THE Enterprise 50 (E50) awards, an annual highlight in the Singapore business scene, are taking on a new approach this year alongside a new co- organiser.

The awards, which recognise the 50 most enterprising local companies and rank them according to various criteria, are often viewed as a springboard to a public listing.

This year, accounting firm KPMG will be a co-organiser alongside The Business Times, replacing longstanding partner Accenture.

But more significantly, the selection criteria for the top 50 will undergo a change in focus.

While factors such as operating profit and annual turnover used to account for 80 per cent of the basis for selection, they will now constitute only 55 per cent.

The remaining 45 per cent will consist of qualitative factors such as vision, branding and market presence, innovation and management ideals.

'Companies that are successful down the road are companies that are visionary and have strong, successful business models,' said KPMG managing partner Danny Teoh. 'It's about what they can become in the future.'

Other changes include the waiving of the $1,800 participation fee in order to attract more applicants, and a new E50 logo.

Mr Lau Tai San, whose company Kim Ann Engineering topped the E50 list last year, said: 'I would encourage companies to participate as it gives them a chance to allow a third party to audit their performance, and also allows them to see where they stand.'

This article was first published in The Straits Times on May 27, 2008

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