SiTF New Logo - 2 logo variations To mark Singapore infocomm Technology Federation (SiTF)’s 30th anniversary celebration, it has announced a S$1 million ($780,000) challenge for all tech-oriented startups. The S$1 million investment fund challenge, inclusive of i.JAM funding of up to S$250,000 ($195,000) through selected incubators, is raised by 123JumpStart, an initiative of SiTF which provides a one-stop shop for startup companies. The fund will eventually be awarded to the most promising startup submitted to SiTF from now till the end of July. This investment fund challenge is led by TNF Ventures, which will run for three years, supported by the National Research Foundation (NRF), Ruvento Ventures, and the Interactive Digital Media Programme Office (IDMPO) hosted by the Media Development Authority (MDA). The announcement of this challenge was made at the recent Infocomm Media Business Exchange 2012. Roger Yuen, chairman of 123JumpStart and SiTF councillor said today:
This challenge is one of the key initiatives of SiTF’s 123JumpStart platform. It will offer a stage for startups to connect with investors and to bring public awareness to their innovative ideas. 123JumpStart is about endorsing the ambition of the start-ups and supporting them with financial expertise and mentorship to help them realize their dreams in this brave new world of young entrepreneurship.So who can take part in this challenge? It is basically open to any Singaporean startup less than five years old, in areas of cloud solutions, digital media, emerging media, and mobile applications. You will need to submit your business proposal in order to take part (see the link below). Aside from being considered for the $780,000 investment, startups can also have a go at participating in the SiTF Awards. If you are an entrepreneur looking to submit your startup idea for the SiTF award, applications close on June 30 - that's this Saturday. If you are only looking at participating in the fund challenge, you can send in your submission to SiTF by July 31. Shirley Wong, chairman of the SiTF Awards and managing partner of TNF Ventures added in an annoucement:
The idea of providing the challenge is to create excitement in the industry; hopefully this will inspire more local innovations to come forward. Companies which submit their innovations for SiTF Awards not only stand to win the coveted award but also the funding that could possibly accelerate the company’s success.The 10 categories available for nominations at the SiTF awards include cloud solutions, digital media, e-government, emerging technology, general applications, interactive ideas, infocomm productivity, mobile applications, startups, and students. A panel of investor mentor judges will be reviewing the startup applications, and the winner of the S$1 million ($780,000) fund challenge will eventually be announced on August 30 at the SiTF 30th anniversary gala dinner. For more information on the submission guidelines, please visit the website here.