At Ideas Inc. Business Challenge, 7 startups get over USD 470k worth of funding and awards

Schmeiden shows off Spyk at Ideas Inc. Plug a smartphone into Spyk, and it instantly becomes a tablet.

Schmeiden emerged as the top startup at Ideas Inc. Business Challenge, winning SGD 200k (USD 163k) in equity funding and a SGD 10k (USD 8.15k) cash prize. The awards were given out at a ceremony on 22 September at Resorts World Sentosa, Singapore.

Ideas Inc. is an annual elimination-style startup competition in Singapore that guides entrepreneurs under 35 from idea to execution. The top 15 startups would get SGD 15k to develop their prototypes while the top 6 would potentially get another SGD 50k. The event, started in 2010, is organized by the Nanyang Technopreneurship Center.

Schmeiden, which has developed a prototype device that converts a smartphone into a tablet, will enter into negotiations on the terms of the funding with Invention Capital and Jungle Ventures, each supplying SGD 100k.

There were two other big winners at the competition.

Ubersnap, a social and gamified photo sharing site and marketplace (like 500px), won SGD 100k from Invention Capital. They will launch their product within 1 to 2 weeks. FlagAHero also won SGD 100k from Invention Capital. The startup owns a marketplace for tasks (think TaskRabbit).

Various other prizes were given out as well.

SL2 stood tall at Ideas Inc, wowing the audience with the iBam2.

Sustainable Living Labs and Gazaab Social Ventures won cash awards of SGD 10k each, with the former also winning SGD 150k worth of brand consulting services from StrategiCom.

Although SL2 did not win the big prizes — due in part to their social mission and no-exit mentality — they impressed in many ways.

To summarize, SL2 is a sustainability innovation lab that promotes creativity and develops smart green products. It actually has a sustainable business model, profiting from the workshops it organizes and the products it sells. Its iBam2, an iPhone speaker made from Bamboo, was featured on TechCrunch. A bonus: It’s compatible with iPhone 5.

The last winner (certainly not least) is Phi Decks, which won a 4-month incubation and acceleration stint at Plug and Play Tech Center in Silicon Valley. The company is developing an app that could replace whiteboards, smartboards, visualizers and textbooks in schools.

More photos of Ideas Inc grand finals on SGE’s Facebook Page.