Hyflux CEO Olivia Lum named Ernst & Young Entrepreneur Of The Year 2010 Singapore

Olivia will compete with more than 50 other country winners as Singapore's representative for the prestigious Ernst & Young World Entrepreneur Of The Year. Olivia is Singapore's first woman contender for the coveted world title.

Olivia Lum, Group CEO of Hyflux Ltd, was named Ernst & Young Entrepreneur Of The Year (EOY) 2010 Singapore at the ninth Ernst & Young EOY awards gala held at The Ritz-Carlton, Millenia Singapore. Mr Teo Chee Hean, Deputy Prime Minister and Minister for Defense officiated at the gala as guest-of-honor.

Explaining the significance of the awards, Steven Phan, Country Managing Partner, Ernst & Young LLP says: “Entrepreneurs, in bringing fresh ideas and creating jobs, are vital growth engines that energize economies and improve quality of lives. For example, through providing innovative, cost-effective and sustainable water solutions, Hyflux is playing a part in securing the water future for humanity, amid rising concerns around climate uncertainty. As demonstrated, entrepreneurs can deliver tangible benefits to communities. And through this awards program, we hope to contribute towards building a stronger entrepreneurial culture in Singapore.”

“We also hope that the awards will inspire more budding women entrepreneurs. Entrepreneurial excellence is not gender-based. This year’s list of winners sends a timely message about the role of woman as an important economic contributor. Various bodies of research have shown that diverse teams with woman in the leadership mix can bring creative solutions and improve long-term profitability. We believe that leadership and team diversity is essential for businesses to compete and succeed in today’s globalized environment,” Steven Phan adds.
In addition to the top honor, Ernst & Young presented three other awards for entrepreneurial excellence:

• Ernst & Young Entrepreneur Of The Year – Financial Services
John Tan, Chief Executive, ACR Capital Holdings Pte Ltd

• Ernst & Young Entrepreneur Of The Year – Environmental Solutions
Olivia Lum, Group CEO, Hyflux Ltd

• Ernst & Young Entrepreneur Of The Year – Healthcare Services
Dr. Ng Chin Siau, CEO, Q & M Dental Group (Singapore) Limited

The three award recipients were selected from a pool of over 50 nominations. An independent judging panel had assessed the nominees based on their merits in fulfilling the six global judging criteria, namely entrepreneurial spirit, innovation, personal integrity/influence, financial performance, strategic direction and global impact.

On the judges’ choice for the Ernst & Young Entrepreneur Of The Year 2010, Mr. Wong Ngit Liong, Chairman and CEO of Venture Corporation Limited and Chairman of judging panel comments: “Under Olivia’s stewardship, Hyflux has transformed from a fledgling water treatment company to a market leader in integrated water solutions that distinguishes itself as one of the top desalination plant suppliers globally. Hyflux has demonstrated strong financial track record, underpinned by a keen focus on product and business innovation, as well as clear growth strategy. We applaud Olivia for her courage and perseverance in taking the entrepreneurial path, and her acute business acumen in taking Hyflux from strength to strength.”

Survey affirms innovation critical to growth

Also, according to Mr. Wong, the three winners this year have distinguished themselves with a strong display of entrepreneurial spirit, as well as new and innovative approaches to their businesses.

A 2010 Ernst & Young global survey, which polled 263 of the world’s leading entrepreneurs (all winners of Ernst & Young’s Entrepreneur Of The Year awards across the world), found that 82% of the respondents agreed strongly that the ability to innovate was critical to the growth of their organizations. One-third of the respondents said that they innovated well in parts of their business, but they rarely scaled this across their organizations.

Steven Phan comments: “The best way for a company to foster creative thinking is to tap on its own employees. By providing a supportive environment that encourages creative thinking, companies can institutionalize the spirit of enterprise or intrapreneurship such that it becomes an inseparable part of a company’s operations. Only then can the process of continuous innovation take place, allowing the company to stay a market leader.”

Yet, entrepreneurs also felt that combining innovation and scale can be a challenge. Nearly half of the respondents surveyed said that generating innovative ideas became more difficult as their organizations grew in size and complexity. “Companies should be mindful of rigid structures or ‘red tape’ that can stifle the entrepreneurial spirit. In a fast-changing and competitive landscape, companies need to be increasingly agile in order to drive growth and lasting success,” adds Steven Phan.

Sponsors and supporters

Now in its ninth year, the Ernst & Young EOY awards program was launched in Singapore in 2002 to honor entrepreneurs who have created and sustained successful business ventures, as well as to coincide with the government’s focus on fostering entrepreneurship and grooming local entrepreneurs. The awards has evolved into a leading business award in Singapore with an international presence and footprint.

Barclays Wealth is a major sponsor, SAP is an international sponsor and Lamborghini Singapore is a sponsor of the awards. The Business Times is the official newspaper and The Peak is the official luxury lifestyle magazine. The Action Community for Entrepreneurship (ACE), International Enterprise Singapore (IE Singapore) and SPRING Singapore are supporters. The Ernst & Young EOY awards is founded and produced by Ernst & Young.