.jpg)
Embargoed until 5.00 am, Monday, 16 February 2009
13 February 2009
Media Release: NR/06/2009
SPRING Launches $30 million Incubator Development Programme to Nurture Innovative Startups
1. Young companies that have better access to critical resources and support can grow faster and stronger. To help speed up their growth, SPRING
2. Minister of State for Trade and Industry, Mr Lee Yi Shyan announced the IDP at a news conference today.
3. He said, “Incubation speeds up the development of startups, especially in their formative years. We can nurture young companies by making resources readily available to them, allowing them to grow strong and healthy. The IDP will support high-quality incubators. Under this programme, incubators have financing support to provide management guidance and mentorship to startups, rental space with flexible leases, and shared business services and equipment.”
4. “The IDP is one of a number of programmes to give our young enterprises and entrepreneurs a headstart. For
5. Full-suite incubators and venture accelerators, who provide only a certain service, may apply for funding under the IDP if they have a unique value proposition or programme that caters specifically for innovative startups. The types of assistance to be provided to startups may range from access to local or international markets, platforms to raise funds, access to qualified management or mentors as well as infrastructure and shared services.
6. Specifically, the IDP provides up to 70% grant support to incubators and venture accelerators to enhance their programmes and services provided to innovative startups. The supportable cost items include:
· Specific programmes introduced by the incubators and venture accelerators to help startups in product development, financing, market access, etc;
· Operating costs, including manpower cost of employing incubator managers and other operating expenses incurred in running the incubator/venture accelerator, e.g. transportation, training, marketing and events costs; and
· Cost of engaging mentors.
7. So far, three incubators (NUS Enterprise Incubator, NTU Nanofrontier and iAxil Pte Ltd) and two venture accelerators (Business Angel Network of
8. “We welcome this latest initiative by SPRING. iAxil has been providing incubation and advisory services, including business model development, financial planning, market intelligence, fund raising and access to new markets to startups since 1996. The IDP will give a shot in the arm to venture accelerator companies like ours and help even more leading-edge Singapore startups with their growth plans, especially in the current uncertain economic environment, said Mr Tan Yew Chin, CEO of Ascendas Land Singapore, parent company of iAxil Pte Ltd.
9. One innovative startup that has benefited from the incubation and mentoring services provided by NUS Enterprise Incubator is Personal e-Motion Pte Ltd. Said its Co-Founder and General Manager, Mr Stanley Han Xiaoyan, “NUS Enterprise Incubator has given enormous support to our venture in the past three years. Not only have we benefited from their funding programme, the extensive network NUS has managed to bring to the companies is of significant value. It has indeed helped our company to cross many chasms to reach to a whole new height.”
10. SPRING will identify and work with incubators and venture accelerators to support and enhance the services they provide to startups.
~~~ End of Media Release ~~~
About SPRING
SPRING
Please visit www.spring.gov.sg for more information and news about SPRING
For media enquiries, please contact:
Marion Abraham
Senior Manager, Corporate Communications
SPRING
Direct: 6279 3617
E-mail: marion_abraham@spring.gov.sg
Annex 1
Incubator Development Programme
Incubation accelerates the development of startups by providing them with critical resources and services. These services include assistance to obtain financing, management guidance and mentorship, rental space with flexible leases, shared business services and equipment. To enhance the services available to nurture innovative startups, the $30-million Incubator Development Programme (IDP) was introduced to support such initiatives and programmes run by incubators and venture accelerators. We are pleased to introduce the following incubators/venture accelarators and their respective programmes which have been supported under IDP:
NUS
NUS Enterprise Incubator provides startups with the necessary infrastructure such as office space, linkages and networking opportunities through its global mentorship framework as well as workshops and clinics to upgrade startup capabilities.
Services offered by NUS
|
Mentorship Scheme |
The NUS Mentoring Management Scheme provides an extensive network of local business mentors & global visiting mentors, who have strong depth in the key industry domains (e.g. IDM and Cleantech space) and specific business expertise (e.g. product road-mapping, manufacturing, fund-raising). |
|
Infrastructure |
The incubation infrastructure provides dedicated facilities for startups and access to our full suite of our incubation services from premier R&D resources, strong office support (e.g. IP/legal clinics), experienced management, business skills workshops (e.g. sales & marketing, fund-raising) to quality networking opportunities, as well as business development and funding platforms. |
|
Marketing |
With extensive contacts and access to numerous different platforms, NEI can help her incubatees to showcase and market themselves to a wider audience. These platforms include Global Entrepreneurship Week, the Technology Commercialisation Forum, and overseas marketing roadshows to the Silicon Valley, |
|
Funding |
NEI is managing several pre-seed and seed funding schemes to assist start-ups financially. These include the Cleantech Incubator Grant, Young Entrepreneurs Start-up (YES! Startup) Fund, the NUS Startup Fund (NSF) and Micro- Funding Scheme (MFS). |
For more information, please please visit NUS website at http://www.nus.edu.sg/enterprise/nec/vs/index.html, or you may contact Mr Wong Sang Wuoh, Head of NEI Incubator at neiquery@nus.edu.sg, tel: 6516 5461.
