Singapore is perhaps the most proactive government in the world when it comes to developing the tech industry: it pushes in a great deal of funds into grants and initiatives to create its own version of Silicon Valley. It helps that the government is unencumbered by electoral politics, which means it can be far-sighted – precisely what you need to build a startup ecosystem.
Here’s a list of government programs for startups and small businesses, with details. Many schemes favor companies with some or majority Singaporean ownership, but foreigners are not excluded.
ACE Startups Grant
If you are a first-time entrepreneur with a unique and differentiated business idea, you can apply for the ACE Startups Grant. The ACE Startups Grant provides funding support to entrepreneurial Singaporeans who want to take their first step in starting up differentiated businesses. Applications will be shortlisted on a competitive basis based on the 4 key evaluation criteria of differentiation, business model feasibility, potential market opportunity and management team.
SPRING will match S$7 to every S$3 raised by the entrepreneur for up to S$50,000, i.e. For you to receive a grant of $50,000, you will need to raise $21,429 for co-matching upon acceptance of the Letter of Offer.
As Singapore moves towards becoming a ‘smart’ nation, one of IDA’s priorities is to build the technology industry through assisting the growth of young, promising Singapore-based early-stage growth technology companies. Being accredited will open up more opportunities for their products and solutions to be showcased and eventually bought. For buyers from the Government and large enterprises, the accreditation process would provide an independent third party evaluation of the companies’ claimed product core functionalities and ability to deliver.
Accreditation@IDA is set up to achieve many objectives: accredit promising and innovative Singapore-based early-stage growth technology product companies to establish credentials and position them as qualified contenders to government and large enterprise buyers; provide potential buyers assurance on the accredited companies’ product core functionalities and ability to deliver; and build an innovative technopreneur ecosystem to drive economic growth, inspire the younger generation, and build more innovative products and technology companies that can scale overseas.
For the Accreditation Process, check out the website: