ACE Start-ups Grant

Overview To provide funding support for entrepreneurial Singaporeans to start and build up their first venture, so as to develop entrepreneurship and to create valued jobs for Singaporeans Financial Assistance ACE will match $7 to every $3 raised by the entrepreneur for up to $50,000.
i.e, For an applicant to receive a grant of $50,000, applicant will need to raise $21,429 for co-matching.

For selected ventures, ACE will match $3 to every $7 raised by the entrepreneur for an additional $50,000. For these ventures, the total grant is capped at $100,000 and the applicant is required to commit S$138,095 in total for co-matching. Eligibility Criteria At the point of application: The Applicant: Must be a Singaporean/PR. Parental consent must be sought for those applicants 18 years old and below on the date of application st Is a 1 time entrepreneur Is the key driver in the company and must be committed to the business on a full-time basis The Company: Must NOT be registered or incorporated for more than 6 months from the date of application; Have NOT received any funding for the proposed business idea from another government organisation; Eligible applicant(s) must hold or propose to hold at least 51% equity in the underlying company ; and Proposed business idea must not be in the following list: night clubs, lounges, bars, foot reflexology, massage parlours, gambling, prostitution, social escort services, employment agencies (including recruiting foreign work permit holders and workers/ support staff, relocation services, and manpower services), and geomancy etc. How to apply 1. Check that you meet the eligibility criteria 2. Download the ACE Start-ups Grant Interest Form from www.ace.sg 3. Prepare the following items: a. Hardcopy of signed ACE Start-ups Grant Interest Form. Incomplete submissions will not be entertained. 4. Send your submission to: ACE Start-ups Administrator SPRING Singapore 1 Fusionopolis Walk #01-02 South Tower, Solaris Singapore 138628 Please ensure that your application reaches ACE before the Call for Proposal deadline. Otherwise, your application will be considered for the next Call for Proposal. Applicants are encouraged to approach the participating ACE Start-ups Grant Partners for advice on setting up a business. ACE Start-up applications that are supported by approved partners would be approved without going through a second evaluation by the ACE Evaluation Panel.

Evaluation Criteria Differentiated Business How does the company differentiate itself from competition? How different or novel is the idea/product/service/business model/ process compared to what is available in the market? Feasibility of the business model Is the revenue model sustainable? How does the company manage its cashflow? Does the business have potential to be scalable? Potential market opportunity What market(s) is the business idea targeting? How big is this targeted market(s)? How does the company reach out to its targeted market(s)? Management Team How committed and passionate is the team to the business? What relevant skill sets does the team possess which would be useful in executing the business idea? How is the applicant(s) contributing to the development of the business? Process Call for Proposals This opens on the first working day of the month and closes at 5pm on the last working day of the month. Announcement of Results Applicants will receive confirmation that their submissions have been received within 3 working days from the date of receipt of the proposal. Applicants will receive notification on the status of their proposals within 6-8 weeks of the Call for Proposal deadline. Shortlisted Applicants Shortlisted applicants will be selected to pitch to an external panel of evaluators. This panel consists of about five evaluators with the following profiles: investors, entrepreneurs, entrepreneurship educators and professionals in the field. Successful Applicants Successful applicants will be awarded the grant in tranches. Each tranche consists of several milestones which the company will have to meet in order to obtain the financial assistance. These milestones will be discussed between the applicant and the evaluation panel.