The ACE Startups Grant
What is this for?
For those who wish to follow their heart and have the entrepreneurial spirit to take their first steps in starting up a business.
The ACE Startup Grant is a good financing option to look at if you are a Singaporean/PR first-time entrepreneur who is/will be the full-time key driver in your new business.
Who is eligible?
At the point of application, the applicant must be a Singaporean/PR ‘first time’ entrepreneur who will also be the key driver in the company. He or she must be committed to the business on a full-time basis.
What kind of support can I expect?
The scheme provides support to entrepreneurs by matching $7 to every $3 raised by the entrepreneur for up to $50,000. For selected ventures, the total grant is capped at $100,000.
Does this mean that the company MUST not be registered?
Yes, the company must NOT be registered or incorporated. For further information, you can download from here for more details.
Is there any industry focus or exclusion to the proposed business idea?
NO, this scheme is sector-agnostic, meaning that it will invest in the best opportunities whatever the sector, BUT they must not be in the objectionable list i.e. night clubs, lounges, bars, massage parlours, gambling, prostitution, social escort services, employment agencies, geomancy etc.
Is there a deadline?
YES, first application period is from 01 February to 16 March 2012.
For FAQs – Eligibility please download from here ,
For FAQs – Greenlane Applications & Evaluation Process please download from here
How do I submit the application?
Firstly, you need to ensure you meet the criteria before starting the application process. You can download the ACE Start-ups Submission Form from www.ace.sg/acestartups .
What do I submit?
Your signed hardcopy of the Submission Form must be accompanied by your Curriculum Vitae (CV) as well as those of your management team. You must prepare a Business Plan (of not more than 20 pages, at least font size 10, single spaced or up to 40 slides) as well as get an ACRA e-statement to declare that you are indeed a first-time entrepreneur. For this e-statement, you can refer to www.bizfile.com.sg ; click on the iShop@ACRA option, do a “People Search” under Instant Information. Don’t forget to provide a copy of your NRIC.
Where do I submit?
You can submit your application form, business plan and all the supporting documents to firstname.lastname@example.org or mail by post to:
ACE Start-ups Administrator
1 Fusionopolis Walk
#01-02 South Tower, Solaris
What is the evaluation process like?
Applicants invited for the evaluation meeting will need to make a presentation pitch of no longer than 10 minutes. Using your business plan, you can prepare up to 40 slides for this presentation.
How long will the evaluation process take after my submission?
Typically about 6-8 weeks after the application period (deadline)
Click here to view SPRINGnews (Feb 2012 issue).