Startup SG Grant Terms and Conditions
Among the two selected winners from the LĠOral challenge, SPRING Singapore can award a S$50,000 Startup SG grant to one of the selected winners. The S$50,000 Startup SG grant* can be used for a Development project with LĠOral. If no project is signed with LĠOral in the next 3 months following the award, the startup is free to use this amount at its own discretion.
*S$25,000 of this grant constitutes an additional option for SPRING Singapore to convert into equity at the next institutional fundraising
Startup SG generic eligibility criteria:
a) Main applicant(s) must:
i. Dedicate a reasonable amount of their time on the business, not be employed full time by another employer and must be a key decision maker in the company;
ii. Register / have registered a private limited company in Singapore upon approval.
b) In addition, the startup company would need to meet the following conditions:
i. Business activities run by the startup company should be conducted wholly or mainly in Singapore;
ii. Proposed business idea must not be in the following list: cafes, restaurants, night clubs, lounges, bars, foot reflexology, massage parlours, gambling, prostitution, social escort services, employment agencies (including recruiting foreign work permit holders and workers/ support staff, relocation services, and manpower services), and geomancy.
c) Competition will be open to the public including first-time and non-first-time entrepreneurs of any nationality