FAQ - ideasinc.veni

“Train” Track – Venture Building programme to groom aspiring local entrepreneurs

Qn: What is unique about NTUitive's Venture Building Programme?

We go beyond Academic Rigour to Impart Real-World Skills to Help You Succeed 
We are a firm believer in practice, and we are not over reliant on theory.

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• We go beyond business frameworks, we cover industry-specific topics (e.g FinTech/Blockchain, AgriTech and 3D Printing).

• Diverse corporate leaders from a wide range of companies and organisations to share their industry insights with you.

• Personal Coaching and Masterclasses in Persuasive Selling and Fundraising, which is essential to hustle for resources you need. All are necessary life skills in business. 

Access to Exclusive Resources That Will Accelerate Your Growth 
NTUitive will provide several exclusive benefits to aid you as you grow your startup

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• Free access to NTUitive’s Open Innovation Lab and use of NTUitive’s Rapid Software Prototyping Team to build your prototypes.

• Amazon Web Services credits and in AWS Developer Support credits.

• Free access to CB Insights – Easily analyse and access data on 300K+ companies, investors, and more.

• Access to other NTU laboratories and resources.

Our Learning is Fun and Interactive, with Innovative NTUitive Exclusive Content 
We have several ground-breaking, exclusive NTUitive initiatives for ideasinc.veni. 

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• Career Assessment Profiling (CAPTM) – NTUitive’s exclusive CAP career profiling test, helps to identify your entrepreneurial, professional and leadership tendencies. This test helps you to understand your fellow teammates and form more cohesive teams.

• NTUit.io Investment Game – This is an intense 3h Startup Pitching Game for you to learn to practise pitching to real investors. You are accelerated to refine your pitches quickly in multiple rounds to get investors’ buy-in. The winner of NTUit.io always makes it big in real-life! 

Qn: What are Enterprise Singapore (ESG)'s guiding principles to enrol into NTUitive's ideasinc veni venture building programme?

The applicant must:

• Be a Singapore Citizen or Singapore Permanent Resident

• Have the intention and capacity to run a startup after the programme

• Be able to commit Full-Time to the 3-month long Programme

• Have not attended a similar Government-run programme targeted at helping them start a company.

All applicants who are admitted to the programme shall receive the stipend EXCEPT for admitted Full-Time Final Year students in Institutes of Higher Learning. Part-Time students will receive the stipend.

Qn: Are there any other eligibility criteria for Startup SG Founder "Train" track programmes, such as ideasinc veni?

Enterprise Singapore has released on their website the eligibility criteria:
https://www.startupsg.gov.sg/programmes/4894/startup-sg-founder/eligibility
 

You can access the PDF Document here: https://drive.google.com/file/d/1vmDs1w_h85DxD9o_nBDARQz60XPVWd3D/view

Qn. What is the deadline for application?

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Applications close 16 May 2021, but we strongly encourage you to apply early. We assess all applications on a rolling basis, and issue Offer Letters several times a month. Hence, do apply early to secure your place!

Qn. As an individual, must I have a business plan to participate in a Venture Building programme? What is the selection criteria for entering the Venture Building programme?

The VB Programmes – ideasinc.veni is for aspiring entrepreneurs who lack entrepreneurial skills or viable business plans/ideas to do so but need help to develop, launch and scale their business plans and require training and coaching to start.

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Selection of participants into ideasinc.veni is subject to further screening criteria set by NTUtive, which takes into consideration but is not limited to the aptitude, expertise, background and related experience of the applicant.

Qn. Can a participant get a monthly stipend from more than one Venture Building programme?

No. Each selected participant can only be funded to attend the appointed Venture Building programmes once.

Qn. Can full-time undergraduates, Polytechnic, ITE or other students in an Institute of Higher Learning apply for the “Train” track?

Yes, if they are Part-Time students, or Full-Time Final-Year students, and they must not hold another job or employment bond. Applicants in part-time studies may apply if they are able to commit full time to the venture building programme, and if they meet all other eligibility requirements as stipulated by Enterprise Singapore.

Qn. I am neither a final-year student nor alumni of NTU – can I apply to their Venture Building programmes?

Yes, as this is a national programme, you do not need to be associated with NTU in order to apply to NTUitive's ideasinc veni venture building programme. However, you have to meet the eligibility requirements as explained above.

FAQ - Enhanced Startup SG Founder (E-SSGF)

“Start” Track – Working capital and mentorship to encourage first-time entrepreneurs

Qn. Why is the eligibility different between “Train” and “Start” track?

Applicants can apply for ideasinc.Veni “Train” track as individuals or as a team. We understand that there may be applicants who don’t qualify for “Start” track are seeking their co-founders during the programme.

