Get to know the winners of the 2024 Emerging Enterprise Awards

At the 2024 Emerging Enterprise Awards on Thursday (October 24), eight young companies from Singapore, Indonesia, and Hong Kong clinched the top accolades for their cutting-edge innovations and sustainable solutions.

For the second year, applications for the awards were open to emerging businesses across the region, beyond Singapore.

There were over 650 entries from a broad mix of industries including biotech, sustainable energy, food and beverage, and medical technologies, with more than 200 from Hong Kong, Malaysia, and Indonesia.

Now in its 17th year, the Emerging Enterprise Awards aim to recognize the business innovation, resilience, and excellence of SMEs with under 10 years of operations. It is jointly organized by The Business Times and OCBC Bank.

Singapore-based Kskin Management and Pancare Medical, as well as Hong Kong-based Fano Labs, were the three winners in the Emerging Enterprise Award category. The award recognizes companies with an enterprising mindset that have achieved consistent and significant growth on top of displaying the ability to scale and expand overseas.

Kskin Management offers 15-minute, pay-per-visit facial treatments using Korean skincare technology and proprietary solutions. The company has ventured to Malaysia and the Philippines and is set to open its first outlet in the US. It is also developing a mobile app for AI-powered skin analyses and digital booking services.

Pancare Medical provides medical services at clinics run by private general practitioners (GPs) and healthcare projects, including Covid-19 testing and vaccination centers and transitional care facilities. With six GP clinics in central locations, it plans to open two to three more per year in older residential neighborhoods.

Meanwhile, Hong Kong-based Fano Labs specializes in AI-driven language solutions, focusing on features like automatic speech recognition, voice biometrics, and natural language processing technologies. It serves enterprises and clients in the public sector, including banks and regulators in Hong Kong.

Winners of the Emerging Enterprise Awards category. From left: Brian Ng, director of Kskin Management; Dr Ong Guan Hong, CEO of Pancare Medical; and Dr Miles Wen, co-founder and CEO of Fano Labs / Photo credit: The Business Times

Speaking at the awards ceremony held at The Ritz-Carlton, Millenia Singapore on Thursday, senior minister of state for trade and industry Low Yen Ling lauded the “can-do spirit and enthusiasm” of young and promising entrepreneurs, which are “a mark of a vibrant enterprise ecosystem.”

Many companies are incorporating AI into their business models and operations to capture new opportunities, while also seizing the business potential from the global green transition, she noted.

With Asia being one of the fastest-growing economic regions in the world, enterprises in Singapore are thus “well-placed to capitalize on the new opportunities arising from the changing economic landscape and global carbon transition.”

Senior minister of state for trade and industry Low Yen Ling was the guest of honor at the 2024 Emerging Awards ceremony / Photo credit: The Business Times

This year’s Emerging Enterprise Sustainability Awards were presented to three companies: Singapore-based Pyxis Maritime, RushOwl Singapore, and Indonesia-based PT Peduli Alam Nusantara (Plana).

Introduced in 2023, the new award category recognizes up-and-coming enterprises capturing growth opportunities in the green economy.

Pyxis Maritime specializes in maritime electrification and provides a comprehensive ecosystem for electric vessels. It has three business streams: electric vessel production, an IoT-enabled digital platform, and energy solutions for the seamless adoption of electric vessels.

RushOwl Singapore, meanwhile, has developed the RushTrail app, an AI-driven platform that provides demand-responsive and self-optimizing bus pooling services for corporations and schools. This optimizes vehicle use and reduces operational costs, while guaranteeing rides for commuters.

Finally, Plana is a social enterprise from Indonesia that converts plastic and husk waste into a sustainable material called PlanaWood, which can be used to substitute natural wood in building and furniture products. This benefits the environment and supports local farmers by creating economic value from waste materials.

Winners of the Emerging Enterprise Sustainability Awards category. From left: Ng Shin, co-founder and CEO of RushOwl Singapore; Tommy Phun, founder and CEO of Pyxis Maritime; and Joshua Chandra, co-founder of PT Peduli Alam Nusantara (Plana) / Photo credit: The Business Times

For the Most Promising Sustainability Startup Awards – which recognize startups that have a unique and commercially-viable idea that can be sustained in the long run – went to Singapore-based Life Lab Resources and The Powder Shampoo.

Life Lab Resources aims to ensure food security by revolutionizing food waste management. Its proprietary WasteMaster system treats food waste on-site. The waste is then converted into microbial protein in a biorefinery plant and formulated into feed for fish or livestock, which are harvested for human consumption.

The Powder Shampoo specializes in eco-friendly, powder-to-foam personal care solutions such as shampoo and body wash. Its products, which offer 10x more washes per weight, are completely water-free and packaged in light aluminium bottles.

Winners of the Most Promising Sustainability Startup Awards. Edward Chia, managing director of Life Lab Resources (left) and Jlynn Chen, founder and CEO of The Powder Shampoo / Photo credit: The Business Times

A total of 30 companies were selected as finalists for both the Emerging Enterprise and sustainability award categories.

All six winners of the Emerging Enterprise Awards category and Emerging Enterprise Sustainability Awards category will receive a two-year interest-free term loan of up to S$200,000 (US$151,000) – or local currency equivalent – from OCBC. They’ll also get a business consulting package from RSM Singapore worth S$15,000 (US$11,000).

For the two winners of the Most Promising Sustainability Startup Awards, they’ll receive a two-year interest-free term loan of up to S$100,000 (US$76,000) – or local currency equivalent – from OCBC.

All will receive media publicity across The Business Times’ print, digital, social media, radio, or podcast channels in Singapore and the region.

The Business Times editor Chen Huifen noted that this year’s awards received one of the highest number of applications since its inception in 2008.

Companies in the pool spanned diverse, high-growth industries, with many demonstrating AI capabilities, she added. There were also more women entrepreneurs.

“We hope their stories can challenge stereotypes and enhance the diversity and innovation of the business ecosystem,” Chen said.

Christie Chu, head of the emerging business and commercial banking cash division at OCBC Global Commercial Banking, highlighted how this year’s finalists have prioritized sustainability and building a scalable business model. They also constantly find new ways to innovate and differentiate themselves, she noted.

“We believe that their successes will inspire other entrepreneurs not only in Singapore but also across the region to follow in their footsteps.”

This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.