Red White Apparel Pte Ltd, a long-distance cycling bib shorts company, has been awarded the grand prize of the inaugural Small Business Grant Contest in Singapore.
As part of its win, the company received S$25,000 in financial grants from FedEx to assist in its plan to go global.
According to a media statement, going global has been RedWhite Apparel's goal since the company was launched last year. With current market presence in Singapore, Malaysia, Thailand, Indonesia and Taiwan, the company plans to use the grant to help secure wider distribution and expand into Australia, Europe and USA.
Meanwhile, the first runner-up, Sorgen Pte Ltd, a company producing senior mobility assistance products, was awarded a grant of S$10,000. The second runner-up prize, worth S$5,000, was awarded to Golden Concepts Pte Ltd, an online platform that sells healthcare aids for daily living to help increase mobility for the elderly as well as individuals with physical impairments.
"Small businesses are the lifeblood of the regional economy, and with the proliferation of mobile technology fuelling a surge in e-commerce, venturing into the global market is becoming easier than before," said Kevin O'Hearn, vice president, FedEx Express, South Pacific.
"Through the Small Business Grant Contest, FedEx aims to help small businesses achieve their global aspirations. We were extremely impressed by the quality of entries we received and we hope that the contest will serve as an inspiration to aspiring entrepreneurs in Singapore and beyond," he added.
The contest was open to all for-profit small businesses. First rolled out in the U.S. three years ago, this year marked the first time that the FedEx Small Business Grant Contest was held in Asia, with the contest also taking place in Hong Kong as well as Brazil.
Sign up for CIO Asia eNewsletters.