GOVERNMENT GRANTS & SUBSIDIES FOR STARTUPS
We assist startups in claiming grants, strategising grant position, fulfilling grant criteria and the evaluation of grants claimable.
Our fees range from $180 depending on the type of government grant.
Our Government Grant for Startups services include:
The startup would be considered for investment if it possesses the following key business attributes:
- Has substantial innovative and/or intellectual property content developed or owned in-house
- Able to demonstrate a commercially viable business model from its products and/or services – this includes being able to secure some pilot/paying customers
- Able to articulate clearly its value proposition and potential for scalability in the target customer segment(s) and across international markets
- Has a committed and capable management team, with relevant experience and business acumen skills (e.g. business, industry, technical capability) and receptive to guidance from co-investors.
- Investment cap for each startup
- Co-investment ratio
- $2 million
- 7: 3 (up to $250,000) 1 : 1 (thereafter up to $2 million) – only for SSC’s investment
- $4 million
- 7: 3 (up to $500,000) 1 : 1 (thereafter up to $4 million) – only for SSC’s investment
Funds will be disbursed over several investment rounds in tranches based on milestones prescribed in each round.
Both startups and investors can apply for this co-investment equity scheme but the eligibility varies as below:
- It must be a private limited company incorporated in Singapore with a paid-up capital of at least S$50,000.
- It must not be a subsidiary or a joint venture.
- It must not be incorporated for more than five years./li>
- Its core activities must be carried out in Singapore.
- It must demonstrate that its products/services/applications are highly innovative and have substantial intellectual content.
- It must have high growth prospects and international scalability.
- It must have identified a third party investor(s) ready to invest in it.
- Business must not be involved in the following business activities: gambling, tobacco-related products, or any other activities which are in violation of law, or against public interest.
For third-party investors:
- The investor(s) must be able to contribute to the startup’s growth by means of mentorship through an experienced management team or help embed the startup into its supportive business network or value-adding expertise.
- The investor(s) must be prepared to invest at least $50,000 each into each startup.
- The investor(s) should not hold shares in the investee prior to the co-investment.
The following documents must be submitted for the first level assessment:
- Business plan
- Financial statements or management accounts
- Business ACRA
- Background of potential co-investor (if available)
- A two page executive summary providing the following details: ○ Company Profile – provide details on existing products/services, traction achieved, management profile etc. ○ Proposed Product/Solution and its Distinct Advantage – explain what needs or problems of the market will be solved, describe the novelty and merits. ○ Technology/Innovation to be Developed (if applicable) – describe the technology involved, stage of its development, potential hurdles in the development and prospective partners (if any). ○ Business Roadmap – Describe the go-to-market strategy, revenue model and scalability. ○ Competitive Landscape – Describe potential or existing competitors and your edge over the competition. ○ Use of Funds – provide details on estimated fund requirement and allocation along with information on any existing or potential investors.
A grant to develop technology ideas at conceptualisation stage to trial test the prototype
Your solution must:
- Clearly demonstrate how science/technology is applied;
- Be of a breakthrough level of innovation (i.e. distinctly different or new technology which either (i) has the potential to disrupt an existing market; or (ii) to replace, or create, a new market/purpose/niche);
- Lead to or build on proprietary know-how/IP;
- Be commercially viable.
- Fast-tracks the development of proprietary technology solutions, and catalyses the growth of startups based on proprietary technology and a scalable business model
- Companies may receive early-stage funding for the commercialisation of proprietary technology
Applicants should be: Startup companies
- Registered for less than 5 years at time of grant application;
- Registered or incorporated, and physically present in Singapore (Private Limited Entity)
- At least 30% local shareholdings;
- Company’s group annual sales turnover is not more than $100 million OR group employment size is not more than 200 workers; and
- Core activities to be carried out in Singapore.
QUALIFYING PROJECTS (Either one of them)
Proof-of-Concept (POC) Project
- Solution at conceptualisation stage (technical / scientific viability still needs to be proven)
- Explain clearly the innovative science or technology concept behind the solution
- Individual applicants from public sector research institutes must demonstrate entrepreneurial commitment to continue their technology commercialisation work upon successful completion of the project
- Maintaining financial discipline
- Inject an increase in paid-up capital of 10% for POC
- Grant capped at $250,000
Proof-of-Value (POV) Project
- Have a POC available, and wish to carry out further development of a working prototype
- Need to show the technology concept and commercial merit to be validated
- Also need to demonstrate proof-of-interest from a potential customer or 3rd party investor, and the other business competences to execute the project
- Maintaining financial discipline
- Inject an increase in paid-up capital of 20% for POV
- Grant capped at $500,000
There are three stages for Startup SG Tech: (About 3 months)
- Stage 1 (Registration of Interest)
- Stage 2 (Application and Evaluation)
- Stage 3 (Final Panel Evaluation)
Stage 1 (Registration of Interest):
- Submit a summary of the proposed project by completing the *Registration of Interest Form
- Form should be emailed to email@example.com
- Enterprise Singapore will inform project’s eligibility
Stage 2 (Application and Evaluation):
- If accepted, Enterprise Singapore will invite the company to submit a *formal application comprising of the full business proposal, cost breakdown and project proposal
- Proposals are assessed for the innovativeness, technical feasibility and commercialisation potential
Stage 3 (Final Panel Evaluation):
- Shortlist applicants will present their proposals to a final evaluation panel comprising of industry experts
- Decision of evaluation panel is final
STARTUPSG FOUNDER X ACE GRANT
All Singapore Citizens and Permanent Residents who:
- are first-time entrepreneurs
- hold at least 30% equity in the company
- are the key decision makers and committed to the company on a full-time basis
- In addition, the Startup Company must:
- be operating within six (6) months of incorporation at the point of application
- have minimum 51% Singaporean Citizen/PR shareholding
- have business activities conducted wholly or mainly in Singapore
- have not received funding for the proposed business idea from another government or organization
Your proposed business idea must not be in the following list:
- nightclubs, lounges, bars
- foot reflexology, massage parlours, beauty salons
- gambling, prostitution, social escort services
- ACE will match $3 to every $1 raised by the entrepreneur for up to $30,000.
- ACE will provide mentorship and assist the startups with advice, learning programs and networking contacts.
- How does the company differentiate itself from competition?
- How different or novel is the idea/product/service/business model/ process compared to what is available in the market?
Feasibility of the business model
- Is the revenue model sustainable?
- How does the company manage its cash flow?
- Does the company have potential to be scalable?
Potential market opportunity
- What market(s) is the business idea targeting?
- How big is this targeted market(s)?
- How does the company reach out to its targeted market(s)?
How committed and passionate is the team to the company?
What relevant skill sets does the team possess which would be useful in executing the business idea?
How is the applicant(s) contributing to the development of the company?