Startup SG Founder
Published by Enterprise Singapore
on 29 Nov 2019
Purpose of the Scheme
Startup SG Founder provides mentorship and startup capital grant to first-time entrepreneurs with innovative business ideas. Enterprise Singapore will match $3 for every $1 raised by the entrepreneur.
Enterprise Singapore has appointed Accredited Mentor Partners (AMP) that will identify qualifying 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.
Apply for Startup SG Founder through an Accredited Mentor Partner (AMP). Applicants will need to complete the Startup SG Founder Application Form and submit it to their selected AMP for consideration. If the AMP assesses that the applicant has met the eligibility and evaluation criteria, the AMP can recommend the application to Enterprise Singapore, together with appropriate milestones for disbursement of grant amounts. Enterprise Singapore will inform the applicant and AMP 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 AMP;
- 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.