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NRI Goel, named top entrepreneur

Vikas Goel walked away with the 2005 Entrepreneur of the Year award at the 4th Ernst & Young's annual Awards.

india Updated: Mar 10, 2006 19:11 IST
Indo-Asian News Service
Indo-Asian News Service

Vikas Goel, chairman and group managing director of eSys Technologies, walked away with the 2005 Entrepreneur of the Year award at the 4th Ernst & Young's annual Entrepreneur of the Year Awards gala dinner at the Ritz-Carlton Millenia on Thursday night.

Goel will now represent Singapore on the global stage for the Ernst & Young World Entrepreneur of the Year Awards which will be held at Monte Carlo, Monaco, in June.

"An exceptional entrepreneur is able to identify a threat which nobody wants to touch and convert it into an opportunity. Secondly, the successful entrepreneur is a person who looks at a business opportunity and is not self-obsessed by his own beliefs and passions," a report in Channel News Asia quoted Goel as saying. "So it's not about somebody who makes his passion his business, but someone who makes his business his passion."

Goel came to Singapore in 1996 and worked as an average salaried employee in American Components, an IT distribution company. He then joined Fujitsu at a slightly better package and later moved to Karma, a small company, with a salary and a share in profits.

It was here that his career took off. Karma suddenly collapsed, but Goel made a buyout of the company. After a number of banks in Singapore turned him down, he got a loan of $3.5 million from the Bank of India in Singapore.

He started eSys from a single-room office at Macpherson Road distributing hard drives in India. His sheer hard work and business acumen saw eSys's revenue touch $18 million in the first year itself. Within five years, he turned eSys into a $2 billion organization with 110 offices in 31 countries.

The Ernst & Young Emerging Entrepreneur of the Year award celebrates those who have built companies with strong market positioning, solid foundations for growth and sustainability.

Among other awardees were Ng Boon Hoo, chief operating officer of Sunningdale Tech, who won the award for the Business & Industrial Entrepreneur of the Year and Ho Kwon Ping, executive chairman of Banyan Tree Holdings, who won the Lifestyle, Hospitality & Retail Entrepreneur of the Year award.

Vivian Balakrishnan, Singapore's minister for community development, youth and sports and second minister for trade and industry, was the guest of honour.

First Published: Mar 10, 2006 15:52 IST