Tapping on Startup SG Founder Grant to grow your startup
We have seen Singapore rise to become one of the top go-to places for tech startups. The reasons are attributed to our prime location that enable ease of access to talents, resources, funding, new markets and a favourable environment with strong government support for businesses to grow.
With numerous support schemes and programmes, you may find it confusing to decide which programmes are best suited for your startup. In this issue, we will highlight the grants under Startup SG, particularly the StartupSG Founder Grant that is suitable for first-time entrepreneurs, and the application process through ACE.
What is Startup SG?
With the aim to strengthen support for startups and enable startups to identify support schemes most relevant to them, Enterprise Singapore (ESG) has consolidated all local startup schemes under the umbrella branding of “Startup SG”.
The areas of support under “Startup SG” include
|Startup SG Founder||Startup||Mentorship and startup capital grant to first-time entrepreneurs|
|Startup SG Tech||Startup||Early-stage funding for commercialisation of tech ideas|
|Startup SG Equity||Startup||Catalysing equity investments for startups|
|Startup SG Accelerator||Accelerator/ incubator||Enhancing capabilities of accelerators and incubators|
|Startup SG Talent||Startup||Fostering a conducive environment for talent to shine|
|Startup SG Infrastructure||Startup||Providing startups with the space to grow|
|Startup SG Investor||Investor||Incentivising investors|
|Startup SG Loan||Startup||Financing startups|
For first-time entrepreneurs to get started, you may consider the Startup SG Founder grant. Beginning 2017, Enterprise Singapore (ESG) has appointed Acredited Mentor Partners (AMPs) to administer the StartupSG Founder grant. The AMPs will identify eligible startups based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market opportunity before recommending them to ESG. As one of the appointed AMPs, ACE supports startups in their application to the StartupSG Founder grant, as well as providing advice, learning programmes and networking contacts. Through this grant, startups will receive up to $30,000 by matching $3 to every $1 raised by the entrepreneur.
Step 1: Attend grant briefing
You may wonder how you could take your first step to apply for the grant? If you are keen to know more about the Startup SG Founder and other available grants, ACE conducts briefing on the first Friday of every month. You may sign up for the session via eventnook.com/event/acesharing. Our grant experts will be there to answer your questions.
Step 2: Sign up for BACECAMP
Sign up for BACECAMP, a one month structured mentorship programme equipping promising early-stage startups with key insights, best practices and capabilities to start and grow. At the end of the programme, promising startups will pitch to grant evaluators or angel investors. The BACECAMP is open for application on a quarterly basis. Our next batch of intake will be in October.
Important things to take note:
It is important that you plan your grant application ahead as the Startup SG grant is for first-time entrepreneurs whose startup is not incorporated for more than six (6) months at the point of application to ESG. It is also important that you check with the AMP on the timeline they require to process your application.
Here’s a timeline for your consideration when you apply through ACE:
Besides grant support, ACE helps startups at every stage of their business growth, such as mentorship, talents, market access and peer group support through various programmes. Get in touch with us at email@example.com.