The art of shaping opportunities: The EY Entrepreneur Of The Year 2024 Philippines

IN THE WORLD OF ART, a sculptor begins with a vision, often seeing the finished piece in their mind’s eye before the first chisel strike. As the sculpture takes shape, the artist must constantly assess and adjust their technique, responding to the material’s resistance and texture. As the moment of completion arrives, the sculptor steps back to reveal a form that was once hidden within the raw stone, now a work of art that can stand the test of time.

Entrepreneurs, similarly, shape opportunities in business by envisioning the potential, selecting the right tools and materials, refining their ideas with precision, and adapting to the medium in which they work. The journey from concept to creation is arduous and fraught with challenges, but it is through this process that both the artist and the entrepreneur bring forth something new and valuable into the world.

For the 15^th year of the EY Entrepreneur Of The Year Philippines program, we once again celebrate the inspiring men and women of vision, courage and resourcefulness. They are individuals who are shaping opportunities, thriving in the age of disruption, and leading enterprises that can transform communities and uplift the nation.

This year’s finalists come from diverse industries, such as food products and ingredients, real estate development, mining, energy, financial and information technology, fashion retail, logistics, and business process outsourcing.

Some finalists, like many entrepreneurs, saw opportunities in emerging markets. One finalist saw the potential of microcomputers in the late 1970s and founded a business selling IT solutions. Another finalist started a business producing and selling desserts and treats based on the avocado, something the market hadn’t seen before. Another finalist foresaw the future of renewable energy, shifting careers to start her own company in this field.

Some finalists grew from humble beginnings to profitable success stories. Two finalists started working various jobs as teenagers to support their families. One saved enough money to eventually start his own nickel mining company. The other started trading, processing, and exporting food ingredients, growing the enterprise into a large and highly successful supplier. Another finalist started a modest delivery service business, with just a single truck, that grew exponentially to become a full-service logistics company.

Some finalists are motivated by providing solutions to identified problems. One finalist became an entrepreneur out of necessity, taking over the family business when the founder became ill and leading it to lasting success through modernization of processes and weathering the volatility and competitive pressures of the agricultural products market. Seeing the massive shortage in housing for low-income earners, another finalist established a real estate venture focused on building socialized housing projects and developing communities, while also promoting clean energy solutions.

Still other finalists made businesses out of enabling and promoting homegrown talent. One finalist, after many years working abroad and kindling a desire to uplift her home country’s capabilities, decided to come home to start her own IT solutions and services company for core banking systems. Another finalist similarly started an outsourcing enterprise that has become a top information technology-business process management provider. Yet another finalist, starting as a supplier to homegrown fashion brands, chose to rescue them from going out of business and leveraged them into advocacies that provide livelihoods to communities and promote less wasteful business practices.

By understanding their stories, we can trace their personal and professional journeys as they capitalize on emerging opportunities, adapt to change, and overcome challenges and disruption.

The EY Entrepreneur Of The Year Philippines program is assessed regularly in terms of its categories, nominees, finalists, and winners’ profiles in tandem with the current business environment. Qualified nominees were interviewed and screened to determine the finalists. An independent panel of judges will select the winners from among the finalists. The overall winner of the EY Entrepreneur Of The Year 2024 Philippines program will represent the country in the World Entrepreneur Of The Year in Monte Carlo, Monaco in June 2025.

The SGV Foundation launched the program locally in 2003 and presented its very first EY Entrepreneur Of The Year Philippines award to Jollibee Foods Corp. President and Chief Executive Officer (CEO) Tony Tan Caktiong, who went on to win as World Entrepreneur Of The Year. In the succeeding years 13 more prominent Filipino entrepreneurs received the award, the latest being Dennis Anthony Uy, CEO and co-founder of Converge ICT Solutions, Inc. in 2022.

The 2024 search for the EY Entrepreneur Of The Year Philippines is co-presented by the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. Gold Sponsors are SteelAsia Manufacturing Corp., Uratex, and Converge ICT Solutions, Inc. Silver Sponsor is International Container Terminal Services Inc. Bronze sponsor is Lausgroup Holdings, Inc. Media sponsors are BusinessWorld and the ABS-CBN News Channel.

Beginning Sept. 25, BusinessWorld will be featuring each finalist and their individual stories. The results of the EY Entrepreneur Of The Year 2024 Philippines will be known on Oct. 23 at a formal awards banquet at the Makati Shangri-La.