SINGAPORE - To celebrate the spirit of innovation that enables companies to expand and grow, The Straits Times is inviting companies to take part in its maiden project to honour corporate successes.
All companies, regardless of size, which have their headquarters in Singapore are eligible to join the project to determine if they are able to make it into the list of "Singapore's Fastest Growing Companies".
Companies will have to submit their revenue data collected over four years, as one of the main criteria would be revenue growth from the companies' operations.
While there is no entry fee, participating companies must have reported revenues of at least $150,000 in 2014 and $1.5 million in 2017, excluding any investment or fund injection. All submissions must be verified by the companies' top executives.
"Singapore's Fastest Growing Companies" is conducted jointly with Statista, an international market research firm based in Hamburg, Germany, that has provided business intelligence and research on more than 80,000 topics. It was previously involved in similar corporate rankings in Britain, France, Switzerland and Germany.
Apart from uncovering the hidden gems of the corporate world, the project, which is launched in conjunction with ST's 173rd anniversary, aims to contribute to overall business growth in Singapore by highlighting such companies to potential investors. Companies with high growth will also play an important role in the area of employment, as they can impact job creation as well as the country's growth.
Mr Warren Fernandez, ST editor and editor-in-chief of Singapore Press Holdings' English/Malay/Tamil Media group, said: "Our aim is to showcase companies which are doing something right, as shown by their rapid acceleration on the growth curve.
"What are these companies doing to help themselves get ahead? Our survey will delve into that, drawing out lessons that all our readers might find useful and interesting."
Dr Friedrich Schwandt, founder and chief executive officer of Statista, said: "We are very excited to kick off this initiative with The Straits Times in Singapore. And I am very curious to find out the growth engines in one of the most vibrant economies in the world."
From previous exercises by Statista in other countries, he noted that companies in Singapore should consider taking part in the project if they have recorded an average growth rate of about 10 per cent and more annually in the given period.
While it is usual for public-listed companies to make it to the list of fastest-growing companies, relatively small and privately held enterprises are likely to take top positions in the ranking.
"This observation leads to a central objective of this initiative, which is to shed light on little-known firms that have the potential to develop into future pillars of Singapore's economy," Dr Schwandt said.
Ms Lee Su Shyan, ST's business editor, said: "We hope to unearth the rough diamonds among Singapore businesses. Even if companies feel they are not ready, they may gain useful insights from participating. For those who have done well, it is an opportunity for us to celebrate the entrepreneurial spirit of these businesses."
Visit this page for more information or to register.
Registration for the ranking will close on Sept 17. The results of the ranking will be announced in The Straits Times at the end of the year.