dextre Teh, Founder of Rebirth Academy

Published

on

Dextre Teh is a consultant and marketing guru, helping F&B businesses to tighten their operations and grow their businesses.

What’s your story?
I help frustrated F&B business owners stuck in day to day operation transform from a glorified operator into a real business owner. I’m a 27 year old Singaporean second generation restaurant owner and a F&B business consultant. Entering the industry at 13 years old, I have always been obsessed with operations and systemisation. At the age of 25, I joined the insurance industry and earned a six figure yearly income. However, I left the high pay behind because it was not my passion and returned to the F&B industry. Now I help other F&B companies to tighten operations and grow their businesses with my consulting and marketing services.

What excites you most about your industry?
The food. I’m a big lover of food and even have a YouTube show on food in development. But that aside, it is really about impacting people through food. Creating moments and memories for people, be it a dating couple or families or friends. Providing that refuge from the daily grind of life. So in educating my consulting clients and training their staff to provide a better experience for their customers, I aim to shift the industry in the direction of creating memories instead of just selling food.

What’s your connection to Asia?
I was born and bred in Singapore. I love the culture, the food and travelling in Asia.

Favourite city in Asia for business and why?
Singapore hands down. The environment here is built for businesses to thrive. The government is pro business and the infrastructure is built around supporting business growth. Not to mention the numerous amount of grants available in helping people start and even grow business. If I’m not mistaken, the Singaporean government is the only government in the world that offers grants to home grown businesses for overseas expansion.

What’s the best piece of advice you ever received?
Learning to do things you do not intend to master is a BIG mistake in business. Focus on what you are good at and pay others to do the rest.

Many business owners including myself are so overwhelmed by the 10,000 things that they feel they need to do everyday. We try to do everything ourselves because we think it saves us money. The only thing that, that does for us is overload our schedules and give us mediocre results. Instead we should focus on what we do best and bring in support for the rest.

Who inspires you?
Christopher M Duncan.

At 29, Chris has built multiple 7 figure businesses. He opened me to the possibility of building a business on the thing that I loved and gave me a blueprint of how to do it. He also showed me that being young doesn’t mean you cannot do great things.

Imran Mohammad and Fazil Musa
They are my mentors and inspire me every single day to pursue my dreams, to focus on celebrating life and enjoying the process of getting to where I want to be.

What have you just learnt recently that blew you away?
Time is always more expensive than money. Money, you can earn over and over again but time, once you spend it, will never come back.

If you had your time again, what would you do differently?
I am a firm believer that your experiences shape who you are. I am grateful for every single moment of my life be it the highs or the lows, the successes and the failures because all these experiences have led me to become the person I am and brought me to the place that I’m at so I will probably do things the same way as everything was perfect in its time.

How do you unwind?
Chilling out in a live music bar with a drink in hand, listening to my favourite live band, 53A. Other than that I’m big on retail therapy, buying cool and geeky stuff.

Favourite Asian destination for relaxation? Why?
Bangkok. It feels like a home away from home where the cost of living is relatively low, the food is good and the people are friendly.

Everyone in business should read this book:
Everything you know about business is wrong by Alastair Dryburgh. It is a book that challenges commonly accepted business “truths” and inspires you to go against the grain, think different, take risks and stand your ground in the face of the challenges that will come your way as a business owner.

Shameless plug for your business:
I’m the creator of the world’s first Chilli Crab Challenge. It gained viral celebrity earlier this year with 3 major newspaper features and more than a dozen blog and online publications featuring it in the span of two weeks. In the span of the two weeks, the campaign reached well over a million people in exposure without a single cent spent in ads.

Now I help F&B companies to tighten operations, increase profits and grow their businesses with my consulting and marketing services. Chilli Crab Challenge (https://www.chillicrab.com/nationalday)

How can people connect with you?
You can connect with me on Facebook (www.facebook.com/djtehkh) or visit www.rebirthacademy.sg for more information or book a 10 minute call with me @ www.tinyurl.com/dexclar

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

Continue Reading
Advertisement

Trending