Singapore Budget 2020 – Opportunities for Startups

 

Budget 2020 is a strategic, balanced and thoughtful budget that provides support for businesses during this near-term uncertainty with a mid and long-term view of bringing about digitalisation, transformation, competency development, and capability enhancement.

Amid the challenging landscape due to COVID-19 that affects the region coupled with economic slow-down, Budget 2020 provides businesses with the confidence to retain its staff and to take this opportunity to invest in transformation for preparedness to ride the next upturn.

As a Startup Ecosystem Developer representing over 1,000 official tech-startup members in Singapore, ACE welcomes the Government’s support for the industry. There are several encouraging measures in the “Stabilisation and Support” and “Transformation and Growth” packages that are tremendously helpful for startups facing challenges in cash-flow, access to funding, interruptions to scale-up, internationalisation plans, and for sectors directly affected by the current COVID-19 situation.

We encourage our tech startup members to tap on this opportunity and collaborate with SMEs and Enterprises in their Go Digital effort. Startups can also take advantage of the enhanced support in the deep-tech arena to develop their intellectual properties and increase their product-defensibility. For startups that are scaling-up, the enhanced Market Readiness Assistance grant would allow them to better leverage the Free Trade Agreements (FTA) for market expansion and market diversifications. We also hope that startups can adopt mid-career switchers, support their re-skilling effort, and gain insights from these seniors’ deep industry experience for their growth plan.

ACE supports the Startup and Innovation Ecosystem through our suite of programmes. Startups can gain access to our pool of experienced mentors for strategy development and participate in our international programmes to access markets across 20 cities. On top of that, through ACE’s EPIC (Experience the Power of Innovation & Collaboration) platform, startups, SMEs, and enterprises can also take part in collaborative and deal-matching opportunities. They can tap into our network of 10+ Innovation Enablers to discuss and kickstart on their co-innovation and digital transformation journey.

Here are some links to help you get more information:

For further inquiries, please write to info@ace.org.sg