There are 156 nominees and 42 award winners this year. This is an inspiring testimony to the organizer’s tireless efforts in promoting and advancing the entrepreneurial spirit in Singapore.

Entrepreneurs inject dynamism and contribute significantly to our economy with their ability to innovate and seize opportunities. Many who are running SMEs have also recognized the importance of corporate social responsibilities and embarked on many projects to ‘give back to our society’. Such exemplary corporate behaviour is commendable as it will create a better society for all Singaporeans.

To be an entrepreneur can, however, be extremely challenging. We frequently hear about the achievements of successful entrepreneurs. But many of us are aware that for every success story, there are many more who fall by the wayside. An entrepreneur's journey is fraught with trials, tribulations and even failures.

Robert F Kennedy once said “Only those who dare to fail greatly can ever achieve greatly.” It takes that special X factor to face each failure with even more grit and determination not to concede at the first draw of blood.

It is the daring, perseverance and indomitable spirit of the winners that is being celebrated today. But in celebrating their success, we should also give recognition to their families and friends who provided them with love and support along the way.

I would like to congratulate all 42 honorees and 156 nominees and wish all of them continued success in their endeavours. I hope their success will inspire even more Singaporeans to follow in their footsteps and contribute to the economic success of Singapore.