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Upon completion of the 3-month training programme, teams who qualify for the “Start” track are encouraged to apply for Enterprise Singapore's S$50,000 Startup SG Founder "Start" grant. The award of the "Start" grant is subject to final approval from ESG and teams/startups will be evaluated based on its business differentiation, market potential, feasibility of business model and strength of management team.

Qn. When will the enhancements to the Startup SG Founder grant take effect?

The enhancements will take effect on 25 Sep 2020. Any applications received by ESG before this date will follow the current Startup SG Founder grant conditions, which include:

1. Grant amount of $30,000 over 12 months

2. Co-matching ratio of 1:3 (ie. Founder(s) must raise $10,000 in capital)

3. Only one principal applicant required

Any applications received by ESG from 25 Sep 2020 onwards will follow the new Startup SG Founder grant conditions. Some key terms include:

1. The increased grant amount of $50,000 over 12 months

2. The reduced co-matching ratio of 1:5 (i.e. co-investment of $10,000 required)

3. Minimum 3 SC/PR employees (including the founder), two of whom must be first-time founders.

Qn. Why did ESG introduce a new requirement of a minimum of 3 SC/PR employees (with a minimum of two first-time founders) to the Startup SG Founder grant criteria?

ESG would like to encourage founders, particularly first-time founders, to start as a team so that they have a range of complementary competencies and experience to grow the startup. Also, studies have shown that startups with more than one founder are often more successful than those with solo founders.

Qn. What if I have a co-founder who has founded a company from a long time ago – is he/she considered a first-time entrepreneur still?

ESG will be assessing applications with such scenarios on a case-by-case basis, acknowledging that there have been entrepreneurs who had started up and failed before, and are looking for a second chance of starting a successful venture.

Qn. I have a founder with a compelling startup proposal but does not have any co-founders. What can I do to support them as an AMP?

If the founder is open to starting the company with other co-founders, you may wish to help connect the founder to potential co-founders amongst your networks, which could include the universities for their pipeline of graduates. The founder could also get in touch with NTUitive to seek connection with other potential first time founders.

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If the founder does not wish to start the company with other co-founders, he will be unable to tap on the Startup SG Founder grant from 25 Sep 2020 onwards. You may, however, choose to continue mentoring the startup if you assess it to have high market potential.

Qn. Do the three applicants need to be full-time employees of the startup?

The three applicants must be committed full time to the startup. However, employees with flexible employment arrangement can be accepted so long as they are not under full-time employment with other organisations.

Qn. What happens if one or more of the initial three main applicants leaves the startup before the end of the grant?

The startup should notify its AMP and ESG immediately, and they will be given 3 months to seek a replacement. If the startup fails to find a replacement, ESG reserves the right to terminate the grant and activate a clawback of the grant monies.

Qn. Will there be changes to the grant disbursement process as a result of the increased grant quantum?

The grant will continue to be disbursed in two tranches, but the disbursement for each tranche will be increased to $25,000. Similar to the current grant conditions, the second tranche of funding will be tied to the achievement of business or product development milestones.

Qn. How should AMPs treat existing Startup SG Founder applications which they receive between now till the time the enhancements go live on 25 Sep 2020?

If the startup is able to achieve the new grant criteria of having 3 SC/PR employees (include co-founders), AMPs may wish to advise the founder(s) to delay their grant application till the enhancements go live on 25 Sep 2020 so that they can receive higher grant support.

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If the startup does not intend to hire 3 SC/PR employees in the foreseeable future and prefers the current grant conditions, you should submit their SSGF application to ESG before 25 Sep 2020. Any applications received from when the enhancements have gone live will be subjected to the new enhancements.

Qn. Does my startup need to be a tech startup to qualify for the Startup SG Founder grant?

The Startup SG Founder scheme supports both tech and non-tech startups with an innovative product, technology or solution. The AMP which the startup is applying to will also need to assess the startup to have a unique business concept, market potential, a feasible business model, and a strong management team.

Qn. Are foreigners eligible for the Start grant?

The Start grant was designed to support aspiring Singaporean entrepreneurs, and as such, the main applicants of the enhanced Startup SG Founder grant must be Singaporeans. Foreigners are open to join any startup as an employee.

FAQ - General FAQs [Start Track / SSGF]

Qn. My team comprises of non-Singaporeans (non-SC/PR). Will we still qualify?

Your team will still qualify if the main applicants holding at least 30% equity in the underlying company are Singaporeans, and fulfil all other eligibility requirements.

The company should have a minimum Singapore Citizen/PR shareholding of 51%. The company should have its business activities conducted wholly or mainly in Singapore.

Other business partners/shareholders/investors who are non-main applicants are not subjected to the eligibility criteria or conditions of the grant.

