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New entrepreneurs to get S$20 million boost from Startup SG

SINGAPORE — Seventeen accredited mentor partners (AMP) from segments such as robotics, financial technology and medical technology have been appointed by enterprise development agency Spring Singapore to help first-time start-ups with mentorship and networking contacts.

SINGAPORE — Seventeen accredited mentor partners (AMP) from segments such as robotics, financial technology and medical technology have been appointed by enterprise development agency Spring Singapore to help first-time start-ups with mentorship and networking contacts.

The list of appointed mentors falls under the Startup SG Founder scheme.

Some incubators include the Action Community for Entrepreneurship (Ace), Focustech Ventures, Nanyang Technological University’s NTUitive, National University of Singapore’s NUS Enterprise, Trendlines Medical and Pollinate, a joint polytechnic initiative led by Ngee Ann Polytechnic.

First-time entrepreneurs can approach AMPs with an innovative business idea.

From there, the selected start-ups will be recommended through the appointed AMPs.

The AMPs will identify eligible start-ups based on the uniqueness of the business concept, feasibility of business model, strength of management team and potential market opportunity before recommending them to Spring Singapore.

The AMPs will work with the start-ups to meet milestones.

Upon verification of milestones, Spring will disburse the grant to start-ups, worth S$30,000 over a 12-month period.

The scheme, with a budget of S$20 million, works with AMPs to tighten partnerships between start-ups and private sector partners.

The call to invite AMP participants had about 45 interested parties, of which 17 were selected, said Spring’s group director for industry & enterprise / innovation & start-ups Edwin Chow in a media briefing yesterday.

The AMPs were evaluated based on criteria such as their track record in grooming start-ups, the management team, connection to the market, and funding availability for the start-ups.

All AMPs will be appointed on a three-year basis.

Spring plans to grow the pool of AMPs after its next call for collaborators, which will happen at the end of the year.

The milestones will not be a one-size fits all approach, said Mr Chow.

“It will be somewhat customised. We have consciously made a decision that the Government cannot know best. Better to work with the private sector … who do this day-in, day-out.”

Responding to a question from TODAY on the challenges of setting up milestones for some start-ups that may be more idea-intensive and less quantifiable, such as deep tech start-ups, Mr Chow said that regardless of the business, “we are confident that based on the set of 17 AMPs, all of them actually know the sector and technology well enough to come up with milestones that makes sense … (and) you would be able to define what success looks like”.

The AMPs are also free to provide their own separate funding if they wish to.

“We are not going to dictate and interfere in the arrangement with the start-ups … this is something that is between the AMP and the start-up,” said Mr Chow.

NTUitive’s chief operating officer Ang Hwee Ching said the initiative will have a “catalytic effect” in making the ecosystem more dynamic.

Ms Ang sees the grant as an “added benefit” for the start-ups, which will encourage new entrepreneurs to come onboard.

Focustech Ventures’ founder and CEO Kelvin Ong said that the 17 AMPs and their various focus areas provide a more targeted support to the start-ups.

Mr Ong shared that the start-ups under the Startup SG Founder scheme will not be given different treatment compared with the other start-ups under their wing.

He added that they would consider investing in the start-ups if the companies show potential.

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