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In focus
- A dive into SGX-listed Info-Tech Systems’ inappropriate marketing practices
- An archive piece on Singapore’s deeptech ambitions meeting hurdles and why it matters
- A look at why OpenAI isn’t going public yet
Hello reader,
A year ago, I attended a conference in India where a founder spoke passionately about the challenges she faced while raising funding – especially in her industry, biotech. She told the audience that despite having clients and good unit economics, there was virtually no support for startup founders like her.
Although she expected VCs to be tight with their purse strings, given the change in the funding environment, she was very vocal about not getting any assistance from the Indian government. That was despite the pharmaceutical industry being one of the largest contributors to the country’s economy.
On the other hand, she expressed appreciation for Singapore’s grant system, which provides much-needed support to early-stage startups. But while the city-state’s support is well-known, some concerns surround these grants, as explored in today’s Top Story.
I found out that Info-Tech Systems, a Singapore HR tech firm, has been tapping into grants to grow its topline. It uses two grants, in particular, to offer product discounts to its customers, as per sources and the company’s own documents.
The SGX-listed firm was even flagged by SkillsFuture Singapore (SSG) – a government agency in charge of upskilling Singaporeans – after it received feedback in 2024 about “inappropriate marketing practices.”
However, Info-Tech Systems says it “complies fully with all Singapore government grant frameworks” – including SSG and the Productivity Solutions Grant (PSG) – and goes through “regular audits required by the relevant authorities.”
Speaking of Singapore’s grant system, we also have a piece from last year that delves into the city-state’s deeptech plans and the challenges that come with it, which remain relevant to this day.
Collin Furtado, senior editor
Top Story
Info-Tech flagged for ‘inappropriate marketing’; firm says it’s compliant
Image credit: Arsal Ysfin
This story takes a deeper look at how changes to the grant schemes may affect the revenue of companies that rely on such subsidies to get customers.
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