i.JAM calling for incubators

The IDM Jump-start and Mentor (i.JAM) program is calling for incubators to support and mentor promising startups. Selected incubators will work closely with the IDM Programme Office to assist startups to secure Series A funding.

Interested incubators must be Singapore-based, demonstrate expertise and experience in working with seed stage startups. They must be able to provide a minimum funding of S$100,000 (US$83,000) and up to S$250,000 (US$207,000).

A maximum of S$100,000 will be  matched by the IDMPO, an inter-agency organization set up by the government’s National Research Foundation (NRF).

To apply, incubators must submit their proposal to the IDMPO by 5pm on 30th September, 2011. More details on eligibility criteria and application process can be found here.

This round of i.JAM funding, called iJAM Reload, will come in two tiers. The first tier provides S$50,000 in funding for selected startups, administered through the incubators. Companies which fulfill IDM’s criteria can apply for tier 2 funding, which will match funding secured from independent investors.

The second tier funding is designed to bridge the gap between initial seed funding and Series A funding of S$500,000 and above.

In Singapore, the government has been generous in providing funding to startups that have potential to scale. While some in the local entrepreneurial community praise initiatives like these, others are more critical of their implementation.

Entrepreneurs and investors often complain that the government doesn’t understand startups, and would prefer that civil servants stay away from the startup scene.

The government, on the other hand, recognizes that the entrepreneurial culture in Singapore is still nascent and Singaporeans on the whole are risk-adverse. Hence, government support is necessary to encourage citizens to take bold steps forward.

Besides i.JAM, other prominent government-run funding schemes include: NRF’s Technology Incubator Programme, IDA’s iSTART:ACE scheme, as well as a variety of programs from SPRING Singapore.

For more insights into the entrepreneurial landscape in Singapore, check out this Wikileaks document which captures the US Embassy’s perspective, articles from Singaporean entrepreneur Bernard Leong (here, here, and here), and findings from the Global Innovation Index 2011.

Much has also been written about whether governments should get involved in entrepreneurship. Steve Blank has an interesting take on this, and so does Brad Feld.

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