Singapore, 28 August 2022 – CLA Global TS (formerly Nexia TS) congratulates the winners and finalists of the 5th Business Plan Challenge which took place on 18 August 2022 at CLA Global TS (formerly Nexia TS)’ office. The Business Plan Challenge aims to nurture local entrepreneurs by supporting aspiring students in their entrepreneurship journey through mentorship and peer learning. After two years of running the challenge virtually due to the pandemic, participating judges and finalists had a great time interacting on this year’s theme – Sustainable Innovation.
“Innovation is a facilitator of entrepreneurship. A great innovation differentiates one business from the other. On the topic of ‘Sustainability’, emphasis is increasingly put on the three fundamental pillars: Environmental, Social and Governance (ESG). However, entrepreneurs and investors need to recognise that the sustainability of the business plan or the innovation behind it is also important so that a business can be future-proof.” said Mr Henry Tan, Group CEO and Chief Innovation Officer, CLA Global TS (formerly Nexia TS).
In this year’s challenge, the students were challenged to create innovative business plan that is sustainable and generates long-term social and environmental benefits while creating economic profits for the business. The top five teams who made to the finals were evaluated mainly on financial risks and sensitivities among many others.
The winning team, Kgoon (top) and representatives from Package Pals Pte Ltd, in third place (bottom),
received Certificate of Achievement from Mr Henry Tan, Group CEO and Chief Innovation Officer, CLA Global TS (formerly Nexia TS).
The winning team, Kgoon, modernised Karang Guni (informal waste collector) through a proprietary application that streamlines the recycling process and connects household to Goonies – the team’s rendition of Karang Guni.
Team FlexiUS, in second place, presented their business plan to panel of judges comprising entrepreneurs, business owners and professionals who provided finalists advice on how to get their business up and running.
In second place, team FlexiUS, revolutionise the volunteering onboard process and increases total volunteering hours of Singaporeans by initiating and coordinating micro-volunteering opportunities through an application between Non-Governmental Organisations (NGOs) and volunteers.
In third place, Package Pals Pte Ltd, a circular packing company founded by undergrads in 2020 shared how the company has reduced packing waste by collecting typically single-use e-commerce packaging and supply it to businesses to reuse.
Ms Rachel Wong, President, Spirit of Enterprise (SOE) received a plaque of appreciation from Mr Henry Tan, Group CEO and Chief Innovation Officer,
CLA Global TS (formerly Nexia TS) for SOE’s continuous support for the Business Plan Challenge.
“This year’s Nexia TS 5th Business Plan Challenge 2022 was a brilliant showcase of how students these days are incredibly adept at thinking out of the box. Their case studies featured innovative products and solutions that might not have been thought possible in the past, and it is very encouraging to see a myriad of great ideas being presented that seek to drive and enhance sustainability efforts. Nexia TS has supported SOE and its mission for a long time, and we are thankful for this wonderful opportunity and platform to engage with such enthusiastic and forward-thinking students.” said Ms Rachel Wong, President of Spirit of Enterprise (SOE), who participated as a guest judge at the event.
Henry Tan, Group CEO and Chief Innovation Officer at CLA Global TS (formerly Nexia TS), said, “CLA Global TS (formerly Nexia TS) will continue to create opportunities that encourage growth and support entrepreneurship spirit among the younger generation, helping aspiring students to achieve their goals. Applying our company’s mission statements, we LISTEN to young talents, THINK on their behalf and guide them on difficult decisions. We steer them towards GROWTH in Singapore, and one day around ASIA.”
Lee Tze Shiong, Director of Transformation and Quality Assurance at CLA Global TS, added on, “With the current talent crunch, we require innovative ways of transforming our business by tapping on the under-privileged, aged and other untapped work-force. This aspect of the social responsibility is often not given priority due to economic consideration but will increasingly become an essential source of talent in order for us to sustain our business.”
Finalists participated in speed mentoring, a series of short, focused conversations about specific questions at the end of the presentation.
About CLA Global
CLA Global Limited (CLA Global) is a worldwide organisation of independent accounting and advisory firms. CLA Global member firm professionals provide audit, accounting, tax, and advisory services to help guide organisations and individuals through the increasingly complex global business and financial environment. For more information, visit CLAglobal.com.
About CLA Global TS (formerly Nexia TS)
Founded in 1993, CLA Global TS (formerly known as Nexia T.S.), is an award-winning Asia-Centred Business Advisor. An independent member firm of CLA Global Network, CLA Global TS provides a full spectrum of professional services including, but not limited to Assurance & IPO Reporting, Tax, Risk Advisory, Valuation, Insolvency & Restructuring, Sustainability & Climate Change Advisory and more. For more information, visit CLA-TS.com.