IDA launches new accreditation scheme for tech start-ups’ finances

SINGAPORE — The Infocomm Development Authority (IDA) launched a new Government accreditation programme today (April 24) to help small start-ups gain some form of official financial accreditation.

Launched by the IDA this morning, the new scheme will allow qualifying start-ups, which had previously lacked the EPPU financial grading that was required to apply for some government tenders, to use this accreditation in place of the grading.

This will pave the way for young technology start-ups who have thus far found it difficult to compete for government projects to do so, as well as build up their capabilities so they can compete not just in the domestic market, but globally.

However, as the scheme does not track the revenue of the company, it cannot serve as a replacement for the financial grading.

In order to qualify, start-ups should have software products which are unique and non-commoditised, and also have appeal domestically and globally.

This scheme was announced at the opening of IDA Labs today, which was officiated by Minister for Communication and Information Dr Yaacob Ibrahim.