NTU Nanofrontier
NTU NanoFrontier is a technology commercialisation company specialising in making big opportunities from the "smallest" ideas. By bringing together the science, the finance, the resources, and expertise, NanoFrontier facilitates the commercialisation and development of great nanotechnology ideas. NanoFrontier's core strength lies in its ability to bring in resources from the government, universities and commercial partners, to facilitate technology development through the early "death-valley" stages of development.
Services offered by NTU Nanofrontier
|
Infrastructure |
NanoFrontier is able to draw on the university's research resources and equipment and allow incubatees to tap on a wealth of technical expertise across various disciplines. Companies will be able to have access to state- of-the-art nanotechnology- enabled tools and equipment for development, pilot production and project development. |
|
Mentoring |
NanoFrontier has a network of accomplished mentors, who provide a wealth of technical and business development experience and advice for each project. |
|
Investors and Networks |
NanoFrontier has a growing network of global investors and companies who are interested to invest into and/or license technology from our budding nanotech start-ups. |
For more information, please see http://www.nanofrontier.com.sg/ or you may contact Mr Ivan Goh, Project Manager of Nanofrontier at admin@nanofrontier.com.sg, tel: 6316 2950
iAxil Venture Accelerator Centre
iAxil is a one-stop centre providing a total solution to help entrepreneurs launch and grow their ventures. Leveraging on more than 10 years of experience, iAxil offers entrepreneurs and startups access to venture capital, business planning, financial modelling, market intelligence, recruitment of talent, branding, access to international markets and quick startup space.
Services offered by iAxil
|
Venture Accelerator Programme |
A dedicated programme which assists startups to launch, grow and expand. It comprises of modules focusing on business modelling, business/financial planning, fund raising, market testing and expansion planning. |
|
Infrastructure |
The infrastructure provides access to shared facilities and business support services, business seminars, networking platforms to create a conducive environment for companies to grow. |
|
Global Market Access Programme |
The programme leverages on Ascendas’ global network of partners to assist incubatees internationalise. Participating startups will undergo an intensive workshop which covers areas like IP protection, business partnerships, value propositions and fund raising strategies. Subsequently, overseas experts would be assigned to advise on marketing research and implementing the internationalization plans. |
|
Mentoring |
Through its network, iAxil has a pool of local and overseas experienced mentors whom provides expertise in management, technology, business strategy and finance. |
For more information, please see http://www.iaxil.net/ or you may contact Ms Tay Yiling, Senior Manager of iAxil at yiling.tay@ascendas.com, tel: 6774 2459
Business Angel Network (
BANSEA has an extensive network of nearly 100 members who have the experience and expertise to offer valuable insights to any startups. Many have private equity investment experience from various sectors and a track record in building successful companies. BANSEA members are keen to invest in startups with scalable business models, clear competitive advantages and high growth potential.
Services offered by BANSEA
|
Funding |
BANSEA organises 10-12 events a year for innovative startups to present their business proposals through elevator pitches to its members. |
|
Mentoring |
Under the BANSEA Startup Mentoring programme, BANSEA members are committed to provide advices and allow startups access to a wide range of expertise and skills available within its angel network. |
For more information, please see http://bansea.angelgroups.net/ or you may contact Ms Jenny Law at jennylaw@singnet.com.sg, tel: 6238 8651
Microsoft Innovation Centre
The Microsoft Innovation Centre (MIC) provides local software and promising companies with a comprehensive set of software and technical assistance to help them grow.
Services offered by MIC
|
Innovation. NEXT() programme |
A 4-stage programme targeted at startups focusing on web development, specifically applications that have the potential of delivering rich user experiences. It includes awareness workshops on technologies and solutions, hands-on-labs provide more in-depth and practical assistance by technical experts and access to global markets through Microsoft’s overseas linkages. |
|
BizSpark |
A global programme designed to help accelerate the success of startups by providing affordable software, market support through Microsoft’s global network partners and company profiling on Microsoft Startup Zone. |
For more information please see http://labs.innovativesingapore.com/ for MIC, www.microsoft.com/bizspark for BizSpark or you may contact Mr Chris Ismael at chism@microsoft.com, tel: 6888 8904