9 Startup Programmes That Offer Funding And Mentorship Opportunities

From conceptualizing an idea to hiring the right talent, starting a business is never easy.

Singapore is considered to be one of the best places to start a business, and the good thing is that there are plenty of programs available here to help new businesses get a kick out of the early stages.

If you keep your eyes peeled, there is certainly plenty of funds and resources available that can help give your business that financial boost.

1. Startup Founder SG Program

Founder of start-up SG
Image Credit: Startup Founder SG

Overseen by the government agency Enterprise Singapore (ESG), the Startup Founder SG program was first launched in 2017 to provide capital grants and mentoring to new entrepreneurs.

In August, improvements to the Startup Founder SG program were announced by the government.

One of those enhancements is a new three-month business creation program to help entrepreneurs build their startups.

New Singaporean entrepreneurs can now access a grant of S $ 50,000, up from S $ 30,000, to help them launch their business ideas.

Interested applicants can find out more about their eligibility and apply for the Startup Founder SG program through their website.

2. StartupSG Equity

Horizon PME
Image Credit: SME Horizon

Startup Equity was created to catalyze further investment in Singapore-based deep tech startups in key emerging sectors including advanced manufacturing, pharmbio / medtech, and agribusiness technology.

Under the Startup SG Equity program, the government will co-invest with independent and qualified third-party investors in eligible startups.

The government had pledged an additional $ 300 million to Startup Equity at the 2020 Supply Committee of the Department of Trade and Industry (MTI).

Following the 2020 MTI Procurement Committee, programs will be enhanced to increase the investment cap for deep tech startups from $ 4 million to S $ 8 million and invest in selected venture capital firms who will in turn invest in high-tech startups. .

Interested applicants can find out more about their eligibility and apply to StartupSG Equity through their website.

3. StartupSG Tech

Singapore
Image Credit: CIO.com

Startups can seek seed funding to accelerate the commercialization of scalable in-house solutions with the Startup SG Tech program.

The grants will be awarded at the end of each stage, unlike what was previously by reimbursement.

The grant will also have an equity component where Enterprise Singapore will have the right to exercise a share subscription – to cultivate greater financial discipline and a growth mindset that is consistent among startups backed by capital risk.

Start-ups would be required to inject a paid-in capital increase of 10% and 20% of the grant for the Proof-Of-Concept (POC) and Proof-Of-Value (POV) projects respectively.

The grant cap for POC will remain at S $ 250,000 and POV at S $ 500,000.

Interested applicants can find out more about their eligibility and apply to StartupSG Equity through their website.

4. The Start by StartupX

StartupX
Image Credit: StartupX

The Start is a 12 week pre-accelerator program powered by StartupX in partnership with Temasek.

Over the course of the 12 weeks, startups will undergo an intensive program and targeted mentoring to refine their ideas and turn their prototypes into a full-fledged business.

In addition to support and mentoring, you get up to $ 15,000 in resources and funding to start your business and an opportunity to test your solutions with their partners.

Last year, they announced their first cohort of startups – a total of 12, including Mind Palace and StaffAny – to participate in the program.

Interested candidates can stay tuned for their next call for applications.

5. Capacity Development Grant (CDG)

Image Credit: PAP.com.sg

The Capacity Development Grant encourages and supports the continuing professional development of those working in Singapore’s arts and culture sector.

The grant covers up to 70% of eligible project costs such as consulting, training, certification and equipment costs. In other words, it can support you or your organization in training programs.

The grant is able to support activities or programs lasting up to 12 consecutive months.

Interested applicants can find out more about their eligibility and apply for a Capacity Development Grant through their website.

6.raISE SG: VentureForGood grant

raise
Image Credit: Eco-Business.com

The VentureForGood Grant (VFG) is a funding program of the Singapore Center for Social Enterprise, raiSE, to support social enterprises at different stages of their activity.

New and existing social enterprises that are starting and / or expanding their activities to meet emerging needs can apply for up to $ 100,000 in grants.

The social enterprise must address a local social gap / need across one or more outcome areas to be eligible.

Interested applicants can find out more about their eligibility and apply for a VentureForGood grant through their website.

7. Business Improvement Fund under the auspices of the Singapore Tourism Board

Gardens by the bay
Image credit: Borneo Post Online

The Business Improvement Fund (BIF) aims to encourage innovation and adoption of technology, reshaping the business model and processes in the tourism sector to improve productivity and competitiveness.

Financial assistance varies for small and medium enterprises (SMEs) and non-SMEs.

Successful applicants will receive financial support for eligible costs, subject to STB’s assessment of the scope and merits of the project.

Interested applicants can find out more about their eligibility and apply for the Business Improvement Fund through their website.

8. Antler

Antler demonstration day
Image Credit: Antler

Global VC and Startup Generator Antler is known for mentoring startup founders and investing in promising startups.

All participants receive an individual grant during the first phase of the program to allow them to focus full time on building their business and products.

They help bring together great people to help you find the right co-founder with a complementary skill set and experiences to build your next business together.

After two months, Antler invests in selected teams to launch their startup.

Interested applicants can find out more about their eligibility and apply for the Business Improvement Fund through their website.

9. Growth accelerator

Growth accelerator
Image Credit: Grow

The Grow program is open to promising startups and subsequent developments capable of solving Asia’s biggest agri-food challenges.

Some of the resources that you can access through the program are mentoring opportunities with industry experts.

Startups can also access their partner facilities, including world-class research labs, pilot manufacturing plants, and field testing.

If you have a solution that works, they invest $ 100,000 in cash and an additional $ 100,000 in in-kind services to help your business scale quickly and enter new markets.

Interested candidates can stay tuned for their next call for applications.

Find the support you need

There are many ways to fund your dreams, from applying for government programs available to pitching your business models to angel investors or venture capitalists.

The Singapore government has done reasonably well in expanding its support for startups.

Besides the low tax rates and the ease of doing business, Singapore attracts entrepreneurs from all over the world here thanks to the availability of funding resources for startups.

If you are looking to start a business, make use of the grants and programs available which are specially extended to facilitate the growth of startups in Singapore.

Featured Image Credit: EFMD Blog

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Jothi Venkat

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