TO BE EMBARGOED UNTIL 10.30AM ON SATURDAY, 22 SEPTEMBER 2012

 

22 September 2012

MEDIA RELEASE: NR/26/12

 

100 ASPIRING ENTREPRENEURS TO GET HELP FROM ACE PARTNERS

                                                                                                                                    

1.      The Action Community for Entrepreneurship (ACE) will help 100 aspiring entrepreneurs to start their business through 12 appointed partners in the next three years. The partners, who are from the universities, polytechnics and private sector, will provide first-time entrepreneurs with funding support and access to networks and mentors to grow their ideas into sustainable businesses.   

 

2.      ACE Chairman Mr Teo Ser Luck, who is also Minister of State for Trade & Industry, announced this at the ideas.inc. business plan competition organised by the Nanyang Technopreneurship Centre (NTC) today.

 

3.      Besides the Nanyang Technological University, the other partners are the National University of Singapore (NUS), Singapore Management University (SMU), Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic, Temasek Polytechnic, ITE College East, the Social Enterprise Association (SE Association), the Singapore Infocomm Technology Federation (SiTF) and *SCAPE.

 

4.      Mr Teo said, “The partners that ACE is working with have a proven track record and the capabilities to identify, seed, and nurture differentiated start-ups. The start-ups will be put through a rigorous and structured programme, where they will be equipped with essential skills and knowledge, have their business ideas validated and receive mentoring.”

 

5.      Besides evaluating the ACE Start-ups applications, the partners would provide support such as funding, incubation and putting in place an intensive mentoring programme for the first year. Some partners like the NUS may invest directly in the start-ups while others can facilitate third-party investments. Private sector partners like the SE Association, SiTF and *SCAPE can provide customised support to start-ups in areas such as social entrepreneurship, ICT, and retail.

 

6.      Ms Lynette Lee, Managing Director of *SCAPE, said, “*SCAPE is all about empowering our young people to live out their entrepreneurial dreams.  We have specially designed new facilities such as the HubQuarters and the *SCAPE Retail UNDERGROUND with a start-up’s needs in mind, and are confident of giving young entrepreneurs, literally, the space and training ground to test out and develop their business ideas at *SCAPE. We are excited to be ACE’s partner as it will strengthen our position to help more deserving entrepreneurs access funding for their concepts.”

 

7.      Mr Roger Yuen, Chairman of SiTF’s start-up initiative 123JumpStart, added, “123JumpStart was launched earlier this year to bridge the gap between technopreneurs and the market by providing them with funding, incubation space, and matching them with suitable ICT industry leaders who can help them ‘jumpstart’ their way to success by imparting crucial business experience. As an ACE Start-up partner, we will be able to open up more avenues for our start-ups to realise their dreams of building great technology companies.” Mr Yuen is also the Founder & CEO of Clozette, a fashion social networking site. 

 

8.      Mr Teo said that having the partners on board would help to extend the reach of the ACE Start-ups scheme, which was launched in February this year. Some 350 applications have been received in the last six months. This is more than four times the number of applications received under the Young Entrepreneurs’ Scheme for Start-ups (YES! Start-ups) for the same duration.

 

9.      One of the ACE Start-ups grant recipients is Mr Alfred Leong, who left a well-paying job in a local IT firm to start All ID Asia. He has developed an integrated Automatic Identification and Data Collection solution platform which is being used by companies for ID card and visitor management.

 

10.  Mr Leong recalled, “Starting a business has always been at the back of my mind in my years of working in the IT industry. When I applied for the ACE Start-ups grant, I did not expect the business to take off the way it did, generating revenue within five months of starting up! I’m very fortunate to have Mr Lim Song Joo, who comes from a similar background, as my mentor. We consult him often, and he has been extremely generous with his time and guidance. By tapping his experience and network of regional contacts, and with support from ACE, we will be in a strong position to springboard All ID Asia into markets beyond Singapore.”

 

11.  Another recipient, Zinicat, has just tested the beta version of its food and dining mobile app. The co-founders, Mr Thomas Wong and Mr Daniel Yap, built on their working experience in the financial sector to develop an app that delivers customised food recommendations based on a user’s profile. Zinicat is making good progress and will launch its product by the end of the year.

 

12.  ACE Start-ups is also supporting determined entrepreneurs like Mr Yow Yong Hui who started Uberquery, an online B2B platform that helps deal sites to source for products globally. Mr Yow put his studies on hold to pursue his entrepreneurial dream and has persevered despite facing challenges, such as working with a co-founder who is based overseas.

 

13.  Mr Teo said, “Start-ups like All ID Asia and Zinicat show that with guidance, good ideas can be transformed into viable businesses. Uberquery has shown that Singaporeans with the determination and passion to start their own business need not strike out on their own; they can talk to ACE or any of our partners. With the range of experience, expertise and networks of our partners, aspiring entrepreneurs will be able to tap the assistance they need to embark on their entrepreneurial journey.”

 

14.  More details on ACE and the ACE Start-ups partners are in Annexes 1 and 2.

 

--- End of media release ---

 

 

 

For media enquiries, please contact:

Ng Cuili (Ms)

Manager, Corporate Communications

SPRING Singapore

Direct: (+65) 6279 1812

Mobile : (+65) 9634 4425

Email: ng_cuili@spring.gov.sg

 

About Action Community for Entrepreneurship

The Action Community for Entrepreneurship (ACE) is a public-private sector collaboration which aims to create a more entrepreneurial Singapore. ACE works with partners to promote a pro-enterprise environment; foster an entrepreneurial culture and mindset; and facilitate networking and learning among entrepreneurs. For more information, visit www.ace.sg.