Startup SG Tech
The Startup SG Tech grant supports the development of proprietary technology solutions, and accelerates the growth of technology-based startups that have a scalable business model. Through the grant, companies may receive early-stage funding for the commercialisation of proprietary technology. The program includes share subscription rights of 50% of the awarded grant amount to Enterprise Singapore.
Eligible applicants will receive funding support capped at S$250,000 for Proof Of Concept and at S$500,000 for Proof Of Value projects. A separate application is required for each grant phase.
Your company must meet the following criteria in order to apply for this program:
- Be registered for less than 5 years at time of grant application;
- Have at least 30% local shareholdings;
- Company’s group annual sales turnover is not more than S$100 million or group employment size is not more than 200;
- Core activities to be carried out in Singapore.
The product or solution that your company plans to offer must:
- Clearly demonstrate how science or technology is applied;
- Be of a breakthrough level of innovation;
- Lead to or build on proprietary know-how or IP;
- Be commercially viable.
PROOF OF CONCEPT (POC)
You should apply for this grant when your solution is at the concept stage, and the technical or scientific viability still needs to be proven. You should clearly explain the innovative science or technology concept behind the solution.
PROOF OF VALUE (POV)
You already have a technically or scientifically viable concept, and you wish to carry out further development of a working prototype, to validate the commercial merit of an established concept. You need to show the technology concept you are building on, and the commercial merit to be validated. You will also be required to demonstrate proof-of-interest from a potential customer or 3rd party investor, and the necessary business competencies to execute the project.
The procedure involves a three-stage application. In the first stage, a summary of the project is submitted to Enterprise Singapore. If after the initial review the project is found to be eligible, a more detailed application has to be submitted in the second stage. Shortlisted applicants from the second stage are invited to present their proposals to a final evaluation panel comprising industry experts. The decision of the evaluation panel is final. For projects that pass all three stages, it takes approximately three months from the date of submission of the second Stage proposal to issuance of a letter of offer for the Startup SG Tech grant.
Our Incentives consultants can help you with the preparation and submission of both applications in a form that highlights the innovative and commercialization aspects of your project to increase your chances of an award. You will work closely with our consultants; they will gather information from you and complete the application submission in collaboration with you. Learn more about our Incentives services.
NOTE: This is information has been prepared by CorporateServices.com based on a survey of available public information. While it is assumed to be correct, no guarantee is provided and the reader should verify the information.