ENTREPRENEURS in their thirties and older can now get funding to start a business under a new scheme announced yesterday by the Action Community for Entrepreneurship (ACE).
Such funding has been directed at go-getters under 26 but ACE, a public-private collaboration to promote entrepreneurship, wants to widen the field.
The new ACE Start-ups scheme, which replaces the Young Entrepreneurs Scheme for Start-ups (YES! Start-ups), will provide up to $50,000 in funding to first-time business founders.
ACE chairman Teo Ser Luck said yesterday: 'We recognise that good business ideas can come from anyone regardless of age, including mid-career professionals and managers who want to tap their expertise and business networks to create a business.
'By removing the age limit, we hope to cast the net wider and encourage more people with good ideas to turn them into sustainable business.'
Mr Teo, who is also the Minister of State for Trade and Industry, said ACE will seed 500 start-ups through funding, mentorships and networks with hopes that the number will be reached or exceeded within a year.
ACE has also set up sub-committees to focus on mentoring, networking, overseas expansion and communications to help drive entrepreneurship efforts.
'Going forward, we will focus more on helping aspiring entrepreneurs to start their companies and guide them to become sustainable businesses,' Mr Teo added.
'While we will be providing seed funding, our main focus is to link entrepreneurs to critical resources, such as mentors and networks. These will make a difference to whether they succeed and create better jobs for Singapore.'
The mentoring sub-committee will be chaired by Dr Steven Fang of Cordlife, also ACE's deputy chairman.
Mr Teo said businesses do not necessarily need to employ state-of-the-art technology to receive funding under the new scheme. Instead it was more important for them to be 'differentiated from (their) competitors'.
Applicants for funding under the ACE Start-ups scheme will be evaluated on the differentiation of their business, the feasibility of the business model, potential market opportunity and management strength.
Grant applications will be assessed by a sub-committee led by Mr Sim Choon Siong, director of entrepreneurship development at Spring Singapore, which is providing the funding.
Co-founder of online networking site Actatlys Jon Song, 40, told The Straits Times that any financial help to kickstart his business will be welcome. He is keen on the scheme as it offers mentoring guidance.
MAKING A DIFFERENCE
'While we will be providing seed funding, our main focus is to link entrepreneurs to critical resources, such as mentors and networks. These will make a difference to whether they succeed and create better jobs for Singapore.'
ACE chairman and Minister of State for Trade and Industry Teo Ser Luck