This article first appeared in The Edge Financial Daily on April 13, 2018

KUALA LUMPUR: The annual BizSmart Challenge — Alliance Bank Malaysia Bhd’s flagship programme to nurture and grow small- and medium-sized enterprises (SMEs) — is back for its fifth year, and this time in the format of a reality TV show, with cash and media coverage prizes totalling RM1 million to be won.

This makes the BizSmart Challenge 2018 the first reality TV business programme in the country that is presented by a financial institution, according to the bank. Eco World Development Group Bhd (EcoWorld) is the bank’s co-partner for the programme.

The programme is expected to attract the highest number of applications — 400 — compared to the past four years, said Alliance Bank Group’s chief executive Joel Kornreich. “Our bank has always been committed to helping Malaysian SMEs grow and develop to their full potential. This year, we are delighted to welcome EcoWorld as co-partner,” he said.

The programme, open to all SMEs nationwide which have been in operation between 18 months and five years, will shortlist 20 finalists to undergo structured business coaching, including marketing, presentation skills and talent management training. They will also be given mentoring sessions and network opportunities.

Then, 12 of the finalists will be chosen to move on to the business challenge level, which will be featured on the reality TV show in August 2018.

The first-prize winner will get RM250,000 cash, sponsored by EcoWorld. The second-prize winner will get RM200,000, while the third-prize winner will take home RM150,000, contributed by various sponsors.

For the selected winners, there are also two more RM100,000 cash prizes up for grabs from programme partners Manulife Insurance Bhd and Visa Malaysia, as well as a media coverage package worth RM200,000 from Astro Malaysia Holdings Bhd.

The judging panel will comprise Kornreich, EcoWorld chairman Tan Sri Liew Kee Sin, BFM 89.9 managing director Malek Ali, as well as a guest judge who will be changed every week on the show.

“After working closely with Alliance Bank over the last four years, EcoWorld is delighted to join as co-partner to help create an even bigger, better and more sustainable platform for young businesses to advance in their chosen fields and contribute positively to the Malaysian economy.

“We are looking for people with drive, people with ideas. You may not make money now — that doesn’t matter to us — we don’t expect young companies to make money yet. We are looking for ideas. Hence, we have mentor experts on board who can tell us if [the] ideas are worth pursuing,” Liew added.

Since 2013, the challenge has groomed the people behind over 110 young businesses, including online fashion retailers Christy Ng Shoes and Twenty3, social enterprise Biji-Biji Initiative, and food & beverage producer, NutriBrownRice. Applications are open until May 20.