The Singaporean government announced that it will back the Startup SG Founder program with up to SGD 150 million (USD 109.4 million), according to Deputy Prime Minister and Finance Minister Heng Swee Keat. The Business Times reported that the cash influx will go towards building up the organization’s startup capital grant and ensuring it can provide additional mentorship to startups.
Singapore continues to look for ways to grow its economy in the aftermath of COVID-19 and this agreement is part of a larger government effort set about in the country’s SGD 8.3 billion (USD 6 billion) Transformation and Growth strategy.
“Our startup ecosystem has contributed to Singapore’s ongoing transformation to an innovation-driven economy. Startups have an innate ability to adapt and pivot, to quickly spot opportunities and provide effective solutions,” Edwin Chow, Assistant Chief Executive Officer (Innovation & Enterprise), Enterprise Singapore, said. “This is especially important during crises. By enhancing the Startup SG Founder program, we hope to enable more aspiring entrepreneurs to start new ventures and accelerate the formation of innovative startups in Singapore.”
Government funding will go to increasing grant support for Startup SG Founder’s current programs while adding a new track that provides entrepreneurs with no business experience a chance to build and scale their startup.
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What does the Startup SG Founder program do?
The Startup SG Founder program is actually part of the larger Startup SG Network that was launched in 2018. It was created to build and promote Singapore’s startup ecosystem while launching various initiatives and programs that help budding businesses access vital support.
There are two separate tracks available under the Startup SG Founder program. The first is the “Train” track, where startups are appointed Accredited Mentor Partners-Venture Builders (AMP VBs) with strong track records of venture building. The firms on this track are provided with a three-month, venture building program that provides support for various tasks that fledging founders may not have experience with.
Alternatively, the “Start” track sees Accredited Mentor Partners (AMPs) select entrepreneurs that have innovative business ideas. Selected founders then partner with their AMP, receiving advice, educational opportunities and networking assistance. Those on the “Start” track also receive a startup capital grant.
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