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The organizers of the "Oscars" for the global business community have extended their search to China.

 

Ernst & Young yesterday launched the first Entrepreneur of the Year Awards in the country. The prestigious international business awards were established in the United States 20 years ago and have since been expanded to more than 35 countries.

 

"As China rises as a global economic powerhouse, more and more Chinese enterprises are showing the world their capabilities, leadership and achievements. The Chinese government is also increasingly recognizing the role Chinese entrepreneurs play in job creation and economic development," said Raymond Woo, chairman of the China Operating Committee, Ernst & Young China.

 

"We believe it is the best time for us to introduce the awards into China to identify and honor these great individuals who are laying the foundations of this grand transformation," said Woo, who is also chairman of the Entrepreneur of the Year Awards program in China.

 

The nominations opened yesterday and an independent judging panel, not involving Ernst & Young, will review the nominations in November and December. The award winners will be announced in February 2007.

 

Unlike other local or national business award programs, the national winners of the Ernst & Young awards will go on to represent their countries at an international ceremony.

 

The judges will select two winners, with one representing the Chinese mainland and the other representing Hong Kong and Macao. They will compete for the World Entrepreneur of the Year Awards held in Monte Carlo, Monaco in June 2007.

 

Program chairman Woo has 15 years' business experience on the Chinese mainland and was involved in the listings of Air China and Dongfeng Motor, as well as Lenovo's acquisition of IBM's PC business.

 

"I am deeply impressed by many excellent Chinese entrepreneurs and now feel really passionate about bringing this award to China to allow more people to hear their stories," Woo said.

 

He said the program's primary goal is to reward the leaders of private enterprises in China. Private enterprises have become a thriving part of China's economy, accounting for more than one-third of the nation's gross domestic product.

 

"We hope the winners would not come from large State-owned enterprises (SOEs) such as the Industrial and Commercial Bank of China or Baosteel from Shanghai," Woo said.

 

Although there has been debate as to the best measure of a CEO's success in recent years, the Ernst & Young awards will retain their original judging criteria. Nominees are assessed according to entrepreneurial spirit, the company's financial performance, strategic direction, innovation, and personal integrity and influence.

 

"No matter how fast the world changes, these qualities are still necessary for a successful entrepreneur," Woo said.

 

"Even after 20 years, there are still those who have strong curiosity, perseverance, dreams and the personal integrity to mobilize other people to realize the dreams together," Woo said.

 

Woo said the benefits of receiving the Ernst & Young award go far beyond getting a trophy.

 

"The program is designed to continuously provide opportunities for the sustainable growth of the enterprises," Woo said.

 

All award recipients will become lifetime members of the Entrepreneur of the Year Academy. The academy will build a forum for its members for networking, sharing ideas and building relationships. It will periodically organize social and business functions such as conferences and seminars, luncheons and other social events.

 

"The program has become a very important part of Ernst & Young's brand building," Woo said.

 

He said it has helped the accounting and consulting service provider build experience and manpower.

 

In order to provide prompt and professional consulting services in areas such as risk management and transactions, Woo said, a business adviser must have a "database" of case studies on various companies in different situations. The Entrepreneur of the Year program allows Ernst & Young to track the experiences of nominees.

 

"We've learned a lot from their stories and put their experiences into our 'database'," Woo said.

 

The program has also improved Ernst & Young's brand image, Woo said, adding that this has helped the firm attract new talent.

 

(China Daily September 6, 2006)