Funding Networks under Government in Singapore
For entrepreneurs in Singapore, there is a vast support of funding network structure in place. Of course, there are specific requirements that these funding networks require before they can help you. Before you decide to seek help from them, we highly recommend that you visit their websites and also email the persons in charge. In this article, we provide a simple guide to help entrepreneurs to find funding networks that are related to the government in the country.
Deal Flow Connection: This is a project of the Finance Action Crucible of ACE. Deal Flow Connection is a gateway where businesses can match their deals with different sources of finance ranging from loans to equity funding such as venture funds and private placements. It also provides entrepreneurs with a first point of contact through its Finance FirstStop@SMECB where queries on finance related issues will be facilitated.
DEALS, EDB
This is an initiative by the Economic Development Board. DEALS is an online solution that matches start-ups and emerging companies seeking venture funding from the Singapore venture capital community. You need to register either as an investor or an entrepreneur in the portal so that they can contact you regarding opportunities for funding.
The Enterprise Challenge
The Enterprise Challenge (TEC) is a $29M Fund set up to provide funds for innovative proposals that have the potential to create new value or significant improvements to the delivery of public service. TEC provides funding and test beds for such innovations that needs to be trial tested so that their feasibility and practicality can be proven. The purpose of TEC is to encourage creativity, innovation and enterprise among our people, to spark, develop and fund initiatives that can create new value for the Public Service and fundamentally improve the delivery of public service. Besides providing trial funds, TEC will also identify and nurture some very promising innovative ideas to their fullest potential by providing facilitation resources, and funds for experimentation or trial testing.
Hotspots, Singapore
Initiated by the Singapore Economic Development Board (EDB), HOTSpots, is a programme that aims to boost technopreneurship in Singapore by linking up technopreneurs and technology-related companies across the island.”H.O.T” in HOTSpots stands for “The Hub Of Technopreneurs” which boasts of over 500 technology-related companies and a total prime space of 475,000 square metres offering an exciting mix of hard and soft infrastructure solutions. The incubators in NUS and NTU are also part of this program.
Editor’s Note: The information are extracted from the section “Access to Funding Networks” from the ACE website and also from the various sites themselves.
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2 Comments, Comment or Ping
Ken
Not sure how things is now but the last time I tried a government funding scheme I threw my hands and gave up. The stack of paperwork and the inflexibility of the whole exercise is just a huge pain. To be fair we did get some money out of the former NCB before.
On the other hand I know people who are really good at getting funding for multiple projects. But it just ridiculous to hear huge funding given to a doomed idea only to really fail few years later.
To entrepreneur OPM (Other People Money) is always good. :)
Aug 23rd, 2006
Shanx
Concur with Ken. Getting funding from govt is a) anal, and b) almost a sureshot sign that the idea is so pathetic that it cannot procure funding from other sources, and c) certain way of wasting more time filling forms than running your business. I’d say stay clear of it and go for real financing. VCs may be hyenas but they’re usually more competent than the government.
Apr 2nd, 2007
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