Infocomm Development Authority of Singapore (IDA) has announced a new grant called iStart:LITE to encourage startups to build on new “cutting edge and international” technologies. According to the IDA website, iStart:LITE (Leveraging International Technology for Entrepreneurship) grant hopes to seed companies from around the region and help startups overcome the valley-of-death phase.
The winners of this grant will receive up to 75% subsidy on employee salaries. The maximum amount will be capped at S$250,000. This grant also specifies that companies should hire at least one business development person for every three engineers.
There are seven criteria for this grant, but two of which are ambiguous. These are: “[The company should be] founded by either serial entrepreneurs or experienced infocomm professionals playing regional roles” and “Involve internationally proven technologies from foreign companies with good track record overseas or leading international technologies from reputable universities, research institutions and such in the proposed one-year project.” We’ve contacted the IDA authorities to clarify these points and haven’t heard back from them yet.
The closing date for this application is Dec 15.
You can find more details about this grant by attending the briefing session today at the IDA office. Details below:
Date: Tuesday, 16th November 2010
Time of Briefing: 5pm
Venue: IDA Multi-Purpose Hall, Suntec Tower 3, #14-00, 8 Temasek Boulevard, Singapore 038988
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