Incubators and accelerators are critical in a startup ecosystem to drive the growth of innovation, commercialisation of ideas and patent creation. Singapore is evolving as a startup hub in the region because of its rich ecosystem as well as the robust Intellectual Property (IP) regime. To enhance the vibrancy of the ecosystem, the government has implemented several schemes that go beyond financial, infrastructural and tax-based stimulants. One such scheme is Startup SG Accelerator, under the Startup SG umbrella scheme.
Overview of Startup SG Accelerator
The scheme is aimed to catalyze accelerators and incubators that are engaged in nurturing startups in Singapore. It provides support in the following areas for incubators and accelerators-
- Funding to support the costs of developing programme(s) that help startups develop new products and services, obtain business financing, improve market access, etc
- Funding to support the costs of hiring of mentors and experts to provide management and technical guidance to startups
- Funding to partially support operating expenses such as salaries for the incubation team
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Eligibility Criteria for Startup SG Accelerator
In order to qualify for Startup SG Accelerator, you must:
- Be an incubator or venture accelerator having an exceptional value proposition or exclusive schemes to help startups commercialise ideas, access finance or investment, gain access to talent, training or mentorship and guidance
- Possess a sustainable revenue model
- Have an expert and experienced management team capable of nurturing innovative startups that are early-stage through their growth phase
It must be noted that the scheme is purely targeted at accelerators and incubators therefore, venture capital firms and consultancies would not be eligible for the scheme.
There are presently 11 accelerators and incubators listed as partners in the Startup SG Accelerator scheme and their sectoral focus ranges from Medtech, Fintech, Internet of Things (IoT), Artificial Intelligence (AI), Robotics, Data Analytics, Smart Logistics to Cybersecurity.
Grab the Startup SG Accelerator opportunity and start a business today
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