Funding boost for young entrepreneurs
By NISHA RAMCHANDANI
SPRING Singapore launched a $12.5 million fund aimed at making seed money more accessible to young entrepreneurs to mark the official launch of Global Entrepreneurship Week 2008 yesterday.
The Young Entrepreneurs Scheme for Start-ups (YES! Start-ups) will tap the existing $25 million Entrepreneurial Talent Development Fund (ETDF) but allows a greater degree of flexibility. ETDF, which was started four years ago, has supported 48 business ventures so far, from nine participating polytechnics and universities.
YES! Start-ups is open to first-time entrepreneurs who are either Singapore citizens or PRs (permanent residents) aged 26 or under, to fund up to 80 per cent of their business venture. The other 20 per cent must be either self-funded or can be obtained from other sources such as schools. Upon approval, a Singapore-registered private limited company must be incorporated. Funding will be capped at $50,000 and will be available for the next five years. It aims to support 250 start-ups over this period.
‘We will continue to foster a pro-business environment and encourage entrepreneurship,’ Minister of State for Trade and Industry Lee Yi Shyan said at yesterday’s event. ‘This is important in these trying times. Entrepreneurial qualities such as resilience, a can-do attitude and relentless efforts will not only see us through this crisis but also help us emerge stronger.’
Global Entrepreneurship Week 2008 (Nov 17-23) is co-hosted by NUS Enterprise and the Action Community for Entrepreneurship. Thirty local partners - including institutes of higher learning, schools and private companies - have come together to organise 40 entrepreneurial events and activities.
Source : Business Times - 19 Nov 2008
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