Olivia Lum of Hyflux named Ernst & Young World Entrepreneur Of The Year 2011
8.06.2011Company: EY
First woman to win the award in 11th year of the competition
Prague, 6 June 2011 – Olivia Lum, Group CEO and president of Hyflux Limited, from Singapore, was named the Ernst & Young World Entrepreneur Of The Year 2011 at an awards ceremony held in Monte Carlo’s Salle des Etoiles on 4 June 2011. Olivia was picked from among the 49 country finalists vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. This year saw more female finalists - six in total – than ever before. At the worldwide contest, the Czech Republic was represented by Adam, Mariusz and Valdemar Walach, founders of WALMARK, and 2010 Czech Republic Ernst & Young Entrepreneur of the Year winners, who came to Monaco together with their wives.
Olivia founded Hyflux in 1989 with two staff and start-up capital of $US15,000. Today, Hyflux has become one of the world’s leading desalination suppliers. It is publicly traded with revenues of US$450m, employing more than 2,300 people in operations and projects in Southeast Asia, China, India, the Middle East and North Africa.
Tan Sri Francis Yeoh Sock Ping, Managing Director, YTL Group of Companies and Chairman of the judging panel said, “Olivia’s entrepreneurial spirit and the immense social and health benefits her work brings make her an exceptional winner of World Entrepreneur Of The Year 2011.”
“I’m very happy to accept this award on behalf of all the employees at Hyflux. For me, this reinforces there are no difficulties you can’t overcome when you have faced the challenges of hunger and poverty,” said Olivia. “It is a great honor to have been selected from among such a fantastic group of entrepreneurs.”
“On the basis of the reactions of the jurists and the meetings which we had during the course of the competition, I am convinced that we stood our ground very successfully in the face of the strong competition which was present in Monaco. All four days of the competition were very inspiring for us, from discussions with the expert panel to meetings with other country finalists. I also believe that we provided inspiration to others,” says Adam Walach, founder of WALMARK and Entrepreneur of the Year 2010 in the Czech Republic, adding: “We were very pleased that Olivie Lum won. It meant a victory for modesty, diligence and humility over larger giants. This inconspicuous and modest woman approached us and was genuinely interested in Walmark and our story. However, the biggest impression was left on me when, after the results were announced, Mrs. Lum openly stated that she was a committed Christian. These are values I share.”
“I believe the Walach brothers from WALMARK were highly successful in representing entrepreneurs not only from the Czech Republic, but the whole of Central Europe. Their interesting entrepreneurial story and the global scope of their operations provoked a lot of interest on the part of the foreign media and the members of the expert panel,” says Magdalena Soucek, Country managing partner, Ernst & Young in the Czech Republic. She adds, “At the same time I am glad that for the first time in its history this year’s Global Entrepreneur of the Year was won by a woman. With only minimal capital Olivia Lum entered a sphere which until recently was dominated by men, and succeeded. I believe that the story of her career and the success she achieved will inspire other women to fight for the biggest prizes.”
