The scheme offers funding to support two stages of innovation projects – Proof of Concept (POC) and Proof of Value (POV). Depending on the stage of development, startups can apply for funding under the scheme.
The funding is capped at S$250,000 and S$500,000 for POC and POV respectively. In order to anchor the applicant’s commitment in the project, the scheme requires successful recipient companies to increase their paid up capital by 10% and 20% of the funded amount for POC and POV respectively.
The funded amount is divided and disbursed in tranches upon achievement of specific pre-agreed milestones in the project. To begin with, upon reaching the pre-requisite milestones, 20% of the funded amount is disbursed to ease the cash flow of the company thereby enabling it to kick-start the project.
The scheme also includes an equity component whereby Enterprise Singapore or its appointed nominee has the rights to exercise a share subscription of 50% of the awarded funds; this is capped at 49% of the total shareholding of the company. The share subscription rights will be exercised when a qualifying equity financing round occurs. Enterprise Singapore or its appointed nominee will seek to divest at the subsequent equity financing round.
Only applicable for startups operating in the below sectors.
For more information.
What we deliver
- Corporate structure to TRUST 31% of the shares of the company to a Singaporean or Singaporean PR;
- Register of interest Application to Enterprise Singapore;
- Full business proposal and cost breakdown, including innovativeness, technical feasibility and commercialisation potential;
- Business license registered with ACRA;
- All contracts including trust agreement.
Who is this for
Owner of Startups in Singapore or Worldwide wanting to receive early-stage funding for commercialisation of proprietary technology, with;
- 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;
- Require funding for one of the following projects;
- Proof-Of-Concept (POC) Project
Your solution is at the conceptualisation stage, and the technical/scientific viability still needs to be proven.
- Proof-Of-Value (POV) Project
You already have a technically/scientifically viable concept (POC available), and you wish to carry out further development of a working prototype, to validate the commercial merit of an established concept.
Why you should get it
To ease cashflow pressures to continue its research and development. Being involved in Startup SG Tech puts the startup on the radar of government-appointed venture capitalists in Singapore keen to invest in nascent industries.
What we guarantee
- Startup owner will own a registered business in Singapore eligible to tap into this funding;
- Corporate structuring services to headquarter your startup in Singapore;
- A highly capable and resourceful third-party local director knowledgeable about dealing with Enterprise Singapore and the evaluation team.