NRF sets aside S$50m to nurture early stage high-tech start-up companies
NRF sets aside S$50m to nurture early stage high-tech start-up companies
SINGAPORE: Singapore’s National Research Foundation (NRF) has announced the selection of seven incubator managers under its Technology Incubation Scheme (TIS).The managers are tasked with nurturing early stage high-tech start-up companies, and S$50 million has been set aside for this.
The initiative is part of the 360-million-dollar National Framework for Innovation and Enterprise programme, announced by Prime Minister Lee Hsien Loong in March 2008.
Under the scheme, the NRF will provide up to 85 per cent co-investment in each start-up company identified by the selected incubator managers, up to a maximum of S$500,000 per company. On the other hand, the incubator manager will be required to invest at least the balance of 15 per cent in the start-up.
As an incentive, the incubator manager will be given an option upfront to buy out NRF’s share in the invested start-ups within three years of investment, by repaying the capital plus interest.
NRF said this way, the government will share the downside risks of the investments.
The seven incubator managers chosen from a pool of 32 are: Clearbridge Accelerator; I2G Tech Accelerator; Neoteny Labs; Plug & Play; Social Slingshot; Small World Group; and Stream Global.
This is great news, looks like our local startup scene is about to get hotter!
Update:
Other than Neoteny and Small World Group, I am unable to find any additional information about the other 6 incubators. I’m not sure if Social Slingshot is the same Slingshot Labs started by Rupert Murdoch in 2008.
If anybody have any information about the other incubators, please let us know in the comment section below! We’d also like to encourage our users to check out this new community-run documentation project called ‘Startup Lah’, a wiki for startup information, and help to contribute information into its repository.
Update 2:
Reader wangkw has given us the link to Plug & Play Tech. Thanks!
Update 3:
Reader Jessica Tan has given us a link to Clearbridge Accelerator. Thanks!
December 31st, 2009 at 10:11 am
I believe 2 of the other incubators are:
1. PlugandPlay
http://www.plugandplaytechcenter.com/
2. Stream Global Services
http://www.plugandplaytechcenter.com/
December 31st, 2009 at 6:52 pm
Hi Wangkw,
Thanks for the links! I think you’ve mislinked STREAM Global
December 31st, 2009 at 10:03 pm
I believe the team at Social Slingshot is led by Brad Greenspan, which started the incubator from which MySpace came about.
December 31st, 2009 at 10:12 pm
Yeah I thought so too, but can’t seem to find any information to verify the story on their official website http://www.slingshotlabs.com/
January 1st, 2010 at 11:36 am
slingshot labs was started in 2008 as an idea incubator for newscorp. it is supposed to launch “stealthy” online sites that would “Grow” into self-sustaining businesses. It was run by two myspace creators. One of them has since left.
they’re ritzy offices are in santa monica, and they have about 30-40 people working there full time.
the business “ventures” that have launched is a gossip site, dailyfill; a social planning app for myspace called social plan; a horrific dating site called catchme.com; a failed “yelp killer” linfo.com; and up and coming is the new “linkedin killer” which will be based on the wallstreet journal…. and that will probably fail too.
nothing innovative at all has come out of this company. the leadership is too focused on cushy salaries and ego-driven arrogance. all the people continue to work there cuz everyone is paid exorbitantly.
i assure you, this place will get shut down sooner or later. once murdoch realizes his 20 million dollar secret project has done nothing at all to effect any exciting change in this super competitive space.
January 1st, 2010 at 3:02 pm
I believe this is the link to one of the incubators – Clearbridge Accelerator
January 1st, 2010 at 3:13 pm
I couldn’t locate the rest of the incubators other than what have been posted by other readers too.