SINGAPORE: The grant support for first-time start-up entrepreneurs will be raised to S$50,000, as part of enhancements to a support programme aimed at spurring more new innovative start-ups in Singapore.
The Startup SG Founder programme will also have a three-month venture building programme to groom aspiring entrepreneurs, said Enterprise Singapore (ESG) on Thursday (Aug 20).
These details come after Deputy Prime Minister Heng Swee Keat announced in his ministerial statement on Monday that up to S$150 million will be pumped into the Startup SG Founder programme, as part of efforts to continue to spur innovation and entrepreneurship in Singapore.
Making the announcement during a visit to an incubation centre at the Singapore Management University on Thursday, Trade and Industry Minister Chan Chun Sing said: “We are determined to grow a new generation of companies from Singapore to serve not just the Singapore market, but also the regional and global markets.
“In every crisis, there are always opportunities for us to grow a new generation of companies. And this crisis is no different.”
With the COVID-19 pandemic, the Government has accelerated some of its initiatives to help local start-ups grow and penetrate new markets, he added.
Mr Chan said Singapore now has a very vibrant start-up scene, with several encouraging developments in recent years including a more diverse range of start-ups beyond Internet platforms and the hiring of both young and mature workers.
According to the Action Community for Entrepreneurship (ACE), Singapore now has 3,600 tech start-ups employing about 18,000 people across various industries.
Many of these start-ups are formed in the last five years, said ACE chairman James Tan.
The “very vibrant ecosystem” also includes about 150 venture capital firms and 100 incubators, he added.