NRF sets aside S$50m to nurture early stage high-tech start-up companies
David Chua
NRF sets aside S$50m to nurture early stage high-tech start-up companies
SINGAPORE: Singapore's National Research Foundation (NRF) has announced the selection of seven incubator managers under its Technology Incubation Scheme (TIS).The managers are tasked with nurturing early stage high-tech start-up companies, and S$50 million has been set aside for this.
The initiative is part of the 360-million-dollar National Framework for Innovation and Enterprise programme, announced by Prime Minister Lee Hsien Loong in March 2008.
Under the scheme, the NRF will provide up to 85 per cent co-investment in each start-up company identified by the selected incubator managers, up to a maximum of S$500,000 per company. On the other hand, the incubator manager will be required to invest at least the balance of 15 per cent in the start-up.
As an incentive, the incubator manager will be given an option upfront to buy out NRF's share in the invested start-ups within three years of investment, by repaying the capital plus interest.
NRF said this way, the government will share the downside risks of the investments.
The seven incubator managers chosen from a pool of 32 are: Clearbridge Accelerator; I2G Tech Accelerator; Neoteny Labs; Plug & Play; Social Slingshot; Small World Group; and Stream Global.
This is great news, looks like our local startup scene is about to get hotter!
Update:
Other than Neoteny and Small World Group, I am unable to find any additional information about the other 6 incubators. I'm not sure if Social Slingshot is the same Slingshot Labs started by Rupert Murdoch in 2008.
If anybody have any information about the other incubators, please let us know in the comment section below!
[Posted this on The Shenton Times]