MDA, Singtel, NUS Join Hands To Incubate Startups With Blk71
April 5, 2011 by SGE
“Blk71″ aims to be the next big thing for startups in the interactive digital media sector. An incubation programme set up by the Media Development Authority, SingTel Innov8 and NUS Enterprise, Blk71 is based in the west of Singapore at the new media hub, Mediapolis Phase 0. Space, events, funding are all part of the Blk71 equation.
According to the press release, it is “designed to allow startups to gain one-stop access to the resources they need to effectively develop and market their solutions to customers.”
“As part of Blk71, MDA and SingTel Innov8, the corporate venture arm of the SingTel Group, have signed a Memorandum-of-Understanding (MOU) to provide funding and create a dynamic environment for start-ups. Under the MOU, both parties will make joint Calls-for-Proposals (CFPs) which will provide successful start-ups with up to S$50,000 of initial seed funding and opportunities for follow-on funding of S$200,000 or more. MDA and SingTel Innov8 will also co-sponsor activities such as industry speaking engagements, workshops and networking events. To support these initiatives, MDA and SingTel Innov8 will commit an initial sum of up to S$2 million each over three years.
MDA will also allocate office and incubation space at Mediapolis Phase 0 located at Block 71 Ayer Rajah Industrial Estate, where NUS Enterprise and SingTel Innov8 have already signed on as anchor tenants. NUS Enterprise and MDA will work together to manage the facility to foster a vibrant environment for IDM-related start-ups, investors, technology incubators and industry partners.
NUS Enterprise will leverage its experience and networks as an incubator to manage the Blk71 incubation space.”
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Covering the Singapore and Southeast Asia startup and entrepreneurship scene since 2005.Read other posts by SGE