More support for first-time entrepreneurs under the StartupSG Founder scheme
Besides being matched to relevant government funding programmes, high potential technopreneurs and tech startups can now benefit from mentorships by Accredited Mentor Partners (AMPs) from the private sector as part of the StartupSG scheme.
As part of the StartupSG umbrella branding, Startup SG Founder aims to provide mentorship support and startup capital grant to first-time entrepreneurs with innovative business concepts. The scheme provides up to $30,000 by matching $3 to every $1 raised by the entrepreneur.
The Action Community for Entrepreneurship (ACE) is proud to be one of the AMPs appointed by Enterprise Singapore.
How does StartupSG Founder work?
Enterprise Singapore will grant funding to startups that are recommended by the AMPs – Applicants will be assessed based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value. The AMPs and startups will mutually agree on a list of milestones before submitting an application to Enterprise Singapore. Upon successful application, the AMP will assist the startups with advice, learning programs and networking contacts.
What are the eligibility criteria?
Entrepreneurs who are keen on the StartupSG Founder scheme must meet the following criteria:
- Be a first-time entrepreneur & Singaporean Citizen/ PR
- Hold more than 30% equity
- Be a key decision maker and commit full time to the company upon acceptance of grant
In addition, the Startup Company must:
- Be operating within six (6) months of incorporation at the point of application
- Have minimum 51% Singaporean Citizen/ PR shareholding
- Have business activities conducted wholly or mainly in Singapore
- Have not received funding for the proposed business idea from another government organisation
- Not be in areas such as cafes, nightclubs, lounges, bars, foot reflexology, massage parlours, beauty salons, gambling, prostitution, social escort, etc.
- To find out more about the StartupSG Founder scheme, please visit www.startupsg.net/startupsg-founder/.
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