Startup SG Founder provides mentorship and startup capital grant to first-time entrepreneurs with innovative business ideas. SPRING will match $3 for every $1 raised by the entrepreneur.
SPRING has appointed Accredited Mentor Partners (AMP) that will identify qualifying applicants based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value. Upon successful application, the AMP will assist the startups with advice, learning programs and networking contacts.
Apply for Startup SG Founder through an Accredited Mentor Partner (AMP). Applicants will need to complete the Startup SG Founder Application Form and submit it to their selected AMP for consideration. If the AMP assesses that the applicant has met the eligibility and evaluation criteria, the AMP can recommend the application to SPRING, together with appropriate milestones for disbursement of grant amounts. SPRING will inform the applicant and AMP on the application status for the grant.
The grant is open to all Singaporeans/Permanent Residents who are first-time entrepreneurs. In addition, the applicant would need to adhere to the following conditions at the time of application:
- Applicant(s) must hold or propose to hold at least 30% equity in the underlying company;
- The company must have at least 51% of local shareholding and not be incorporated for more than six (6) months at the point of application to SPRING;
- The applicants must not have-
- registered or incorporated any business entity; and
- received any funding for the proposed business idea from another government organisation
Approved applicants must dedicate a reasonable amount of their time on the business and must be a key decision maker in the company. The applicants must also commit full-time to the company and not be in any other employment from the time they accept the terms and conditions of the Letter of Offer. Please note that a key criterion for assessment is on how different or novel the idea/product/service/business model/process is compared to what is available in the market.
Startup SG Founder can only be applied for through an Accredited Mentor Partner (AMP). The list of AMPs is available on the “Partners” tab.
Incomplete applications will not be addressed.
The list of documents required are:
- Completed and signed application form
- ACRA e-statement (to declare that main applicant is a first time entrepreneur)*
- Business plans, CVs of management team (Optional)
* You do not need to incorporate a company to apply for this grant, otherwise it should not be incorporated for more than six (6) months at the point of application to SPRING.
SPRING conducted a Call-for-Partnership to appoint Startup SG Founder Accredited Mentor Partners (AMPs) from 22 March 2017 to 17 April 2017.
AMPs will be assessed on the strength of their incubation and management team, programme quality and operational sustainability. This would include the AMPs’ track record grooming startups, overall quality of mentors as well as their access to markets and funding.
If your organisation is interested to be an appointed AMP, please note that there will be annual calls for partnership. The second Call-for-Partnership is open from the 1 February 2018 to 1 March 2018. For more information, please refer to the CFP 2018 tab.
AMPs may take up to 50% equity in the startup. Startups should approach AMPs for more details on their equity terms.
The AMPs are:
|Incubator: Action Community For Entrepreneurship (ACE) Ltd.|
|Company: Action Community For Entrepreneurship (ACE) Ltd.|
|Contact firstname.lastname@example.org||Services offered in kind
|Sector focus||Sector Agnostic|
|Incubator: Advanced New Technology Incubator (ANTI)|
|Company: ANTI Pte. Ltd|
|Contact email@example.com||Services offered in kind
|Sector focus||Hardware, robotics, automation|
|Incubator: Focustech Ventures|
|Company: Focustech Ventures Pte Ltd|
|Contact firstname.lastname@example.org||Services offered in kind
|Sector focus||IoT, advanced manufacturing, robotics, AI/ML, AR/VR|
|Incubator: JCS Venture Lab|
|Company: JCS Venture Lab Pte. Ltd.|
|Contact email@example.com||Services offered in kind
|Sector focus||Advanced manufacturing and engineering|
|Company: Nanyang Technological University – Ntuitive Pte.Ltd.|
|Contact firstname.lastname@example.org||Services offered in kind
|Sector focus||Advanced manufacturing and engineering, health and biomedical sciences, urban solutions and sustainability, services and digital economy|
|Incubator: NUS Enterprise|
|Company: NUS Ventures Pte. Ltd.|
|Contact email@example.com||Services offered in kind
|Sector focus||IoT, Deep Tech, AI, fintech, hardware, software|
|Incubator: SMU Institute of Innovation & Entrepreneurship (IIE)|
|Company: Singapore Management University|
|Contact firstname.lastname@example.org||Services offered in kind
|Sector focus||Fintech, cyber security, data analytics and artificial intelligence, Smart City innovations, transportation and logistics|
|Incubator: Quest Ventures|
|Company: QuestVC Pte. Ltd|
|Contact email@example.com||Services offered in kind
Please visit the Quest Ventures website to view the full list of Quest Family Benefits.
