Startup SG Grant Terms and Conditions

 

 

Two winners will each receive a S$50,000 Startup SG grant.

The prize is broken down into 3 components:

     S$ 25,000 non-dilutive grant money

     S$25,000 grant with an option to convert into equity at the next institutional fundraising, for which ESG will seek to exit at the subsequent qualified equity financing round.

     An invitation to join SLINGSHOT 2018, held during SWITCH, in Singapore in September as a participant in the qualifying round of the competition.

In order to be eligible to participate in SLINGSHOT, winners will need to have completed all elements of the Competition application.

Startups must:

     Have a minimum viable product (MVP)

     Show initial signs of traction

     Must have some technology or proprietary solutions

Eligibility Criteria for Startup SG Grant

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.         The grant will be disbursed on an award basis, tied to the achievement of developmental milestones;

iii.        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)   Competitions will therefore be open to the public including first-time and non-first-time entrepreneurs of any nationality.