Qn. I have previously registered a company with ACRA. Do I qualify for SSGF?

The applicant’s business entity should not have been registered or incorporated for more than six months at the point of application to the Accredited Mentor Partner (AMP). If your business entity has been registered for more than 6 months or you have more than one business entities registered under your name, you will not be eligible as the grant is only available for those who are the first-time entrepreneurs.

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Under the enhanced Startup SG Founder scheme, effective from 25 Sep 2020, at least two out of the three main applicants need to be first-time entrepreneurs.

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If you have previously registered a company, but the company did not generate revenue, please contact us for a discussion. 

Qn. What if I have already registered a sole proprietorship/partnership or LLP?

You will still be eligible if the Sole Proprietorship/Partnerships or LLP had been registered for not more than 6 months at the point of application to the AMP.

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Upon approval and confirmation of a successful application, you will be required to shut down the existing sole proprietorship/partnership or LLP and incorporate a Private Limited before the grant disbursement. The funds from grant is intended for the sole purpose of the main applicants to subscribe for shares in the proposed company, and for the company to utilise the subscription amount as working capital.

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If you had previously incorporated a sole proprietorship/partnership or LLP, and subsequently shut it down to incorporate a Private Limited bearing the same company name, the 6-months buffer starts at the point where you had first incorporated the sole proprietorship/partnership or LLP.

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If you have registered a sole proprietorship, partnership, LLP or private limited company, but the entity did not generate any revenue, please contact us for a discussion.

Qn. If I do not qualify for the grant, what others support is available to entrepreneurs like me?

There are many forms of support and assistance programmes available for startups. You may refer to for more information.

Qn. Can I apply before incorporation?

Yes, applicants may apply for Startup SG Founder before incorporation. Should the application eventually get approved, you will have to formally register the company as a private limited entity with ACRA.

Qn. Can I apply while holding onto my full-time job?

Yes, applicant(s) may apply for Startup SG Founder while employed. Should the application eventually get approved, you shall be employed on a full-time basis by the startup for at least 12 months.

Qn. How can I apply for Startup SG Founder?

Startup SG Founder applications must be recommended to ESG through NTUitive.

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Applicant(s) need to complete the Startup SG Founder Application Form and submit it directly to NTUitive for consideration and further recommendation. If NTUitive assessed that the applicant met the eligibility and evaluation criteria, NTUitive could recommend the application to ESG. NTUitive will also recommend appropriate milestones for disbursement of grant amounts before surfacing it to ESG for approval. ESG will inform the applicant and NTUitive on the application status for the grant.

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NTUitive reserve the right to approve or reject submitted proposals at its discretion.

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ESG will inform the applicant and NTUitive on the application status for the grant within five working days.

Qn. Can I apply for Startup SG Founder through more than one AMP?

Applicant(s) of the Startup SG Founder who applies via the AMPs will be mentored by your AMP who guide you in your business development. However, we strongly encourage startups (mentees) and AMPs (mentors) to find mentors or mentees with a good fit.

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Therefore, either party shall be allowed to initiate an early termination to the mentorship arrangement with valid reasons. This shall be assessed for approval by ESG. If the request is approved, the startup will have to find another AMP to qualify for subsequent disbursements. The provision shall be allowed only once, after which, the project shall be terminated.

Qn. I have submitted an application. Why haven’t I received a response?

AMPs do receive a high volume of applications daily and will require some time to get back to you. You should also check that you have submitted all the required documents for evaluation. Should there insufficient information or documents provided for the application at the point of submission by the AMP to ESG, ESG will inform the AMP to re-submit the application with all required documents.

Qn. How will the grant be disbursed?

If the AMP wishes to recommend the application, the AMP will decide on appropriate milestones together with the applicant(s). The AMP’s recommended application and milestones will then be surfaced to ESG for vetting and approval. The grant will be disbursed in 2 tranches based on agreed project milestones.
You will have up to 12 months from the date of the letter of offer to meet the milestones to draw down on the grant.

Qn. What are some examples of milestones for grant disbursement?

The AMP will work with the startup to develop suitable developmental milestones based on the startup’s proposed business. Awarded companies under Startup SG Founder have 12 months to fulfil milestones and draw its disbursement in tranches. Proper expenditure record and invoices are also required during the 12-month incentive period.

Qn. When must I raise the amount required for co-matching?

The co-matching amount should be raised and reflected in the company’s ACRA Business File upon acceptance of the Letter of Offer.

Example: If a startup has agreed to the following tranches, the subsequent co-matching amount for each tranche should be reflected in the company’s ACRA document prior to disbursement.

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Co-Matching by Startup

• 1st Tranche  $5,000

• 2nd Tranche  $5,000