startups

SG:D Spark to support growth of promising tech startups in Singapore


Findings from NUS Enterprise’s 2017 study “Growth Dynamics of High Tech Startups in Singapore”  show that the key growth challenges for most startups lie in their ability to access talent, funding, experienced mentors and building initial business traction. 

The Singapore government recognizes infocomm media (ICM) as an important engine of growth and driver of digitalization across its economy, and to further support the growth of promising and innovative startups, Minister for Communications and Information S. Iswaran has announced the launch of IMDA’s new programme SG:D Spark.

SG:D Spark helps promising B2B and B2C Singapore-based ICM startups build their business and compete through government support and industry tools. As part of the initiative, IMDA will assist to address key growth challenges in hiring and building of customer reference and use cases as well as partner with leading industry players to build capabilities.

The initiative was announced at the gala dinner for the inaugural SG:D Techblazer Awards held at Resorts World Sentosa last night.

Said IMDA Chief Executive Tan Kiat How: “Through the SG:D Techblazer Awards and the SG:D Spark programme, we hope to grow our pool of digital champions to create a more vibrant and collaborative tech ecosystem in Singapore. Digital transformation is a national priority and we will continue to co-create new, exciting possibilities with the industry.” 

Through the programme, startups will be able to access and leverage existing TechSkills Accelerator (TeSA) manpower programmes to support and scale their businesses. These companies will also enjoy priority processing in relevant Government funding schemes. Furthermore, qualified SG:D Spark enterprise product startups will be able to gain increased access to Government technology projects through a more streamlined process, to help them build up their customer track record.

Promising ICM companies will also gain access to networking opportunities and pro-bono expert advice from a community of leading venture capitalists in Singapore, global consultancy and legal firms, reputable integrated communications and product design firms, tech giants and Institutes of Higher Learning (IHLs).

IMDA will be partnering SGTech and seven venture capitalists to identify promising ICM companies to nurture under the programme. The 13 industry partners and IHLs will support the companies with specialized expertise and assist their growth journey in the areas of fund raising, deal structuring, risk management, corporate governance and processes, product and brand development, go-to-market strategies, and talent acquisition.

 



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