Singapore Institute of Management to invest $35m in startup support programs

Photo credit: Platform E, a program that’s meant to be part school and part incubator for both aspiring and more experienced businesspeople. The goal is for an entrepreneur to enter the program with an idea and leave it with a business.

Other parts will be announced later, including funding of promising businesses and supporting the growth of small and medium-sized businesses.

“We believe that entrepreneurship is a lifelong journey and that any good entrepreneurship program must help the individual acquire deep business and leadership skills – and more importantly, inculcate in him the fortitude to take on and sustain a long and challenging journey,” says Platform E CEO Alan Wong.

School is in session

Platform E includes two entrepreneurship tracks, open to tech and non-tech ideas:

A 12-month program for aspiring entrepreneurs, called IntensE, aims to teach them how to build a business from an idea. Coaches and mentors will challenge participants on their idea and help them develop and validate it, which will hopefully result in a new business by the end. Fees for this track are US$8,400.

A four-month track for more experienced businesspeople, called IncubatE, is meant to help them evaluate their companies and scale them up. This track costs US$2,800.

The goal is for an entrepreneur to enter the program with an idea and leave it with a business.

Up to 10 scholarships that cover 50 percent of the fees will be available.

Similar to organizations like Entrepreneur First, the program is open to individuals as well as teams. Platform E does not plan to take equity in graduating businesses at the moment.

SIM is dedicating 25,000 sq. ft. of co-working space for entrepreneurs and startups at its Management House in Singapore. It will be used by program participants but also rented out to third parties in an attempt to cultivate a community. Graduates will be able to use the space for six to 12 months after graduation if they need it.

30 to 40 participants will be chosen for the program’s inaugural cohort starting in April 2017. For 2018, Platform E plans to take in two cohorts.

The programs will be overseen by academic and angel investor Professor Virginia Cha, who will be Platform E’s professor-in-residence. The curriculum has been designed by “successful practising entrepreneurs who have both practical experience and academic credentials.”

Converted from Singapore dollars. US$1 = S$1.42