The Infocomm Media Development Authority (IMDA) announced yesterday the launch of a new government scheme that aims to groom promising infocomm media startups.
Called SG:D Spark, this initiative helps such startups build their business and compete through government support and industry tools.
Minister of Communication and Information Mr S. Iswaran said at an awards presentation at Resorts World Convention Centre yesterday that the initiative can “help to create a conducive environment for startups to get started and grow”.
“Through the support from subject matter experts within the community together with government tools, we aim to provide the resources, knowledge, and network that are essential to the companies’ growth,” he added.
Under this programme, startups will be able to access and leverage existing TechSkills Accelerator (TeSA) manpower programmes to support and scale their businesses.
These companies will also enjoy priority processing in relevant government funding schemes, as well as gain increased access to government technology projects to help them build their portfolio and customer track record.
They will also have access to a network of professional services firms and industry mentors.
IMDA will be partnering SGTech and seven venture capitalists to identify promising ICM companies to nurture under the programme.
The 13 industry partners and Institutes of Higher Learning (IHLs) will support the companies with specialised expertise and assist their growth journey in the areas of fund raising, deal structuring, risk management, corporate governance and processes, product and brand development, go-to-market strategies, and talent acquisition.
Eligible startups include those working on enterprise and consumer technology, hardware and IT services.
As for the assessment criteria, the said startup must be registered in Singapore, have employees here, as well as offer a novel infocomm media product or service.
They must also have an annual Singapore sales turnover of less than $20 million and an annual group revenue of less than $100 million.
Featured Image Credit: IMDA