Singaporean first-time entrepreneurs can now have access to a grant of S$50,000 to help them kickstart their business ideas.
The grant will be awarded by the Startup SG Founder Programme, which is overseen by government agency Enterprise Singapore (ESG).
The programme was launched in 2017 to to provide capital grants and mentorship to first-time entrepreneurs starting up.
Enhancements to the programme was announced by Trade and Industry Minister Chan Chun Sing and Manpower Minister Josephine Teo earlier today (August 20).
One of these enhancements is a new three-month venture building programme to help entrepreneurs build their startup.
Five universities — Nanyang Technological University, National University of Singapore, Singapore Management University, Singapore University of Technology and Design and Singapore University of Social Sciences — will provide the venture building programme.
The S$50,000 grant is also part of the enhancements, and is up from S$30,000 previously.
How Entrepreneurs Can Benefit
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.
These moves come as part of efforts to boost local companies and startups and generate new jobs amidst the ongoing recession and Covid-19 pandemic.
Startups that wish to tap on the grant must be formed with a minimum of three Singaporeans and/or permanent residents (PRs). This is inclusive of founders, and at least two of them have to be first-time founders.
This is an increase from the previous requirement of having at least one Singaporean or PR.
Besides the new venture-building programme and increased grants, Startup SG also provides support for startups in looking for talent, investments and loans.
“We are determined to grow a new generation of companies from Singapore to serve not just the Singapore market, but also the regional and global markets.” said Mr Chan.
In his ministerial statement on Monday (August 17), DPM and Finance Minister Heng Swee Keat said that the Singapore government will pump in S$150 million into the Startup SG Founder Programme.
Startup SG’s new venture programme will aid founders in sourcing innovation, commercialising ideas into businesses, getting product and solution validation from customers, and finding capital.
Startup SG currently has more than 3,300 startups in its network.
DPM Heng 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.
Featured Image Credit: ttgasia