|Sector focus||Digital commerce|
|Company: RIA Venture Capital Pte. Ltd.|
|Contact firstname.lastname@example.org||Services offered in kind
|Sector focus||IoT (in the area of smart cities and digital health)|
|Incubator: Spaze Ventures|
|Company: Spaze Ventures Pte. Ltd.|
|Contact email@example.com||Services offered in kind
|Sector focus||Financial Services/fintech, healthcare, education, e-commerce, logistics, big data, enterprise solutions, IoT|
|Incubator: The FinLab|
|Company: The Finlab Pte. Ltd.|
|Contact firstname.lastname@example.org||Services offered in kind
|Incubator: TNB Ventures|
|Company: TNB Ventures Pte. Ltd.|
|Contact email@example.com||Services offered in kind
|Sector focus||IoT, AR/VR, robotics, machine learning/AI|
|Incubator: Trendlines Medical|
|Company: Trendlines Medical Singapore Pte. Ltd.|
|Contact firstname.lastname@example.org||Services offered in kind
|Sector focus||Medical devices, medical technology|
|Incubator: Tri5 Ventures|
|Company: Tri5 Accelerator Pte. Ltd.|
|Contact information||http://tri5.asia/co-investment-sg-grant/||Services offered in kind
|Sector focus||Fintech, Energy Tech, Education Tech, Marketplaces (outside SG)|
|Incubator: August Global Asset Management (f.k.a. Velocity Accelerator)|
|Company: August Global Asset Management Pte. Ltd. (f.k.a. Velocity Accelerator Pte. Ltd.)|
|Contact email@example.com||Services offered in kind
|Sector focus||FinTech, security, healthtech, edtech, agritech, big data|
|Led by Ngee Ann Polytechnic, the consortium comprises members including Singapore Polytechnic and Temasek Polytechnic, and will support startups through Pollinate, a Joint Polytechnic Incubator Initiative|
|Contact firstname.lastname@example.org||Services offered in kind
|Sector focus||General tech|
Through the 2018 Call-For-Partnership (CFP), SPRING is looking to engage partners such as corporates, venture capital firms, incubators and accelerators. Bringing financial and industry knowledge, these private sector partners will value-add with mentorship, connections to business networks, and advice to help innovative startups accelerate their learning curves and enhance their go-to-market strategies.
Role of a Startup SG Founder Accredited Mentor Partner (AMP)
AMPs will have the opportunity to identify and evaluate tech startups with innovative ideas. The AMP is encouraged to work together with the startup to refine its business proposal, as well as to develop funding milestones.
AMPs will then recommend these startups to SPRING for support with a Startup SG Founder grant. Upon grant award, AMPs will work with its startups to achieve its milestones.
AMPs are appointed on a three-year term.
Applicants will be assessed on the criteria below:
- Track record of management team
- Number of successful startups groomed
- Pipeline of startups
- Incubation programme and strategy
- Access to quality mentors
- Access to local and international markets (includes existing and potential clients, other internal business lines within the corporate)
- Access to funding
- Co-innovation and test bedding opportunities (for corporates)
- Potential adoption of innovative solutions (for corporates)
- Operational sustainability
- Focus sectors or markets
This CFP is open from 1 February 2018 to 1 March 2018. Early submissions are highly encouraged. The deadline for submission is 1 March 2018, 5pm. Late submissions will not be entertained.
An information session was held on the 8th of February 2018 in order to communicate the roles of AMPs to interested parties.
Please submit the application form together with the following supporting documents:
- One (1) signed hardcopy of the application form
- One (1) programme proposal* (no more than 5 pages, font size 11)
*Programme proposal should include the long-term plans of the company, deal flow sources/strategy, incubation programme, business sustainability, market access, etc.
Above hardcopy documents should be submitted in a sealed envelope to:
Alyssa Ng (Senior Officer, Entrepreneurship)
1 Fusionopolis Walk
#01-02 South Tower, Solaris
Corresponding softcopies should be sent to SSGFounder_CFP@spring.gov.sg. Please indicate the following in the email subject: “Submission for CFP 2018 (Startup SG Founder) – [Organisation name]”. For more details, please refer to the submission and evaluation timeline.
For further enquiries regarding this CFP, please contact: