Young Entrepreneurs Scheme for Start-ups (YES! Start-ups)

Overview  Criteria  How to apply?  Participating Schools  Related Links & Resources Also see : Young Entrepreneurs Scheme for Schools (YES! Schools)

Overview

This scheme provides funding support of up to S$50,000 for youths to set up their innovative startup.

Financial Assistance

SPRING matches S$4 for every S$1 that you raise through self-funding, schools or third-party sources, the grant is capped at S$50,000. For example, if you apply for a S$40,000 grant, you must match this with a S$10,000 investment.

The grant can be used for business development expenses such as :

• Manpower and operating expenses
• Purchase of equipment, software, materials and consumables
• Acquisition of intellectual property (IP) right
• Professional services
• Marketing/promotion activities

Criteria

• Applicant :
  • Singaporean/PR, below 26 years old. Parental consent must be sought for those applicants 18 years old and below on the date of application
  • 1^st time entrepreneur
  • key driver in the company
• Startups :
  • existing business/company is incorporated for less than 6 months
  • company’s main business activities are based in Singapore
  • applicant must hold at least 50% equity
  • engage in high growth activities with substantial developmental contents
  • company has not received funding from the iJam Microfunding scheme

How to apply?

Before you apply

1. Ensure that you meet the criteria for funding.
2. View the Proposal Approving Process.
3. Write your business plan. A set of guidelines are outlined in the YES! Start-ups Application Form (EXCEL format, 319kB).
4. Prepare the supporting documents :
   
   • Your and your management team’s curricula vitae
   • Your Accounting & Corporate Regulatory Authority (ACRA) business profile (if your start-up has already been registered)
5. Applicants are encouraged to approach their schools and alma mater for advice on setting up a business. At the same time, applications supported by the schools in at least one of the following three areas can benefit from a 'green lane' approval :
   
   
   1. At least half of the money raised by youths to qualify for
      co-matching to come from the institutions of higher learning (IHLs)
   2. Start-ups make use of Intellectual Property (IP) owned by IHLs, or
   3. IHLs incubate and mentor new starts-ups for at least 12 months.

Applying for YES! Start-ups

6. Submit your application, business plan and all supporting documents to :
   YES! Start-ups Administrator
   SPRING Singapore 
   1 Fusionopolis Walk
   #01-02 South Tower, Solaris
   Singapore 138628
    
7. Meet the SPRING evaluators to present your business proposal. Your business proposal will be evaluated based on the following criteria :
   
   • Innovativeness of the Business Idea
     How different/novel the idea is 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 demonstrate the passion and entrepreneurial spirit to make their idea work? Do they have the technical and business skills to execute the idea? 
8. SPRING will inform you via email or phone if your application is successful.

Upon successful application

9. Receive the Letter of Offer. The terms and conditions as well as the grant amount are in the Letter of Offer. They are non-negotiable.
10. Accept the Letter of Offer within 30 days from the date of the Letter.
11. Incorporate a Singapore-registered private limited company (if you have not done so).
12. Submit your bank statement from your company’s corporate account to SPRING showing the matching amount raised for your start-up.
13. Appoint a business mentor who will guide you through the start-up phase. SPRING will match you with a suitable mentor if you are unable to find one.
14. Start on your business.
15. Keep proper financial records. E.g. expenses, invoices, receipts relating to the project.
16. Prepare and submit regular reports to SPRING on business progress and expenses.
17. The grant will be disbursed in tranches.

Participating Schools

Nanyang Polytechnic
Mr Lim Swee Thiam
Email : lim_swee_thiam@nyp.gov.sg
Tel : 6550 1029

Ngee Ann Polytechnic
Mr Leow Teck Sim
Email : lts5@np.edu.sg
Tel : 6460 6014

Republic Polytechnic
Mr Leslie Sim
Email : leslie_sim@rp.edu.sg
Tel : 3100 1641

Singapore Polytechnic 
Ms Annie Sung
Email : anniesung@sp.edu.sg
Tel : 6870 4732

Temasek Polytechnic
Ms Alice Lau-Lim Kee Mui
Email : keemui@tp.edu.sg
Tel : 6780 5099

Nanyang Technological University
Mr YY Lai
Email : lai.yy@ntuventures.com
Tel : 6896 6759

National University of Singapore
Mr Derrick Lee
Email : neiquery@nus.edu.sg
Tel : 6516 5466

Singapore Institute of Management
Ms Carris Foo 
Email :  carrisfoo@sim.edu.sg
Tel : 6248 9204

Singapore Management University 
George Han
Email : georgehan@smu.edu.sg
Tel : 6828 5388

Related Links & Resources

View the list of YES! Start-ups.
Download the YES! Start-ups guide.