StartUp SG Founder “Start” Track
For the “Start” track, teams of entrepreneurs with innovative business ideas can approach any Enterprise Singapore-appointed Accredited Mentor Partners (AMP) with their innovative business ideas. The AMPs will identify and recommend qualifying applicants for funding support 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. Enterprise Singapore will also provide the startups with a startup capital grant of $50,000. Startups are required to raise and commit S$10,000 as co-matching fund to the grant.
The grant is open to all Singaporeans/Permanent Residents who meet the following conditions at the time of application:
• The team has at least 3 SC/PRs, who are the main applicants of the grant; At least 2 of the 3 main applicants are first-time entrepreneurs
• The main applicants who are first-time entrepreneurs must hold a minimum of 30% equity in the company collectively; The company must have a minimum 51% SC/PR shareholdings
• The company must not be more than 6 months of incorporation at the point of application to the AMP; The 3 main applicants must contribute meaningfully to the company, and not be employed by another employer; At least 2 of the 3 main applicants should be committed full time to the company, and must be key decision makers to the company
• The main applicant(s) must not have received any funding for the proposed business idea from another government organization
• The proposed business idea must not be in the following list: cafes, restaurants, night clubs, lounges, bars, foot reflexology, massage parlours, gambling, prostitution, social escort services, employment agencies (including recruiting foreign work permit holders and workers/support staff, relocation services, and manpower services), and geomancy.