Fund your startup with The Startup SG Tech

What is Startup SG Tech?

Do you have an idea to develop breakthrough technology or thinking of start up a business in technology in Singapore? Then the Startup SG Tech grant is what you need to kick start your business.

Founded in 2017, Startup SG Tech supports the local development of proprietary technology solutions with early-stage funding for the successful applicants.

Companies may apply for Proof Of Concept (POC) or Proof Of Value (POV) grants depending on the stage of development of the technology/concept. A POC project is a tech solution at the conceptualization stage, you need to clearly explain and prove the concept behind the technology solution. While POV project is a tested concept, which need to carry out development of a prototype, and demonstrate its’ commercial merit.

The Startup SG Tech scheme will include share subscription rights of 50% of the awarded grant amount to EnterpriseSG or its selected nominee, up to 49% of the total shareholding of the company. This share subscription rights will take effect when a qualifying equity financing round take place.

The grants will be awarded upon the completion of each milestone and cap for POC will remain at $250,000 and POV at $500,000.
 
How to apply for Startup SG Tech?

The procedure involves a three-stage application. In the first stage, a summary of the project is submitted to Enterprise Singapore. If after the initial review the project is found to be eligible, a more detailed application has to be submitted in the second stage. Shortlisted applicants from the second stage are invited to present their proposals to a final evaluation panel comprising industry experts. The decision of the evaluation panel is final.

There are 3 stages to the application process for Startup SG Tech:

• Submit Registration of Interest, and summary of your proposed project to Enterprise Singapore, you may find the form and link on official page https://www.startupsg.gov.sg/programmes/4897/startup-sg-tech
• If your project is eligible, a more detailed application has to be submitted, include of a full business proposal and cost breakdown of your project. Your application will then be evaluated for its innovativeness, technical feasibility, and commercialization potential.
• Shortlisted applicants will present their proposals to a final evaluation panel of industry experts.

Once again, if you are offered the grant, bear in mind that the grant will carry an equity component where you will be required to increase your paid-up capital by an additional 10% and 20% for the POC and POV grants respectively.

For projects that pass all three stages, it takes approximately three months from the date of the second Stage’s submission to receiving Offer letter of the Startup SG Tech grant.
After registering the interest, it takes approximately three months, for all three stages of evaluation, before the letter of offer of the grant is received.

​Who is eligible for this grant?

In order to apply for this grant, companies must meet the following requirements:

• The company must be a registered Singapore company less than 10 years old
• The company main operation must be in Singapore
• The company must have at least 30% local shareholding
• Annual revenue must be less than S$100 million or the company must employ fewer than 200 people

The product or solution that your company plans to offer must:

• Clearly demonstrate how science or technology is applied;
• Be of a breakthrough level of innovation;
• Lead to or build on proprietary know-how or IP;
• Be commercially viable.
• Must not have commenced at the time of application
• Should be done by the applicant (company), in Singapore, unless otherwise justified.

Additionally, your project should fall under one of the following 9 categories:

• Advanced Manufacturing / Robotics
• Biomedical Sciences and Healthcare
• Clean Technology
• Information & Communications Technologies
• New Industries
• Precision Engineering
• Transport Engineering / Engineering Services
• Food Science and Technology
• Agritech

 
We can help apply for Startup SG Tech
​
Not sure where to start? Or wonder what is the chance for your company to receive this grant? Real Inbound Consulting (RIC) is here to help you.

With over 7 years of continued success in helping companies implement & secure grant funding for grant-supportable projects, you can count on us to be your best partner toward not only Startup SG Tech Grant, but also to achieve ultimate success in your business.

Please feel free to Contact Us for free consultation!