Micro enterprises will be able to take part in the Singapore Prestige Brand Award (SPBA) for the first time this year, now that a new Micro Brands award category has been introduced.
At the launch of this year's SPBA at Singapore Press Holdings' News Centre yesterday, the joint organisers Lianhe Zaobao and the Association of Small and Medium Enterprises unveiled details of the new category.
Ms Chew Lee Ching, chairman of the SPBA 2016 organising committee, said the Micro Brands category was established partly in response to repeated enquiries from smaller companies wanting to participate in the SPBA.
"The creation of this category is an acknowledgement that these micro brands also contribute to our economy, and have the potential to grow bigger and some day 'graduate' to other categories," said Ms Chew.
Other categories include the Promising Brands, Established Brands, Heritage Brands, Regional Brands and Special Merit awards.
The Micro Brands category is open to companies that have been established for at least three years, have no more than three operating outlets in Singapore and an annual turnover of $2 million and below.
Ms Goh Sin Hwee, co-chairman of the organising committee, said in Mandarin that the gloomy global economic outlook has put pressure on small and medium enterprises.
"Even so, zhen jin bu pa huo," she said, citing a Chinese saying that real gold does not fear the fire, and pointed out the importance of having a strong brand in such times.
In view of the economic slowdown, this year's SPBA theme is "Mark of Resilience".
The SPBA was established in 2002 to "recognise and honour Singapore brands that have been developed and managed effectively" through branding. More than 370 home-grown brands have been honoured since then.
Maybank has been the official bank of the award since 2013 and supporting organisations include IE Singapore, the Intellectual Property Office of Singapore and Spring Singapore.
The deadline for submissions is noon on May 27.