General FAQs
FAQs on YES! Startups
FAQs on SPICES
FAQs on Business Advisory Council
FAQs on Startup@SP Incubation Centre
General FAQs
Q1) Which are the government agencies, industry partners and organisations that Enterprise Centre work with to allow our startups to gain easy access to important information?
Q2) How do I register for a company if I am below 18 years old?
The eligible age to register for a company is 18 years old. Applicants below 18 years old must seek parental consent before applying for the grant.
Q3) What if i have further queries on business plan writing?
You may also download the sample business plan and financial plan under YES Startups "Useful Information".
Q4) Does Enterprise Centre has any quota in the number of start-ups in a year?
SP does not set a Key Performance Indicator (KPI) on Enterprise Centre to disburse the grants. As a public institution, the Enterprise Centre is committed to work towards the best interest of the students and SP rather than simply achieve a numerical target at the end of the year.
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FAQs on YES! Startups
Q5) What is YES! Startups?
YES! Startups stands for Young Entrepreneurship Scheme for Startups and is a funding scheme offered by SPRING Singapore to nurture and encourage youths to be enterprising and innovative through 'hands-on' entrepreneurship learning. YES! Startups will provide funding support for youths to set up innovative business.
Q6) Can I still apply for the YES! Startups grant if my business or company has already started?
The business or company should not have been registered or incorporated for more than 6 months prior to the application. For such existing businesses, the applicant must hold at least 50% of the shareholding in the business.
Q7) How is the application process for YES! Startups like?
The application is open at any time of the year. Applicant(s) should have prepared their business proposal and completed the YES! Startups application form before submitting to Department of Industry Services at InnoVillage. Thereafter, the applicant(s) will go through the business proposal evalution by the Enterprise Advisory Committee which will be held on the last Thursday of every month.
Q8) If SPRING or Enterprise Centre rejects my proposal, can I resubmit again?
You will be the best person to decide whether to re-submit again. In principle, if you intend to resubmit your proposal for evaluation, you must address the issues raised in the previous evaluation and provide new solutions.
Q9) Can I register my business as a sole proprietorship/partnership/LP/LLP to receive the YES! Startups Funds?
No. Upon approval and confirmation of the success of the application, you must be registered as a Private Limited Company prior to receiving the funds. Funding received under the YES! Startups must be committed into the company's paid-up capital.
Q10) What is the maximum grant I can receive under YES! Startups?
The maximum grant you can receive from SPRING Singapore is $50 000. The co-matching ratio for the grant is $1:$4 (Applicant:SPRING). Therefore, in order to receive the full grant of $50 000 from SPRING Singapore, the applicant(s) has to inject at least $12 500 into their company.
Upon accepting the grant, the applicant(s) will have to provide bank statements to show prove of matching cash investment in the company.
Q11) Will SPRING become a shareholder in my company?
The funding support under YES! Startups is a grant to young entrepreneurs. As such, SPRING Singapore will not be a shareholder of your company.
Q12) What can the YES! Startups grant be used for?
The grant provided should be used solely for business development expenditures, which include:
- Expenditure on Manpower
- Equipments, Software, Materials & Consumables
- Professional Services
- Intellectual Property Rights
- Promotional Activities
- Other Operating Expenditure
Q13) Can I claim for expenses that have been made prior to the approval of the YES! Startups grant?
Expenditure made prior to approval cannot be offset against the grant. Expenditure has to be new and made after approval and offer letter has been sent out. Companies must keep proper records and copies of all invoices, and may be audited on a random basis.
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FAQs on SPICES
Q14) What is SPICES?
SPICES stands for SP Innovation, Creativity and Enterprise fund for Students and is open to All Full-time students with SP. It was launched by The Department of Industry Services with the objective of helping students startup their first business idea. SPICES can be used for students to test-bed their business idea or develop their prototype.
Q15) What is the maximum grant I can receive under SPICES?
The maximum grant you can receive from Singapore Polytechnic is $3,000 per application. The grant will be given on a reimbursement basis. Once the applicant has make purchases, he/she is required to keep the original receipt, complete the reimbursement form and submit to the respective school's office to make claims. Reimbursement will only be made for approved purchases only.
Q16) Can I apply for SPICES if the idea I have is part of my school assignment or project?
No. SPICES can only be used for business idea which is not part of a graded school assignment or project. The purpose of SPICES is to encourage entrepreneurial learning beyond school curriculum.
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FAQs on Business Advisory Council
Q17) What is the Business Advisory Committee (BAC)?
The Business Advisory Commitee (BAC) is formed to promote entrepreneurship development in SP. BAC will be involved in the following:
- Evaluate the business proposals relating to YES! Startups and SPICES application
- Mentor students' business and provide advice
Q18) Who are the council members of Business Advisory Council?
The Business Advisory Committee comprises of members from Singapore Polytechnic and industry. The members are:
| Chairman: |
Mr Song Nay Hay, Director DIS |
| Member(s): |
Mr Timothy Chan, Director SB
Mr V Maheantharan, Director PACE
Mr John Yap, Consultant DIS
Mr John Foo, Manager (Teaching & Learning)
Mr Arthur Poh, Director Student Development
One representative from SP Entrepreneurs' Club
|
The Council will also invite appropriate industry specialist or entrepreneurs to attend the meetings and the evaluation of business proposals.
Q19) Will the composition of the evaluation panel be fixed in every presentation?
The composition of the evaluation panel changes every month, and this allow for diversity. This is the best practice adopted by many of the leading business schools locally and overseas. In fact, changes in the panel members will provide you with many different perspectives, drawing from the strength of the panel members, who are themselves successful entrepreneurs and leading heads of business organisations.
Q20) What is the consequences of having the composition of the evaluation panel being changed in every session?
All applicants must be prepared to repeat their presentations and amend their business proposal along the way to address the concerns of the panel members. Our students typically would have to present more than more than 5 times (as a guide) to the panel and made changes to their plans more than 20 times (as a guide) to eventually receive the grant from SPRING.
Q21) What should I do if my proposal is being submitted to the Business Advisory Council for evaluation?
The applicant will need to prepare a powerpoint presentation of not more than 15 mins and 10 slides.
Q22) What is the frequency of the Business Advisory Council meetings to evaluate business proposals?
The Business Advisory Council meets every last Thursday of the month. Applicants are required to submit their business proposals one week prior to the meeting. Should that day falls on a public holiday, it will be held on the following week.
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FAQs on Startup@SP Incubation Centre
Q23) How much does it cost to incubate my business at SP? Where is it located?
Business Incubation at SP costs $107.00 per month (inclusive of GST). It is located at the InnoVillage@SP.
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