Young Entrepreneurs Scheme For Start-ups

(YES! Startups)  - by Spring Singapore

Eligibility

• Applicant :
  • Singaporean/PR, below 26 years old. Parental consent must be sought for those applicants 18 years old and below on the date of application
  • 1^st time entrepreneur
  • key driver in the company
• Startups :
  • existing business/company is incorporated for less than 6 months
  • company’s main business activities are based in Singapore
  • applicant must hold at least 50% equity
  • engage in high growth activities with substantial developmental contents
  • company has not received funding from the iJam Microfunding scheme

Evaluation Criteria

SPRING will evaluate business proposal based on the following criteria:

• Innovativeness of the Business Idea
  How different/novel the idea is against what is already available in the market?
• Feasibility of the business model
  Is the business model viable and potentially sustainable?
• Potential market opportunity
  Will the market demand and buy such an item?
• Management Team
  Are the founders committed to the business and do they demonstrate the passion and entrepreneurial spirit to make their idea work? Do they have the technical and business skills to execute the idea? 

FAQ

1.  How will the funds be disbursed? 

SPRING will check against bank statements of entrepreneur for money raised through self-funding, schools or third-party sources, to proceed with the matching.

2.  Will funds be released in tranches or lump sum upfront?

The funds will be released in tranches based on agreed milestones and deliverables. Advance disbursement is on case-to-case basis.

3.  What is the maximum or minimum size of the grant? 

There is a maximum cap of $50,000, there is no minimum set.

4.  How long will the application to SPRING take?  

It will take about a month upon receiving the successful applications from YBS.  These are done on an ongoing basis and there is no deadline.

All information taken from the SPRING Singapore website.

For more information please go to:

http://www.spring.gov.sg/Entrepreneurship/FS/FS/Pages/young-entrepreneurs-scheme-start-ups.aspx