Anyone who aspires to be the 2006 Ernst & Young Entrepreneur of the Year has just three weeks left to enter the programme.
Enda Kelly, Ernst & Young partner who heads it, expects to receive 120-140 nominations from a range of companies across Ireland before the February 28th deadline.
"We are getting a large number of applications at the moment," he says. "This confirms that Ireland has an entrepreneurial economy moving forward."
The programme is in its ninth year and previous winners include telecoms millionaire Denis O'Brien, who chairs the judges panel, former Formula 1 racing supremo, Eddie Jordan, and Tullow Oil's chief executive, Aidan Heavey, who currently holds the title.
He will represent Ireland at the World Entrepreneur of the Year summit in Monte Carlo in June, where that title will be conferred on one of the winners from the 40 participating countries.
The programme, which first began in the US more than 20 years ago, will attract 10,000 nominations globally this year from entrepreneurs in countries ranging from Australia, the Caribbean, Europe and the US.
The 2005 World Entrepreneur of the Year is Wayne Huizenga, who has developed six companies listed on the New York Stock Exchange. His multimillion business empire includes the entertainment industry giant, Blockbuster, Auto Nation and Waste Management - the third-largest US waste disposal company. He is the only person in history to have founded three Fortune 500 companies.
Kelly insists the Entrepreneur of the Year is not an awards programme, saying that it's about identifying role models to inspire others to take risks and create wealth.
"It's about building people's brands and sharing knowledge with like-minded individuals," he explains.
It is seeking nominations from business founders of public companies who are still active in top management and from founders and managers who are responsible for the performance of a company that is at least two years old.
The judges will select 24 finalists from this year's entries, sorting them into three categories: emerging, industry and international services.
Those in the emerging category will typically have achieved revenues of more than €1 million and have a rigorous business plan, according to Kelly. Those in the internationally traded and industry sectors would generally be generating a turnover of over €10 million.
"All nominees are interviewed and we then build a profile that is presented to the judges," he says. "They tend to like those who see things differently and have created an exciting business by doing that. We try to find 24 fascinating stories rather than 24 fascinating balance sheets. We are looking for inspirational people."
The 2006 programme will be built around the 24 finalists and this year it includes a week-long workshop in Shanghai, where leading academics from Harvard Business School and MIT will help to fine tune their strategic thinking.
The trip is also intended to introduce the finalists, who will be joined by previous winners and finalists, to the world's fastest growing economy. Ernst & Young has been working closely with Enterprise Ireland's executives in Shanghai and the Irish consulate there to develop an itinerary that will allow the group to have a good look around for potential business opportunities, Kelly says.
"China is on course to be bigger than the US in five years. Every business must have a China strategy and you probably need to go there to see the extent of it and to identify where the opportunities are," he says.
Another new departure in 2006 is its link with the Ryan Academy for entrepreneurship, which is based at Citywest Business Campus. The academy was established by Ryanair founder Dr Tony Ryan and is dedicated to the development of entrepreneurship in Ireland. It aims to create a source of relevant knowledge for the finalists who will become fellows of the academy.
Each of the finalists will be profiled in The Irish Times and will feature in a series of programmes on RTÉ 1 in the lead up to the September finals.
Kelly says that the Irish programme attracts a much higher number of nominations per head of population compared to other countries.
"Irish entrepreneurs tend to start serial businesses, while in other countries, successful business people tend to stick with their chosen enterprise throughout their career," he says. "The pattern in the US is the same, while in the UK and Europe, entrepreneurs largely set up businesses and remain with it and embrace the concept of a family business more readily."
Kelly would like to see the number of women nominees increase substantially in the future. "Women in Ireland seem to be more reluctant to come forward. This is probably partly due to a lack of female role models," he says. "If we could get more women to tell their stories, it would inspire others to join the programme."
The Ernst & Young Entrepreneur of the Year programme is sponsored by The Irish Times, RTÉ, Enterprise Ireland, InterTrade Ireland, Invest Northern Ireland and Ulster Bank.
Nomination forms are available from www.eoy.ie or from Ernst & Young at 01-475 0575.
