SPRING Singapore has appointed the first batch of 17 Accredited Mentor Partners (AMPs) under Startup SG Founder. As part of the umbrella branding Startup SG, Startup SG Founder aims to provide mentorship support and startup capital grant to first-time entrepreneurs with innovative business concepts.
The scheme, with a budget of $20 million, works through AMPs to tighten partnerships between startups and private sector partners. All AMPs will be appointed on a three-year basis.
The AMPs will identify eligible startups based on the uniqueness of their business concept, feasibility of business models, strength of the management team, and potential market opportunity before recommending them to SPRING.
Bringing financial and industry knowledge, these private sector partners will value-add with mentorship, connections to business networks, and advice to help startups accelerate their learning curves and enhance their go-to-market strategies.
SPRING launched a call-for-partnership from 22 March to 17 April 2017. An evaluation panel with representatives from SPRING, National Research Foundation (NRF), Economic Development Board (EDB), Monetary Authority of Singapore (MAS), and Infocomm Media Development Authority of Singapore (IMDA), deliberated on the selection. The AMPs were assessed on a set of criteria which included the track record of management team and quality of development programmes.
The 17 accredited mentor partners appointed under Startup SG are:
See: Government to Unify Start-up Support Schemes under a Single Brand “Startup SG”
Mr Edwin Chow, Group Director for Industry & Enterprise/ Innovation & Startups, SPRING Singapore, said, “In collaboration with our partner agencies, we have assembled the first batch of proven partners who are able, and willing, to mentor and accelerate the development of startups. We are looking for more partners with the right capabilities and networks to connect more players in the Singapore startup ecosystem to the world.”
Mr Eric Loh, CEO of Trendlines Medical Singapore, one of the appointed AMPs, said, “We are honoured to be selected as one of the AMP partners. As the Trendlines’ model of incubation derives its strength and success from intensive, hands-on mentoring of entrepreneurs, we are excited to impart a similar manner of mentoring to first time entrepreneurs and guide them towards commercial success.”
Dr Mark Hon, chairman of Action Community for Entrepreneurship (ACE), another appointed AMP, said, “We are excited that first-time entrepreneurs can now turn to accelerators and incubators designated as Startup SG Founder AMPs for funding and structured mentoring. As an appointed partner, ACE will work closely with SPRING to promote and assist the startups with advice, learning programs and networking contacts.”
Mr Felix Tan, managing director of TheFinLab, another appointed AMP, said, “The Finlab is proud to be appointed as a Startup SG Founder AMP under SPRING. Given that The Finlab is the only Singapore accelerator with three teams in last year’s Singapore Fintech Festival (1 in the Global Hackcelerator, and 2 in the Top 40 Fintech Awards), we are confident that we can identify and help deserving Singapore-based fintech startups get a headstart in building scalable and bankable businesses.”
For private sector players interested to join Startup Founder as an AMP, SPRING will be launching another call-for-partnership at the end of this year.
Also read: NTUC Introduces U Startup to Support Startups and Working Professionals
Feature image credit: mti.gov.sg