Last week, Singapore’s Infocomm Development Authority (IDA) announced it would invest in three new measures to support technology startups: a startup accelerator, an accreditation program and a fabrication lab.
The startup accelerator program marks a strategic partnership between Infocomm Investments Pte Ltd (IIPL, the investment subsidiary of IDA) and Joyful Frog Digital Incubator, a leading startup accelerator. The first accelerator program will take place from 20 March to 1 July.
The programs will be geared towards technology startups, with the aim of boosting the role of Singapore’s technology sector. Joyful Frog currently invests S$25,000 (US$19,700) into each of its chosen startup companies through its existing accelerator program, and also provides mentoring from successful and established entrepreneurs from around the world. IIPL will be involved in selecting the candidate startups for the program and will have a small funding stake in each of the teams.
The second measure, the accreditation program, is aimed at helping startups gain credibility and access more business opportunities in Singapore. The accreditation program will assist with software certification for emerging technologies, which will help bring those software startups to the attention of government entities and large businesses.