Press Release: SPRING launches $4.5 million YES! fund to promote entrepreneurship in schools

1. Polytechnics, ITE colleges, junior colleges and secondary schools can now tap on a $4.5 million fund to develop programmes and activities to engage students in entrepreneurship learning opportunities. The Young Entrepreneurs Scheme for Schools or YES! Schools will be launched by Mr Lee Yi Shyan, Minister of State for Trade and Industry and Minister in charge of Entrepreneurship at the Spirit of Enterprise Awards Ceremony 2008 on 10 October 2008.

2. YES! Schools taps on the $25 million Entrepreneurial Talent Development Fund (ETDF). ETDF, which was first launched in July 2004, provides seed money to students with sound business plans. To-date, 117 students and alumni from nine polytechnics and universities have tapped on the fund for 46 business ventures.


3. Available over a five-year period, YES! Schools will provide full funding to support structured entrepreneurial learning activities in schools. Each year, the schools will have the following amounts to tap on to fund their projects:
a. Up to $100,000 per polytechnic;
b. Up to $50,000 per ITE college; and
c. Up to $10,000 per junior college/secondary school.


4. SPRING Singapore, who will manage the fund, will evaluate projects submitted by schools based on the following criteria:
• Entrepreneurship and innovative elements: The proposal should highlight the innovative approach of the project in entrepreneurship learning;

• Holistic approach: The proposal should cover a comprehensive programme on the entrepreneurship learning activities to cultivate a mindset for enterprise among the students and/or teachers;

• Hands-on (experiential) learning component: The proposal should demonstrate the feasibility of the project and outline the steps taken to ensure effective learning outcomes for students. Projects should also require students to put to practical use the lessons learnt; and

• Reach of project: The proposal should indicate the number of students who will benefit from the project.


5. One important component of the programme is that the schools should have a mentor, preferably an experienced entrepreneur who has gone through the journey, and can guide and share experiences with the teachers and students. Mentors could be sought from school advisory boards and alumni, as well as organisations such as the Action Community for Entrepreneurship or Spirit of Enterprise.


6. Through YES! Schools, SPRING Singapore, with the support of the Ministry of Education, will support schools that have a comprehensive plan to develop entrepreneurial mindsets and skills through ‘learning by doing’.


7. “Singapore needs to have more of our homegrown enterprises with their own creative and innovative products and services competing in the world market. While SPRING has put in place schemes to groom start-ups and young companies, we need to go back one step and look at encouraging our youths to be more innovative and entrepreneurial and there is no better place to start than the schools. The YES! Schools will help to increase awareness of entrepreneurship among youths and educators and inspire our young people to try out new ideas,” said Mr Png Cheong Boon, Chief Executive, SPRING Singapore.


8. The target is to support 30 schools in the pilot year and scale up to 80 schools in the subsequent years.


9. Schools interested in applying for YES! Schools can do so from 1 November by contacting SPRING via email: yes_schools@ spring.gov.sg. SPRING will be conducting briefing sessions for schools on the fund in November.


About SPRING Singapore
SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. We work with partners to help enterprises in financing, capabilities and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING also develops and promotes internationally-recognised standards and quality assurance to enhance competitiveness and facilitate trade.

Please visit www.spring.gov.sg for more information and news about SPRING Singapore.


For media enquiries, please contact:
Marion Abraham
Senior Manager, Corporate Communications
SPRING Singapore
Direct: 6279 3617
Mobile: 9750 2903
E-mail: marion_abraham@spring.gov.sg

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