Straits Times: Wed, Aug 01
TECHNOLOGY start-ups often face difficulties, especially with funding, in commercialising their novel concepts to develop them into new products and businesses.
The Technology Enterprise Commercialisation Scheme (Tecs) was launched in 2008 to provide funding during these critical, pre-market stages to help companies bridge the gap between the bright idea and the marketplace.
Under Tecs, Spring Singapore provides funding of up to $500,000 to start-ups with strong technology intellectual property and scalable business models.
This allows companies to commercialise innovative ideas into potentially market-changing products and services.
Start-ups can apply for proof-of-concept funding to demonstrate the feasibility of the idea; or proof-of-value funding to further develop a proven idea, possibly into a working prototype.
Both bring the start-ups a step closer to the market.
The funds can be used for costs such as manpower, intellectual property rights - including licensing and technology acquisition costs from non-related parties - equipment and software.
Scientists and engineers working in public-sector research organisations, excluding institutes of higher learning, are also eligible.
Tecs is a competitive grant which ranks proposals based on the evaluation of both their technical and commercial merits by a team of reviewers. The best proposals are funded.
So far, Spring has supported 120 projects with $44 million of funding.
Six out of 10 companies that completed their projects were able to secure initial customers and/or follow-on funding.
Spring recently set aside 50 per cent more funds to catalyse another 180 projects in the next five years.
Submissions can be made at the Tecs portal at apps.spring.gov.sg/tecsportal any time, throughout the year. Proposals are reviewed every two months or earlier.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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