More Funding Are Available For Entrepreneurial Start-ups
More funding and mentorships are available for start-ups, with the Action Community for Entrepreneurs (ACE) scheme. This was announced by Minister of State for Trade and Industry Teo Ser Luck during ideas.inc. Starting Up conference in Singapore. This is in line with the Ministry’s goal to create a more entrepreneurial country.
ACE is a public-private sector movement that promotes entrepreneurship in Singapore, in collaboration with the Ministry of Trade and Industry.
Earlier this year, ACE launched a mentoring programme to accelerate start-ups’ growth. The Ace Mentoring Programme was set up as part of ACE’s goal to provide start-ups with access to funding, networks, and mentors to help them grow into sustainable businesses. It is an intensive one-year programme where every start-up supported by ACE will be mentored by experienced entrepreneurs. The mentors who are angel investors and professionals in the start-up sector volunteer their time in the programme on a pro bono basis.
Twelve (12) new partners, including universities, polytechnics and industry associations have joined the scheme. In the next three years, these partners will help 100 aspiring entrepreneurs start their businesses.
Seed funding is one of the supporting strategies to help the aspiring entrepreneurs start and build their business ventures. Under the ACE scheme, first-time entrepreneurs can receive up to S$50,000 to grow their business.
Meanwhile, some 400 students, entrepreneurs, investors and experts were at the event to share insights and network.
During the conference, Mr Teo imparted to the participants that to promote entrepreneurship, it is important to develop a culture of risks and accepting failure.
The six finalists of the ideas.inc. Business Challenge were also announced at the event.
The projects of participating start-ups include educational dolls to explain medical procedures to children, and technology for smartphone users to enlarge the small display on their phones to a larger, tablet-sized screen. Promising start-ups can receive up to S$500,000 of equity funding from investors.
The conference was organised by the Nanyang Technopreneurship Centre of Nanyang Technological University.