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SPRING SINGAPORE

Posted: Thu, 15 Oct 2009 11:09 pm
by troys
Does anyone here have any experiences applying for grants and/or venture capital and/or loans from SPRING? I am putting together an application and would appreciate if someone can share some experiences, if not on the public board then by pm.

Re: SPRING SINGAPORE

Posted: Fri, 16 Oct 2009 1:26 am
by ksl
troys wrote:Does anyone here have any experiences applying for grants and/or venture capital and/or loans from SPRING? I am putting together an application and would appreciate if someone can share some experiences, if not on the public board then by pm.
Yes I do, but it depends on many factors, like understanding the actual needs of your business, and the objectives which could be one of many, and for that, you will probably have to consult a specialist team involved in delivering the goods.
They just don't allocate grants to businesses, that believe they can do it themselves unless they have the qualifications to do it. So the specialist consultant in the area in which you want the grant, should apply for the grant, simply because it includes their consultancy fees, if that makes sense though i feel the rule will stipulate your own business can apply for the grant nominating the consultant, if it's not done correct they will not approve it or give reason.

If you could give me more detail, I may be able to guide you further. What is it you actually want, you can PM me if you like, though it restricts everyone else seeing the results, that maybe useful to them too, my speciality is export risk assessment, market penetration, branding, and marketing, though it is all outsourced, to the right people within the budget available. Knowing you are getting good value for money, my biggest headache is banging my head against a wall.

My advice would be, to spend as little as possible, until you take a sparing partner, there are good and bad in the industry, so don't jump into the first one. Make yourself a check list. I've met a few of these consultants and some of them are very very professional MNC and really that's probably what you need but i come cheaper :lol: Only kidding I'm retired but i can give free advice, which i normally do for start ups. Where are you from?

Posted: Fri, 16 Oct 2009 2:04 pm
by troys
Hi ksl,

I am from Australia but I am PR, so I am more looking at venture capital + loan for my startup business which is a web based one, which judging by the SPRING website seems to be very generous.

However, I want to know about people's real life experience in getting the money from them.

I am especially worried about opportunity cost(i.e. wasting lots of time meeting with beauracrats, approval taking months etc...). Also things that you learn from experience like what sort of things do they like, what sort of things do they dislike? etc....

Posted: Fri, 16 Oct 2009 3:54 pm
by mrlily
may i ask how much are you looking for? ball park figure?

Posted: Fri, 16 Oct 2009 6:03 pm
by ksl
troys wrote:Hi ksl,

I am from Australia but I am PR, so I am more looking at venture capital + loan for my startup business which is a web based one, which judging by the SPRING website seems to be very generous.

However, I want to know about people's real life experience in getting the money from them.

I am especially worried about opportunity cost(i.e. wasting lots of time meeting with bureaucrats, approval taking months etc...). Also things that you learn from experience like what sort of things do they like, what sort of things do they dislike? etc....


unfortunately all grant procedures are of a bureaucratic nature and take the time it takes, though for venture capital, I would consult someone, who knows how to submit the application at spring office, they will help you out, with all your queries

Posted: Fri, 16 Oct 2009 11:03 pm
by troys
mrlily wrote:may i ask how much are you looking for? ball park figure?


i guess the answer to this is "depends" :D

I am in a position where I don't "have" to get outside funding, but if the government is generous and the opportunity costs are not prohibitive, it is something I am exploring, similar with loans.

Posted: Fri, 16 Oct 2009 11:27 pm
by mrlily
troys wrote:i guess the answer to this is "depends" :D


tahu abang :)

good answer, and good luck with your idea, i'll watch this space.

Posted: Mon, 19 Oct 2009 1:22 am
by Cold December Rain
You should ensure that you've all documentation and at least some funds in running your business... A back up plan is necessary to convince civil servants. Just give it a try... I dont think you'll be wasting time cause SPRING is pretty efficient... however the outcome may not be positive but dont stop believing.... Good luck!

Posted: Fri, 23 Oct 2009 2:48 am
by wcs
I too have had some recent experience in doing funding applications with SPRING. I would say your concern about the time wasted on the process is valid.

I think you need to look at your strategy for growing the business. If you are happy with organic growth, then keep going as you are. There is no easy, free money here. The granting of easy money ended about a year ago. Many of those companies did not live up to the dreams they sold the govt. So Spring now takes an investment stance. Depending on what you apply for you might get funding or take the govt on as a shareholder. But you apart from the initial application, if you pass the first screening, you will need to pitch to a panel of angel investors/VCs who determine if you have novelty and potential. So it is just like trying to attract private investment in that respect.

Whilst not trying to dissuade you, the number of people actually winning these grants is very low compared to the number of people applying.

I have spent the last year here studying this very stuff. It is very interesting, exciting, and a little frustrating. Having said that a classmate and his partner did secure a million dollar grant, but they have an idea with great potential and are both locals.

Oh, that is one thing I should highlight, you need to think about direct benefits that are brought to Singapore by your business. Such as number of locals employed, skills transfer of sought after skills to your local employees, or allowing Singapore to substantially improve its position as a hub for XYZ industry which meets the govt's strategic goals.

Good Luck!

Posted: Sat, 22 Jan 2011 1:51 am
by jcaosdon
hi guys, i am new here, and i need some information on spring's funding too!

i am a youth (just got out of JC) so i qualify for the YES fund, but can i apply for the SEEDS too? and also it would be good if you guys can advise me on what i would expect the process to be like - who i'd talk to, who i'd have to convince, etc.

and ksl: can i get some advice for starting up my company?? maybe we can talk through email? cause i can't pm yet

thanks and cheers!

Posted: Sat, 22 Jan 2011 11:55 am
by ksl
jcaosdon wrote:hi guys, i am new here, and i need some information on spring's funding too!

i am a youth (just got out of JC) so i qualify for the YES fund, but can i apply for the SEEDS too? and also it would be good if you guys can advise me on what i would expect the process to be like - who i'd talk to, who i'd have to convince, etc.

and ksl: can i get some advice for starting up my company?? maybe we can talk through email? cause i can't pm yet

thanks and cheers!
Don't be afraid to approach Spring, the consultants will give you all the advice you need, just approach the reception and they will put you in contact with a consultant to answer all your questions.

Posted: Tue, 01 Feb 2011 12:51 pm
by InTheBlue
I approached SPRING for help and it didn't really come to much first time around so I am interested in anyone that has had a positive experience as their grants are very generous.

Does one need to be PR to get the grants or just have a company in Singapore?