Singapore’s Digital Media Start-ups Get $3 Million Boost

More start-up funds would inspire more risk takers. Singapore takes a baby step forward to having her very own “Mark Zuckerberg” as the Media Development Authority (MDA), SingTel Innov8 and NUS Enterprise have joined hands to set up an incubation program, named Blk71.

From idea, implementation and expansion, Blk71 will provide one-stop service to help nurture Interactive Digital Media (IDM) start-ups in Singapore. The name ‘Blk71’ is probably inspired by the incubation space address located at Block 71 Ayer Rajah Industrial Estate.

MDA and SingTel Innova8 will contribute up to S$2 million (US$1.6 million) each over the coming three years. The investment will provide successful start-ups with up to S$50,000 of initial seed funding and opportunities for follow up funding of S$200,000 or more. MDA and SingTel Innov8 will also co-sponsor activities such as industry speaking engagements, workshops and networking events.

NUS Enterprise will play the manager role as it manages Blk71 and the incubation space. This space will include support structures that facilitate the translation of ideas into start-ups and also bring start-ups to the next stage. Business services such as legal, financial, and intellectual property management will also be provided.

“Blk71 will pull together the relevant companies and industry players in the IDM sector that are currently dispersed around Singapore. By bringing these together in one vibrant start-up environment, it will build up a critical mass for increased synergy, entrepreneurial dynamism and economies of scale. Blk71 will form a key complementary component of NUS Enterprise’s eco-system, which includes NUS Enterprise’s office and the NUS Enterprise Incubator, where we support some 80 technology start-up companies,” Dr Lily Chan, CEO of NUS Enterprise said in a statement.

Besides investment, SingTel Innov8, the venture capital arm of SingTel Group, will also provide mentorship, expertise and network to budding entrepreneurs. SingTel Innov8 has been very active in the market. Its recent investments include, Bubble Motion (Twitter with a voice), Stream Media (mobile in-app payment platform) and 2359Media (mobile ad creation platform).

Image courtesy of WSJ