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The S$5-million Kickstart Fund that was launched in June has seen a robust sign-up rate. The Singapore Tourism Board, which administers the fund, says it has received 23 proposals for the first application cycle.
SINGAPORE: The S$5-million Kickstart Fund that was launched in June has seen a robust sign-up rate.
The Singapore Tourism Board (STB), which administers the fund, said it has received 23 proposals for the first application cycle.
A visual arts festival on emerging Southeast Asian artists and an art and design literature fair will be among the first projects awarded funding of up to S$75,000.
These projects were selected from 23 submissions after two months of evaluation and interviews that concluded in August.
The Kickstart Fund is an incentive scheme designed to support untested yet innovative lifestyle events and concepts with tourism potential.
STB said more grant recipients will be announced at a later date.
Lynette Pang, STB's executive director of arts & entertainment and F1 & sports, said: "The robust sign-up rate for the Kickstart Fund shows that there are many entrepreneurial people out there who have fresh and innovative concepts to create distinct and compelling experiences for discerning locals and travellers.
"It is also an affirmation of our Kickstart Fund's intention to support and accelerate these concepts to fruition. We now look forward to more creative concepts at subsequent application cycles."
Kickstart Fund evaluation panellist Aaron Boey, the former president of the Asia Pacific division at Levi Strauss & Co and an STB board member, said: "The selected projects had innovative concepts that can plug existing gaps in the tourism and lifestyle sector and appeal to travellers and locals seeking niche experiences.
"We have also seen a wide range of interesting concepts from other applicants, though some need to be further fine-tuned in terms of their ability to integrate unique Singapore experiences more coherently, and to put together a more sustainable business plan."
The Kickstart Fund is in line with the objectives of STB's Quality Tourism strategy to pursue high-yield growth through the creation of in-depth and authentic experiences to attract discerning travellers.
Examples of projects that may be supported by the fund include pop-ups and live events across the sectors of arts, entertainment, sports, retail and dining.
Successful applicants will receive funding support of up to 50 per cent of qualifying costs, capped at a maximum of S$75,000 per project.
They will also get access to mentorship guidance from industry leaders during the execution of their project.
There will be quarterly calls for application till the fund's expiry in March 2016.