ACE scheme to help start—ups with funding, mentorships

SINGAPORE: More funding and mentorships are available for start—ups, with the Action Community for Entrepreneurs (ACE) scheme.

ACE is a public—private sector collaboration driven by the Ministry of Trade and Industry to create a more entrepreneurial Singapore.

Twelve new partners, including universities, polytechnics and industry associations, have joined the scheme which will provide entrepreneurs with funding, mentorship and networking opportunities.

In the next three years, these partners will help 100 aspiring entrepreneurs start their businesses.

Successful applicants will also receive a S$50,000 grant to grow their ideas into sustainable businesses.

Minister of State for Trade and Industry Teo Ser Luck made the announcement at the ideas.inc. Starting Up conference on Saturday.

Around 400 students, entrepreneurs, investors and experts were at the event to share insights and network.

The six finalists of the ideas.inc. Business Challenge were also announced at the event.

The projects of participating start—ups include educational dolls to explain medical procedures to children, and technology for smartphone users to enlarge the small display on their phones to a larger, tablet—sized screen.

Promising start—ups can receive up to S$500,000 of equity funding from investors.

The event is organised by the Nanyang Technopreneurship Centre of Nanyang Technological University.

— CNA/cc