For startups, resources is important. To this end, the Action Community for Entrepreneurship (ACE) announced on 19 Jan 2012 it will be providing funding, networks and mentorship to 500 startups in an effort to promote entrepreneurship in Singapore.
Under this new programme called Ace Startups, Singaporeans and permanent residents who are first time entrepreneurs can receive up to $50,000 in a one-off grant for their startups. One interesting aspect of Ace Startups is that applicants older than 26 years old are eligible for this funding.
The grant will be disbursed in a co-matching basis – 70% provided by ACE Startups and the remaining to be committed by the applicants. Approval process takes about 6 weeks and applications will be evaluated by a panel team of venture capitalists, angel investors and entrepreneurs.
The aim of this fund, estimated to be $25 million, is expected to help startups become sustainable businesses. While this support for startups is heartening, it is far more important to have a feasible business plan and workable idea. After all, the funding will not be sustainable if the startups consistently burn cash and have insufficient income.