The search is on for outstanding Singapore entrepreneurs.

Applications are now open for the Entrepreneur of the Year Award, the 29th year the coveted honours have been running.

This year, there is an additional criterion that will assess applicants on how innovative their product or service is and whether they have disrupted existing market players.

"Finding new niche areas of innovation to forge new ground forms a major part of every entrepreneur's journey of enterprise," said Mr Thomas Fernandez, the co-chairman of the organising committee for the awards.

The awards, co-organised by the Association of Small & Medium Enterprises and Rotary Club of Singapore, have recognised 300 local go-getters since 1989.

OCBC Bank returns as the main sponsor for the 16th consecutive year.

Four business people received top honours at last year's awards, which were handed out in November.

Mr Von Lee Yong Miang, the executive chairman of Expand Construction, was the overall winner of the established entrepreneur category.

Mr Ven Chin of GD Group, and Ms Jenny Tay and Mr Darren Cheng from Direct Funeral Services were the joint overall winners of the new entrepreneur category.