This article first appeared in The Edge Financial Daily on December 11, 2019

KUALA LUMPUR: The annual Alliance Bank-EcoWorld BizSmart® Challenge to spur entrepreneurship in the country has returned for its sixth year, with over RM1.5 million worth of prizes — a record high for the event.

These prizes will be in cash, product sponsorship and media coverage. The objective of the programme, presented by Alliance Bank Malaysia Bhd and Eco World Development Group Bhd (EcoWorld), is to help entrepreneurs grow their businesses further.

At the launch yesterday, Alliance Bank group chief executive officer Joel Kornreich said he is expecting a higher number of applications for the sixth edition of the challenge. “We are expecting 500 to 600 submissions this year, higher than the 400 submissions in 2018,” he told reporters.

“The reality TV business challenges will also be made accessible to more viewers via TV3. After the BizSmart® Challenge has ended, we will extend up to RM5 million in collateral-free financing and assign a dedicated small and medium enterprise (SME) banking advisory team, to help the Top 20 finalists with their entrepreneurial journey,” he said.

EcoWorld is delighted to be part of the BizSmart® Challenge for the sixth year, said chairman Tan Sri Liew Kee Sin.

“This unique partnership [that has led us to] meet young and determined entrepreneurs, and seeing them grow in their journey to success, has been very fulfilling indeed. It is also exciting to see the accelerated growth of our alumni, and we look forward to nurturing and mentoring a new batch of young SMEs achieve their full potential,” Liew said.

Kornreich and Liew are also the judges for the challenge, and winners will be selected based on the most innovative, the most sustainable and select winners based on the most viable businesses.

Among the highlights this year is the introduction of Instagram Story business pitch for the first time, where participants can pitch their businesses in video format.

Another highlight is the mentor line-up this year, which will include BFM89.9 founder Malek Ali and Alliance Bank head of group SME banking Ernest Kwong, providing hands-on coaching during the reality TV business challenges to the Top 10 finalists, and lending perspective and guidance on their business plans and strategies.

This challenge is open to all SMEs in the country that have been in operation for not less than one year and not more than five years, with an annual turnover of less than RM50 million. Since its inception in 2013, the BizSmart® has empowered over 130 finalists in their entrepreneurial journey.