Innovative and small-medium enterprises (SMEs) have a key role in spurring Singapore’s economic growth. Many of them are developing capabilities to create a competitive edge but very often, they lack funding to sustain. SPRING Singapore, a government agency set up to cater to the growth of local companies, has various funding schemes to help them grow faster.
1) Angel Investors Tax Deduction Scheme is a tax incentive for business angles to invest in local start-ups
2) Business Angel Funds co-invests with business angels in local early-stage companies with innovative products/or services for up to $1.5million
3) Incubator Development Fund co-funds incubators and venture accelerators to mentor and develop local start-ups.
4) Spring Start-up Enterprise Development Scheme co-invests with third party investors in local innovative start-ups for up to $1.5million.
5) Technology Enterprise Commercialization Scheme co-funds early stage companies to develop and commercialize innovative technology ideas.
6) Young Entrepreneurs Scheme for Start-ups co-funds youths under 26 to set up their first businesses for up to $50,000.
There are several factors that enterprises should highlight in their business proposals to Spring Singapore, namely financial factors, strategic factors, economic factors, risks factors and management factors. I would further elaborate the details in my next posting. Stay tune.
**Note: The above statements does not represent Spring Singapore’s views and are solely based on my own opinions.