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SINGAPORE : SPRING Singapore is launching a S$30 million programme to help nurture innovative start-up companies.
The initiative, called the Incubator Development Programme, aims to help young firms gain better support and access to resources.
The programme will provide funds to enhance the services provided by organisations that help nurture and grow promising new start-ups.
Under the scheme, such groups - nicknamed "incubators" or "venture accelerators" - can obtain up to 70 per cent grant support to develop fledgling firms.
However, they will need to provide a full suite of services to qualify for funding.
Five such organisations have already benefited during a pilot phase of the programme over the past year.
These organisations are NUS Enterprise Incubator, iAxil Venture Accelerator Centre, NTU Nanofrontier, Business Angel Network and Microsoft Innovation Centre.
To date, some 200 companies have been "incubated" by these five organisations.
Minister of State for Trade and Industry Lee Yi Shyan said: "They also come in with cross-functional skills, mentorship and smart money... you see a lot of start-ups are very focused. They are either technology founders or some kind of new concept start-ups.
"They need a lot of help in terms of commercialising the product, in terms of bringing it to market, in terms of getting the right investor to come in to value add in the process..."
The companies come from various sectors, including clean and environmental technology, engineering and manufacturing.
Sixty-five per cent of those helped are in technology-focused industries such as infocomms and interactive digital media. This is likely to remain the programme's key focus.
Mr Lee said: "In the IT sector, in the technology sector, your products tend to be ready for the world market from day one, compared to, say, a food and beverage outlet which tends typically to be local and in the community, and where the growth will be slower."
SPRING Singapore aims to help seed and nurture 500 innovative start-ups over the next three years. - CNA/ms
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