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.
¥ 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.