STARTUP SG GRANT TERMS & CONDITIONS
The winner will receive a S$50,000 Startup SG grant.
The prize is broken down into 3 components:
- S$25,000 non-dilutive grant money
- S$25,000 grant with an option to convert into equity at the next institutional fundraising, for which ESG will seek to exit at the subsequent qualified equity financing round.
- An invitation to join SLINGSHOT 2019, held during SWITCH, in Singapore in November 2019 as a participant in the final round of the competition.
In order to be eligible to participate in SLINGSHOT 2019, the winner will need to have completed all elements of the Competition application.
- Have a minimum viable product (MVP)
- Show initial signs of traction
- Must have some technology or proprietary solutions
Eligibility Criteria for Startup SG Grant
- Main applicant(s) must:
- Dedicate a reasonable amount of their time on the business, not be employed full time by another employer and must be a key decision maker in the company;
- Register / have registered a private limited company in Singapore upon approval.
- In addition, the startup company would need to meet the following conditions:
- Business activities run by the startup company should be conducted wholly or mainly in Singapore;
- The grant will be disbursed on an award basis, tied to the achievement of developmental milestones;
- Proposed business idea must not be in the following list: cafes, restaurants, night clubs, lounges, bars, foot reflexology, massage parlours, gambling, prostitution, social escort services, employment agencies (including recruiting foreign work permit holders and workers/ support staff, relocation services, and manpower services), and geomancy.
- Competitions will therefore be open to the public including first-time and non-first-time entrepreneurs of any nationality.