First-Time Entrepreneurs Can Now Apply For A S$50K Startup Grant
New Singaporean entrepreneurs can now access a S $ 50,000 grant to help them launch their business ideas.
The grant will be awarded by the founding program of Startup SG, which is overseen by the government agency Enterprise Singapore (ESG).
The program was launched in 2017 to provide capital grants and mentorship to new start-up entrepreneurs.
Trade and Industry Minister Chan Chun Sing and Manpower Minister Josephine Teo announced improvements to the program earlier today (August 20).
One of those enhancements is a new three-month business creation program to help entrepreneurs build their startups.
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 offer the business creation program.
The grant of S $ 50,000 is also part of the improvements and is up from S $ 30,000 previously.
How entrepreneurs can benefit
Currently, the program provides a mentorship and a S $ 30,000 seed capital grant to new entrepreneurs with innovative business ideas, with startups required to co-match S $ 10,000 funds to the grant.
These measures are part of efforts to boost local businesses and startups and create new jobs amid the ongoing recession and the Covid-19 pandemic.
Startups wishing to take advantage of the grant must be formed with a minimum of 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 from the previous requirement to have at least a Singaporean or PR.
In addition to the new start-up program and the increase in grants, Startup SG also provides support to startups in finding talent, investments and loans.
“We are determined to develop a new generation of Singapore businesses to serve not only the Singapore market, but regional and global markets as well.” Mr. Chan said.
In his ministerial statement on Monday, August 17, the DPM and Finance Minister Heng Swee Keat said the Singapore government would inject S $ 150 million into Startup SG’s founding program.
Startup SG’s new venture capital program will help founders find innovation, bring ideas to business in companies, get product and solution validation from clients, and raise capital.
Startup SG currently has more than 3,300 startups in its network.
DPM Heng noted that companies that have invested in innovation have been able to nimbly pivot to new opportunities during this crisis, citing retailer Decks Private Limited and precision engineering firm Certact Engineering as examples.
Featured Image Credit: ttgasia
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