Boosting startups through Startup SG
Branding, funding, and talent attraction – three areas where startups will receive more support from the Government.
03 Mar 2017
Helping startups was the focus of Minister of State for Trade and Industry Dr Koh Poh Koon’s speech in Parliament on Friday, 3rd March.
To support startups, Dr Koh said that the Government will strengthen support in three key areas – branding, funding, and talent attraction.
The Government will establish an umbrella branding – Startup SG – to unify startup support schemes. Some of the schemes under the Startup SG branding include:
● Startup SG Founder for first-time entrepreneurs
● Startup SG Tech for the development of deep-tech innovations
● Startup SG Equity to incentivise equity co-investments for startups
● Startup SG Accelerator for incubators and accelerators
● Startup SG Talent for talent development
With the branding, it will be easier for budding entrepreneurs to identify the relevant schemes for their needs. The Government will work with other stakeholders to strengthen the “Startup SG” brand.
Under the Startup SG Equity scheme, the Government’s co-investment portion for deep-tech startups will be doubled from S$2 million to S$4 million. The proportion of Government’s co-investment funding support for supported investments will be increased from 50% to 70%.
EntrePass, a work pass scheme for foreign entrepreneurs keen to start a business in Singapore, will be enhanced to create a more conducive environment for promising global talent.
The three key changes are:
● Removal of the requirement for applicants to have a paid-up capital of at least S$50,000 in their startups.
● Broadening the evaluation criteria for global startup founders with an established track record.
● Extending the validity of each EntrePass from the current one year to two years, after the first renewal at Year 2.