Singapore based VC Red Dot Ventures has partnered with Lithan Hall Academy to launch a hiring and training plan that aims to help startups with their hiring needs. The plan is supported and funded by the Singapore Workforce Development Agency (WDA).
Startups always have difficulties hiring and retaining talent. Graduates usually prefer to work in government and corporate jobs that give good salary and benefits, and many startups just cannot compete. The new Red Dot Ventures plan is targeted at fresh graduates and diploma-holders who have more than three years of working experience. Participants will be working in a startup for up to a year. During the day, the participants will have to work in the startup they are assigned to, and at night, they have to attend training courses by mentors at Red Dot Ventures. These courses convey essential skills and knowledge a founder should be equipped with, like building a minimum viable product, learning the lean startup model, recruitment, business planning, and fundraising.
Participants will also be remunerated well without the financial burden placed on most bootstrapping startups. WDA will pay 70 percent of their salaries up to SG$1,400 per month for the first six months, and startups just pay the remaining amount. The theory is that this will help startups attract (and pay for) the best talent. It’s a great deal for the startups and will be really beneficial to the whole ecosystem. We may see more shrewd, diligent entrepreneurs coming out of this one-year program.
In terms of recent action, Red Dot put seed funding into The Stakeholder Company last weekend and Innova Tech a month ago.
Incidentally, the program is interviewing candidates and aims to accept 50 people for 2013’s program, which will commence on February 2013. The course is subsidized up to 90 percent for Singaporeans and permanent residents of Singapore. Overseas candidates who wish to participate in this program will need pay a course fee of SG$12,000 for the year-long program. Those interested can drop Julian an email.
The year long program outline
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