1.                  More budding young entrepreneurs can now tap on SPRING Singapore’s youth entrepreneurship fund to start their innovative business. The Young Entrepreneurs Scheme for Startups, or YES! Startups, will be launched by Mr Lee Yi Shyan, Minister of State for Trade and Industry and Minister in charge of Entrepreneurship, at the Opening Ceremony of Global Entrepreneurship Week on 18 November 2008.

 

2.                  YES! Startups complements the Young Entrepreneurs Scheme for Schools, or YES! Schools, launched last month. Both schemes tap on the $25 million Entrepreneurial Talent Development Fund (ETDF), which was launched four years ago to provide seed money to students to turn their innovative ideas into businesses.

 

3.                  To date, 120 students and alumni from nine participating polytechnics and universities have tapped on the ETDF for 48 business ventures. Having gained traction, the fund will now be extended beyond students and alumni of Institutes of Higher Learning (IHLs), to all Singaporean/Permanent Resident youths aged 26 years and below. YES! Startups also allows more flexibility with regards to the source of the co-matching fund required.

 

4.                  Through these two new schemes (YES! Schools and YES! Startups), support will now be available for both the commercialisation of innovative ideas as well as ignition of interest in entrepreneurship among youths.

 

5.                  YES! Startups will be available over a five-year period. Funds of up to $50,000 will be provided for each youth venture in the ratio of $4 to $1. This means applicants can get up to 80% support but will first have to raise the remaining 20% through self-funding or funding from their schools or third-party sources.    

 

6.                  To be eligible, applicants must meet the following criteria:

·        Singapore citizen or Permanent Resident, aged 26 years or below on the date of application;

·        Parental consent must be sought for those below 18 years old;

·        First-time entrepreneur; and

·        Incorporation of a Singapore-registered private limited company (upon approval).

 

7.                  SPRING Singapore will evaluate applications and business plans based on the following criteria:

·        Innovativeness of the idea;

·        Feasibility of the business model; and

·        Potential Market Opportunity

 

8.                  Applicants are encouraged to approach their schools and alma mater for advice on setting up a business. At the same time, applications supported by the Institute of Higher Learning (IHLs)[1] in at least one of the following three areas can benefit from a ‘green lane’ approval:

 

9.                  Successful applicants will be able to tap on SPRING’s partners for advice. They include mentors from the Action Community for Entrepreneurship (ACE), business incubators and venture accelerators supported by SPRING.

 

 

11.             YES! Startups targets to support another 250 startups over the next five years.

 

12.             Aspiring young entrepreneurs can find out more about YES! Schools at www.spring.gov.sg. Interested applicants can apply for YES! Startups from 19 November 08 by contacting SPRING via email: yes_startups@spring.gov.sg. SPRING will also be conducting briefing sessions in December.

 

SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. We work with partners to help enterprises in financing, capabilities and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING also develops and promotes internationally-recognised standards and quality assurance to enhance competitiveness and facilitate trade.

 

Please visit www.spring.gov.sg for more information and news about SPRING Singapore.

 

Mobile: 9750 2903

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