Singapore’s ‘ACE’ to Provide S$25M to Seed 500 Startups, Removes Age Limit [UPDATED]

Chairman of ACE, Teo Ser Luck (speaking)

Update (Jan 20): We received a correction update from ACE that it aims to support 500 startups under its Startups scheme. Each startup could receive up to S$50,000 in grants which sums up to S$25 million in total possible investment.

We have good news for our Singaporean friends in the startup community. The chairman of Action Community for Entrepreneurship (ACE), Mr Teo Ser Luck, announced at a press conference today that ACE will be providing seed capital to a target of 500 startups. So if each startup receives about S$50,000+, then the total amount, as we estimate, would sum up to about S$28 million to $30 million. (see update above)

What’s more, the new ACE startups program will also remove the requirement for applicants to be below 26 years old. This means even if you’re in your 40s or 50s and extremely passionate about starting up, this grant is absolutely for you.

Why the shift?

ACE recognizes that good business ideas can come from anyone regardless of their age, and will be extending a helping hand for those mid-career professionals and managers who are looking to leverage on their existing business networks and experience to start their own businesses. They are hoping for a bigger pool of startups, encouraging more talent with good ideas to create meaningful and sustainable businesses.

In addition to removing the age limit, there are also tweaks to the innovation criterion that was set in the earlier scheme. The program now targets startups who are able to differentiate their businesses from competitors and stand out within the industry. So startups need to pay attention to minor details which will better serve consumer markets.

Less red tape, more support

ACE also hopes to cut bureaucracies and streamline processes to help startups get funded fast. It has also set up five sub-committees (mentoring, networking, overseas chapters, communications, and ACE startups) to help entrepreneurs ease into the Singapore startup ecosystem. In a nutshell, these sub-committees are in place to allow mentors to guide startups in their growth, get entrepreneurs to be plugged into business communities, create a support network, and aid in overseas expansion.

So aspiring entrepreneurs out there (especially those previously held back by the age limit), what are you waiting for? To find out more about ACE’s new program, visit www.ace.sg today!