Need funding support to set up your first startup?
ACE will match $7 to every $3 raised by the entrepreneur for up to $50,000. i.e. For an applicant to receive a grant of $50,000, applicant will need to raise $21,429 for co-matching.
For selected ventures, ACE will match $3 to every $7 raised by the entrepreneur for an additional $50,000. For these ventures, the total grant is capped at $100,000.
We encourage you to apply through the NUS Enterprise Incubator (NEI) if you are NUS affiliated (applicant is a student / staff / alumni of NUS or licensing NUS technologies). We can offer you advice on setting up a business, and applications supported by NEI will benefit from a ‘green lane’ status.
Eligibility
You are eligible to apply for ACE Startup if you meet the following criteria:
- Singapore citizen / Permanent Resident who are first-time entrepreneur
- Have not registered or incorporated any business entity
- Have not received any funding for the proposed business idea from another government organisation
- Proposed business idea must not be in the objectionable list.
These includes 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 etc.
IMPORTANT: APPLICANTS MUST NOT HAVE REGISTERED/INCORPORATED THE BUSINESS PRIOR TO SUBMITTING GRANT APPLICATIONS.
As a transition from the previous scheme, secretariat would accept applications with registered company for less than 6 months during the first call for proposal ending on 16 Mar 2012 only.
Evaluation Criteria
Your business proposal will be evaluated based on the following criteria:
- Differentiated business idea: How different/novel is the idea/product/service/business model/process against what is already available in the market?
- Feasibility of the business model: Is the business model viable and potentially sustainable?
- Potential market opportunity: Will the market demand and buy such an item?
- Management team: Are the founders committed to the business and do they have the passion and entrepreneurial spirit to make their idea work?
Apply for ACE Startups
If you would like to apply for ACE through us, fill up the one page NEI Query Form and email it to neiquery@nus.edu.sg.
You may wish to download the ACE application form here.
For further details, you may refer to the ACE website
About ACE Startups
ACE Startups is a grant by Action Community for Entrepreneurship (ACE) to provide funding support for entrepreneurial Singaporeans who want to start and build their first venture so as to develop entrepreneurship and to create valued jobs for Singaporeans.
A public-private collaboration, ACE is currently led by Mr Teo Ser Luck, who is the Minister-in-charge of Entrepreneurship and the Minister of State for Trade and Industry.