Startup SG Founder: Entrepreneur Should Know About

Startup SG Founder: What Every Entrepreneur Should Know About

Startup SG Founder: Singapore Entrepreneur Grant for the First-Timers

Opening the first business in Singapore could be confusing, not necessarily with the idea only with the skills and finances. You might be one of those people who has thought of a great business idea, just that you are not so sure about how to implement it and you don’t have a fund to fuel the idea. Being a first-time entrepreneur, it might be difficult to convince lenders to invest; it is just how it is. In case you find yourself in such a situation, the Startup SG Founder is one incentive you should be looking at. Here is everything you need to know about the program.

Startup SG Founder: What is It All About?

Startup SG founder is a mentorship and capital grant program, helping first-time entrepreneurs with impressive business ideas in Singapore with financial grants and specialized training. Under this program, Enterprise Singapore will raise three times the investment gathered by an entrepreneur for his/her first business if the idea is viable. For this, the product or the service idea should be such as it is unique from any similar products in the market and fills the need of the consumers, helping solve a particular problem.

Also, the eligible businesses will be helped by Accredited Mentor Partners (AMP) with specific insights, networking, and other necessary tips as a hand-holding approach to mentorship.

Eligibility

Here are the criteria to be fulfilled for the Startup SG Founder

• The applicant must guarantee they can hold at least 30% of the equity in the company.
• There should be at least 51% of the local shareholding in the company, and it shouldn’t be incorporated for more than six months during the time of application.
• The applicant must not have incorporated any other companies before the present business entity.
• The applicant should not have received any government funds before applying for the Startup SG Founder. The individual should be dedicated full time to the business (not have any other jobs) and should be the key decision-maker.

You can move on to applying for the program if you fulfil the following requirements.

Application Procedure

To apply for the Startup SG Founder, first, gather all the documents that prove you fulfil the requirements.

ACRA E-statement

An Application containing company profile, business plans, marketing strategies, etc. (To make assertions that your business is scalable).

After that, you will need to fill the application form, once you complete the form, you will need to approach the AMPs of the program to submit it along with the documents. This depends on the type of business and your convenience. Below is a table of the AMPs of this program.

AMPs To Approach

Once you approach one of these companies with your application, you will have a little interview session and will be a part of the program after being approved in the evaluation. Well, this was it for the Startup SG founder. I hope this article helped you.