Singapore brings UK model to build tech startups
European investor Entrepreneur First launches initiative in Singapore.
The Singapore Government’s ICT investment arm has partnered with a leading UK-based investor to build technology-driven startups.
The company Entrepreneur First (EF) will invest in people with skills in science, technology, engineering and math. Over the next four years, it aims to work with 400 people to translate their ideas into startups. Each successful startup will get an investment of S$50,000.
“EF will help individuals with deep technical capabilities and new ideas to translate them into commercial solutions. The possibilities are in many areas such as healthcare, the digital economy and solutions for urban sustainability," said Deputy Prime Minister Tharman Shanmugaratnam at the launch today.
EF will recruit 40 to 50 people for its pioneer cohort starting in September 2016. Each person will be given S$3,500 for the first three months.
Those who can build a business will continue to the next three months, when EF will invest another S$25,000 for an 8% stake in the company.