The Women Entrepreneur Awards (WEA) have launched a new start-up award category to recognise aspiring women entrepreneurs.

The organisers yesterday said they wished to celebrate young women entrepreneurs with the vision and courage to start and build new business ventures.

For this new award, the criteria will cover women in a Singapore set-up business with less than five years in operation. Judges will focus on the innovativeness and robustness of the award applicant's business model, instead of track record or financial performance.

The launch of the awards at the Victoria Theatre and Concert Hall was attended by guest of honour, Ms Sim Ann, Senior Minister of State for Culture, Community and Youth, and Trade and Industry.

"Singapore nurtures a supportive environment for women entrepreneurship, with favourable conditions for entrepreneurial activities and opportunities for women's career advancement," she said.

In the recent Mastercard Index of Women's Entrepreneurs 2017, Singapore was ranked fifth in the world and first in Asia among 54 economies surveyed as the best place for women entrepreneurs to thrive.

Women business ownership was relatively significant at 29 per cent.

On a global basis, women-owned business are forming the new economic force.

"WEA aims to celebrate the entrepreneurial spirit of established and aspiring women entrepreneurs at different stages of their growth. Start-up women entrepreneurs need not just receive assistance to strengthen their sales, differentiation and competitiveness, but also receive encouragement, mentoring and education to further their growth," said WEA founder Stephanie Cheo.

Professional services firm EY is the official knowledge partner of WEA 2018.