First-time Singapore entrepreneurs can now access a S $ 50,000 grant to help bring their business ideas to life.
The grant is awarded by the Startup SG Founder Program, which is overseen by the government agency Enterprise Singapore (ESG).
The program was launched in 2017 to provide first-time entrepreneurs with capital grants and mentoring.
Improvements to the program were announced today (August 20) by Minister of Commerce and Industry Chan Chun Sing and Minister of Labor, Josephine Teo.
One of those improvements is a new three month venture building program to help entrepreneurs build their startup.
Five universities – Nanyang Technological University, National University of Singapore, Singapore Management University, Singapore University of Technology and Design, and Singapore University of Social Sciences – will provide the venture building program.
The grant of S $ 50,000 is also part of the improvements and is above S $ 30,000 previously.
How entrepreneurs can benefit
The program currently offers mentoring and a seed capital grant of S $ 30,000 to first-time entrepreneurs with innovative business ideas. Startups must raise funds of S $ 10,000 for the grant.
These measures are part of an effort to empower local businesses and startups and create new jobs amid the ongoing recession and Covid-19 pandemic.
Startups wishing to take advantage of the grant must be formed with at least three Singaporeans and / or permanent residents (PRs). This includes founders, and at least two of them must be first-time founders.
This is an increase over the previous requirement of having at least one Singaporean or PR.
In addition to the new venture building program and increased grants, Startup SG supports startups in their search for talent, investments and loans.
"We are determined to create a new generation of Singapore based companies to serve not only the Singapore market, but also regional and global markets." said Mr. Chan.
In his ministerial statement on Monday (August 17), DPM and Treasury Secretary Heng Swee Keat said the Singapore government will pump S $ 150 million into the SG Founder Program.
The new venture program from Startup SG will help founders acquire innovations, commercialize ideas in companies, receive product and solution validations from customers and find capital.
Startup SG currently has more than 3,300 startups in its network.
DPM Heng found that companies that invested in innovation were quick to seize new opportunities during this crisis, citing retailer Decks Private Limited and precision engineering company Certact Engineering as examples.
Selected image source: ttgasia