19 Jan '12, 2pm

ACE to seed 500 start-ups under new programme

SINGAPORE: The Action Community for Entrepreneurship (ACE) will be seeding 500 start-ups through funding, networks and mentorship as part of renewed efforts to promote entrepreneurship in Singapore. Minister of State for Trade and Industry Teo Ser Luck, who is also the Chairman of ACE, announced this at a news conference on Thursday. He said that under the new programme called ACE Startups, Singaporeans and permanent residents who are first-time entrepreneurs can receive up to S$50,000 in a one-off grant to start their businesses. The grant will be provided on a co-matching ratio basis with 70 per cent provided by ACE Startups, while applicants will need to commit the remaining 30 per cent. While the final total budget for the programme is still in discussion, an estimated S$25 million pool of funds is expected to be available for successful applicants. "We decided that so...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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