ACE Start-ups Grant
Overview
The ACE Startups grant aims to provide funding support to entrepreneurial Singaporeans who want to
take their first step in starting up differentiated businesses.
Financial Assistance
ACE will match $7 to every $3 raised by the entrepreneur for up to $50,000.
i.e, For an applicant to receive a grant of $50,000, applicant will need to raise $21,429 for co-matching.
For selected ventures, ACE will match $3 to every $7 raised by the entrepreneur for an additional
$50,000. For these ventures, the total grant is capped at $100,000 and the applicant is required to
commit S$138,095 in total for co-matching.
Eligibility Criteria
At the point of application:
The Applicant:
 Must be a Singaporean/PR. Parental consent must be sought for those applicants 18 years
old and below on the date of application
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 Is a 1 time entrepreneur
 Is the key driver in the company and must be committed to the business on a full-time basis
The Company:
 Must NOT be registered or incorporated for more than 6 months from the date of application;
 Have NOT received any funding for the proposed business idea from another government
organisation;
 Eligible applicant(s) must hold or propose to hold at least 51% equity in the underlying
company ; and
 Proposed business idea must not be in the following list: night clubs, lounges, bars, foot
reflexology, massage parlours, gambling, prostitution, social escort services, employment
agencies (including recruiting foreign work permit holders and workers/ support staff,
relocation services, and manpower services), and geomancy etc.
How to apply
1. Check that you meet the eligibility criteria
2. Download the ACE Startups Submission Form from www.ace.sg/acestartups
3. Prepare the following items:
a. Hardcopy of signed Submission Form. Incomplete forms will not be entertained.
b. Hardcopy of CV of the Applicant(s) and management team
c. Copy of NRIC of Applicant(s)
d. Hardcopy of business plan –
Not more than 20 pages, no smaller than font size 10, single spaced, inclusive of
annexes OR 40 slides. (Guidelines in Submission Form)
e. Hardcopy of Accounting & Corporate Regulatory Authority (ACRA) e-statement to
declare that you are a first-time entrepreneur
f.
Visit www.bizfile.com.sg, click on the iShop@ ACRA option, do a “People Search”
under Instant Information and take a screenshot of the nil result. If there is a profile
result available, proceed to purchase the profile and submit the profile.
Provide all of the above documents in a CD for submission
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4. Send your submission to:
ACE Start-ups Administrator
SPRING Singapore
1 Fusionopolis Walk
#01-02 South Tower, Solaris
Singapore 138628
Please ensure that your application reaches ACE before the Call for Proposal deadline. Otherwise,
your application will be considered for the next Call for Proposal.
Evaluation Criteria
Differentiated Business
 How does the company differentiate itself from competition?
 How different or novel is the idea/product/service/business model/ process compared to what
is available in the market?
Feasibility of the business model
 Is the revenue model sustainable?
 How does the company manage its cashflow?
 Does the business have potential to be scalable?
Potential market opportunity
 What market(s) is the business idea targeting?
 How big is this targeted market(s)?
 How does the company reach out to its targeted market(s)?
Management Team
 How committed and passionate is the team to the business?
 What relevant skill sets does the team possess which would be useful in executing the
business idea?
 How is the applicant(s) contributing to the development of the business?
Process
Call for Proposals
The call for proposal is competitive. It opens on the first working day of the month and closes at 5pm
on the last working day of the month.
Announcement of Results
Applicants will receive confirmation that their submissions have been received by the ACE Secretariat
within 1 week of the Call for Proposal deadline.
Applicants will receive notification on the status of their proposals within 6-8 weeks of the Call for
Proposal deadline.
Shortlisted Applicants
Shortlisted applicants will be selected to pitch to an external panel of evaluators. This panel consists
of about five evaluators of the following profiles: investors, entrepreneurs, entrepreneurship educators
and professionals in the field.
Successful Applicants
Successful applicants will be awarded the grant in tranches. Each tranche consists of several
milestones which the company will have to meet in order to obtain the financial assistance. These
milestones will be discussed between the applicant and the evaluation panel.
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Checklist
Please complete this checklist before you submit your application.
Incomplete applications will not be entertained!
 Hardcopy of fully completed and signed Submission Form
 Hardcopy of CV of the Applicant(s) and management team
 Copy of NRIC of Applicant(s)
 Hardcopy of business plan –
o
Not more than 20 pages, no smaller than font size 10, single spaced, inclusive of
annexes OR 40 slides. (Guidelines in Submission Form)
 Hardcopy of Accounting & Corporate Regulatory Authority (ACRA) e-statement to declare that
you are a first-time entrepreneur
o
Visit www.bizfile.com.sg, click on the iShop@ ACRA option, do a “People Search”
under Instant Information and take a screenshot of the nil result
o
If there is a profile result available, proceed to purchase the profile and submit the
profile.
 CD containing softcopy of the above listed items
Please ensure that the items above reaches ACE before 5pm on the last working day of each month
to be considered for the latest call for proposal. You may mail or hand-deliver the items to:
ACE Start-ups Administrator
SPRING Singapore
1 Fusionopolis Walk
#01-02 South Tower, Solaris
Singapore 138628
Email applications will not be accepted.
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