In a ministerial statement on Covid-19 support measures on Monday (17 August), DPM and Finance Minister Heng Swee Keat said that the Singapore government will pump in S$150 million to continue spurring innovation and entrepreneurship.
The funds will go towards enhancing the Startup SG Founder programme in phases, he said.
The funds will be used to raise the programme’s startup capital grant and continue providing mentorship to startups under the programme.
Currently, the scheme provides mentorship and a startup capital grant of S$30,000 to first-time entrepreneurs with innovative business ideas, with startups required to co-match funds of S$10,000 to the grant.
He said that global supply chains are being reconfigured, with a greater premium placed on resilience and reliability.
The digital shift has accelerated, challenging the viability of current business models and changing many jobs, he added.
He noted that firms that have invested in innovation were able to nimbly pivot to new opportunities during this crisis, citing retailer Decks Private Limited and precision engineering firm Certact Engineering as examples.
Decks revamped its e-commerce platform and expanded to other e-marketplaces during the circuit breaker, and its online sales have since increased tenfold. Meanwhile, Certact Engineering pivoted to manufacturing parts for high-demand medical equipment like ventilators.
More details on the support measure will be provided by the Ministry of Trade and Industry later this week.
Featured Image Credit: Allen and Overy
