More than 100 applications have been submitted by a cross-section of businesses vying for the first HSBC Vodafone Malta Export and Innovation Awards, according to the organisers.
Designed by two organisations with intrinsic links to the local corporate community, the awards aim to publicly recognise creative ideas, best practice, and achievement.
HSBC and Vodafone intend the awards to become an annual event in the Maltese business calendar; this first edition culminates in a gala awards night on November 26 where it is hoped the momentum to share more ideas in business conversations will grow.
The deadline for submissions is Wednesday. HSBC and Vodafone are urging businesses “not to be modest” and grasp the opportunity to show off their accomplishments.
“The genesis of the idea originates from the fact that we have had a very difficult two years of recession. As two of the larger international companies in Malta, we felt the need to get behind local business to try to encourage growth,” HSBC Bank Malta chief executive officer Alan Richards told The Times Business.
“The awards aim to turn the focus on international export and innovation – characteristics which are very prominent within HSBC and Vodafone. It is a good way to recognise companies setting good examples of best practice which others can learn from.”
Vodafone Malta chief executive officer Iñaki Berroeta added: “Both companies view this initiative as a way to help local business emerge from the current mood with a prize that should inject optimism and competition.”
Mr Richards said a broad cross-section of industries featured among submissions, including tourism where businesses had shown creativity in the way they had targeted new markets. There were also examples of innovation in distribution, manufacturing processes and product design. The awards’ structure gave ample opportunity for organisations of all sizes to participate. Participants will also benefit from a launch pad towards international honours like the 2011 European Business Awards.
Two awards will be presented to the most improved exporter in separate categories, one for micro and small enterprises with an annual turnover of less than €10 million, and another for corporate businesses with an annual turnover exceeding €10 million.
Two similarly structured awards for innovation will be presented to companies which best demonstrate “a proven ability to successfully create, develop and implement an innovative product, process, business model or marketing approach”.
Four types of innovation are identified for the award, which Mr Berroeta said was created to acknowledge the importance of strategic risk-taking and encourage awareness of factors like entrepreneurship and technology.
Submissions may involve innovation surrounding new or significant changes in the capabilities of goods and services or production and delivery methods; implementation of new organisational methods and redesign of the way firms conduct their business; and marketing innovation.
Applications will be judged on creativity, viability, and impact.
Three final nominations in each category will be selected by a panel of judges including senior officials from KPMG Malta, notary Clyde La Rosa, and key figures from HSBC and Vodafone. Between October 17 and November 5 the 12 finalists will be judged on presentations and in interviews.
Awards will be donated to charities of the winners’ choice. HSBC has pledged to double the amount if the funds are donated to any of the bank’s preferred charities.
With a presence in over 88 countries, HSBC is not new to events such as this. With its own roots in international trade, the bank understood the significance of exports for a country’s economic well-being, Mr Richards pointed out.
“This collaboration will push the local business community to internationalise and prompt it to exploit the European Union market place, with its 500 million consumers, and even venture beyond that. We are encouraging our customers to grow and innovate, by establishing themselves in the international market, benefitting from larger economies of scale, bigger research and development and marketing budgets, and in turn creating more growth opportunities. The ultimate aim is to encourage others to embark on this route.”
Vodafone Malta is primarily focused on the awards for innovation. Mr Berroeta believed successful companies had specific features: “They need to be open and embrace creativity within their organisation; be curious about how the outside world is changing and how they can react; be imaginative by bringing something new and different to the market which is relevant to customer demand; and be leaders by offering cutting edge products and services.
“Indifference, hostility and isolation are among the greatest challenges of innovation at the workplace. One of the most important things is to have a collaborative approach to innovation. This helps foster the energy and emotional support new ideas need in their very early stages. It is of paramount importance for Malta to raise its innovation index so that it will be able to attract more foreign clients. This is how Malta can continue to climb the value ladder, raise its productivity and improve its competitiveness.”