FOR IMMEDIATE RELEASE
2 May 2012
MEDIA RELEASE: NR/10/12
ACE LAUNCHES MENTORING PROGRAMME
TO ACCELERATE STARTUPS’ GROWTH
1. Action Community for Entrepreneurship (ACE) Chairman Mr Teo Ser Luck launched a Mentoring Programme at an award ceremony for ACE Startups grant recipients today. ACE, the private-public sector movement that promotes entrepreneurship in Singapore, supports first- time entrepreneurs under its ACE Startups scheme with funding, access to networks and mentors in order to grow ideas into sustainable businesses. This is ACE’s latest initiative since January, when ACE Startups replaced the Young Entrepreneurship Scheme for Startups (YES! Startups).
2. Mr Teo Ser Luck, who is also Minister of State for Trade and Industry, presented 11 startups with the ACE Startups grant. He said, “In addition to funding, ACE will help the startups access valuable resources such as networks and mentors. The ACE Mentoring Programme is an intensive one- year programme where every startup supported by ACE will be mentored by experienced entrepreneurs. Having a mentor, one who can provide one- to- one guidance, can be especially valuable during the formative first year because it helps the startup get a leg up, shortens the learning curve, and accelerates their growth. This is one of the key initiatives by ACE to seed and build sustainable local businesses.”
3. Dr Steven Fang, Founder & Group CEO of Cordlife Ltd, who is also ACE Deputy Chairman and ACE Mentoring Sub-Committee Chairperson, shared that close to 30 mentors, comprising experienced entrepreneurs, angel investors, and senior management professionals, had come forward to volunteer their participation in the ACE Mentoring Programme. He said, “The entrepreneurship community has been extremely supportive, enthusiastic, and generous with their time and commitment. We are grateful to all the mentors who have stepped forward to lend their experience and expertise to help the startups build their businesses. I believe the ACE Mentoring Programme will seed many fruitful partnerships between mentors and mentees, and welcome more mentors to join the ACE family.”
4. He added, “We have kick- started the ‘match- making’ process, and are happy to share that several startups have already found their mentors. These startups include All ID Asia, which will provide smartcard and RFID solutions, Coordsafe, which will produce a device for the silver market, and Biggest Baddest Parties Inc., which will offer a mobile app for one- stop information on the local clubbing scene.”
5. Ms Elaine Teh, Executive Director of Octopus Group and serial entrepreneur, said it was a natural match for her and Biggest Baddest Parties Inc., the startup which she will be mentoring. Said Ms Teh, “My mentee and I were drawn to each other because we’re both in the F&B/entertainment business. I came onboard ACE because I wanted to put my experience from starting businesses —all 15 of them— to good use by sharing it with those aspiring to take that journey. As the more experienced entrepreneur, I may be the ‘sounding board’, but I believe that more fresh ideas will be generated when experienced and budding entrepreneurs put their heads together.”
6. ACE Startups grant recipient Mr Alfred Leong of All ID Asia said, “Starting a business has always been at the back of my mind throughout my years of working in the tech industry, With the ACE Startups grant, I’m now more motivated than ever. I’m also very fortunate to have Mr Lim Song Joo, who comes from a similar background, as my mentor. I hope to tap his depth of business experience and valuable network of regional contacts to springboard All ID Asia into markets beyond Singapore.”
7. More details on the Mentoring Programme and ACE Startups are in the annex.
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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.
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