The enhanced Startup SG Founder scheme will now comprise of two tracks: The Startup SG Founder “Train” track and the Startup SG “Start” track. The “Train” track will give applicants access to a 3-month Venture Building (VB) programme led by appointed Venture Builder and Accredited Mentor Partners (VB-AMPs). The programme aims to provide support for sourcing of innovation, commercialising ideas through scalable businesses, obtaining validation from customers and finding capital. Under the “Start” track, entrepreneurs can approach any ESG appointed AMP with their business ideas. Based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value, the AMP will then recommend them for funding support. Once the application has been approved, the AMP will assist the start-ups with guidance, learning programs and networking contacts. ESG will then provide the start-ups with the start-up capital grant of up to $50,000, and start-ups are thereafter required to raise and commit $10,000 as co-matching fund to the grant.
Applicants must be Singaporean or Singapore Permanent Residents. They must also register a company, and this is where IGS Consulting can help with you with. The company must also include at least three Singaporean and/or Permanent Residents (PRs), of which at least two must be first-time founders. For the full list of eligibility requirements, click here.
ADAPTING TO CRISIS
Boosting the economy to promote and aid start-ups is one of the priorities for the Singapore government. The advantages of having start-ups is that they create jobs for people especially in situations when people are being laid-off. This not only benefits the start-ups but also local Singaporeans as well. Start-ups also have this degree of flexibility to adapt and pivot, to quickly leverage on opportunities and this is especially important during these difficult times. Start-ups have always been part of Singapore’s economy. The country have been dubbed the Silicon Valley of Asia given its pro-business policies and regulatory framework that is adapted to meet the needs of investors and businesses. Singapore not only needs to remain relevant in today’s knowledge-based and technology driven economy but also towards an innovation-driven economy as well.
It is hoped that through this SG Startup Founder programme, entrepreneurs can gain valuable insights from the AMPs. These AMPs are selected because of their, experienced, expertise and competence. Through such mentorship programme, potential risks could be highlighted for discussion and addressed. This can help entrepreneurs fool-proof their business plan and have realistic views of their business potential. In addition to the mentorship and operational hand-holding, the AMP would be able to tap into their resourceful networks to further enhance their capabilities and competence. Thus, this programme is worth more than just the face value of the grant for aspiring entrepreneurs.
IGS Consulting have previously shared general tips on how to Boost your Chances of Start-up Success and also on Staying Ahead & Thriving in an Uncertain Economy. We hope that you find these information useful too.
IGS Consulting have helped many entrepreneurs register their companies in Singapore. Our team of experienced professionals will be able help your start-up grow and at the same time provide you with additional support throughout every business stage.
At IGS Consulting, we help to Grow Tomorrow’s Business Today.