Startup SG Founder provides mentorship and startup capital grant of S$30,000 to first-time entrepreneurs with innovative business ideas. Startups are required to raise and commit S$10,000 as co-matching fund to the grant.
Startup SG Founder can only be applied through an Accredited Mentor Partner (AMP). SMU IIE is one of the 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.
Applicants will need to complete the Startup SG Founder Application Form and submit it to SMU IIE for consideration. If SMU IIE assesses that the applicant has met the eligibility and evaluation criteria, recommendation of the application will be submitted to Enterprise Singapore, together with appropriate milestones for disbursement of grant amounts. Enterprise Singapore will inform the applicant and SMU IIE on the application status for the grant.
The grant is open to 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:
- Applicant(s) must hold or propose to hold at least 30% equity in the underlying company;
- The company must have at least 51% of local shareholding and not be incorporated for more than six (6) months at the point of application to SMU IIE;
- The applicants must not have registered or incorporated any business entity;
- The applicants must not have received any funding for the proposed business idea from another government organisation.
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. Please note that a key criterion for assessment is on how different or novel the idea/product/service/business model/process is compared to what is available in the market.
Application Process through SMU IIE
Step 1: Submit the following documents to incubation [at] smu.edu.sg
- Completed Startup SG Founder Application Form (click on icon below to download)
- Business plan / pitch deck
- 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
Step 3: Shortlisted applicant(s) will be required to make a presentation to an evaluation panel.
Step 4 :Based on the panel evaluation, IIE recommends the qualified applications to Enterprise Singapore, together with appropriate milestones for disbursement of grant amounts.
Step 5: Enterprise Singapore 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 incubation programme to receive 12 months support in company growth and milestone tracking.Download Application Form