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SPRING Singapore has $56M for accelerators to invest in deep technology startups
Singapore’s trade support agency SPRING today announced a new investment and incubation program for “high potential startups with deep technology content.” Through its investment arm, SPRING Seeds Capital (SSC), the agency intends to co-invest in startups working in areas like cleantech and advanced manufacturing and engineering, including robotics, nanotechnology, Ιnternet of Τhings, and more. The S$75 million (US$55.8 million) fund was first announced during Singapore’s Budget announcement for 2015.
SPRING is sounding the call to accelerators who will work with the agency to find and nurture promising startups in these sectors. Up to five accelerators will be selected for this purpose. Selection criteria include the accelerator’s track record of working with startups in the relevant sectors, and their ability to provide them with additional support and assistance through mentorship, networking, and resources.
Each startup can receive an investment of up to S$4 million (US$3 million), with half of that coming from the program to match the money invested by accelerators. According to a statement by SPRING, the accelerators may be offered a grant to assist in their activities with their selected startups. This grant is intended to cover part of the cost of mentorship, operations, and program development.
See: Intel gets in on scheme to boost Singapore companies doing IoT or wearables
“The Singapore entrepreneurship landscape has matured over the years, but some sectors, especially in cleantech, and advanced manufacturing and engineering, still require support,” Edwin Chow, SPRING’s group director for industry development, innovation and startups said in a statement. “SPRING has identified for a need to catalyze more smart financing options to startups in these deep technology sectors, which require a longer runway for development and commercialization and may not receive sufficient support from private capital sources.”
Accelerators working with startups in the advanced manufacturing and engineering sector will also have the chance to set up and use a public tinkering workshop. The workshop will be located at the upcoming JTC LaunchPad, near Singapore’s Nanyang Technological University (NTU).
According to the announcement, the workshop aims to promote invention, design, and engineering. It will be open to undergraduates, budding technopreneurs, hobbyists, designers, engineers, and maker communities. A grant from SPRING for the selected operator is intended to cover 70 percent of the workshop’s operating costs, including manpower, equipment, and marketing.
SPRING’s announcement ties into a series of initiatives taken up by the Singapore government, as it works towards its goal of becoming a Smart Nation. The program is similar to earlier ones launched by the government’s National Research Foundation, namely the Technology Incubation Scheme and the Early Stage Venture Fund.
Interested accelerators are called to submit their proposals to SPRING by 6 August 2015. A public briefing will take place in 7 July 2015 at the ACE Ideation Center, JTC LaunchPad@one-north.
Tech in Asia will reach out to SPRING for more information, and we will update this post accordingly.
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