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.
Startup SG Founder can only be applied through an Accredited Mentor Partner (AMP). SMU IIE is one of the 17 appointed AMPs. AMP will select applicants based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value. Upon successful application, the AMP will assist the startups with advice, learning programs and networking contacts.
The AMP will decide on appropriate milestones together with the applicant. Their recommended application and milestones will be surfaced to SPRING for vetting and approval. The grant will be disbursed in 2 tranches based on agreed project milestones over 12 months.
The grant is open for application from all Singaporeans/Permanent Residents who are first-time entrepreneurs. In addition, the applicant would need to adhere to the following conditions at the time of application:
a) Applicants must not have
- registered or incorporated any business entity; and
- received any funding for the proposed business idea from another government organisation;
b) Applicant(s) must hold or propose to hold at least 30% equity in the underlying company; and
c) Proposed business idea must not be in the following list:
- Cafes, nightclubs, lounges, bars
- Foot reflexology, massage parlours, beauty salons
- Prostitution, social escort services
- Employment agencies (including recruitment of foreign workers, relocation services and manpower services)
Approved applicants must dedicate a reasonable amount of their time on the business and must be a key decision maker in the company. The applicants must also commit full-time to the company and not be in any other employment from the time they accept the terms and conditions of the Letter of Offer.
Application Process through SMU IIE
Step 1: Submit the following documents to firstname.lastname@example.org
- Completed Startup SG Founder Application Form (click on button below to download)
- Business plan
- CV of the applicant(s)
- Copy of NRIC of Applicant(s)
- ACRA bizfile Business Profile of company (if applicable)
- ACRA e-statement to declare that the Applicant(s) is a/are first-time entrepreneur(s)
Step 2: SMU IIE assesses the applications based on the eligibility and evaluation criteria (click here to download)
Step 3: Shortlisted applicant(s) will be required to make a presentation to an evaluation panel.
Step 4: The evaluation panel recommends the qualified applications to SPRING, together with appropriate milestones for disbursement of grant amounts.
Step 5: SPRING will inform the applicant and SMU IIE on the application status for the grant.
Step 6: The applicant(s) who receive the grant will join IIE’s acceleration programme to receive 12 months support in company growth and milestone tracking.