What is SSFS?

The SSFS is a time limited scheme to support early- to late-stage promising startups from diverse sectors via convertible note, which may have developed innovations and technologies that can contribute to Singapore’s national priorities (such as those in the Industry Transformation Map sectors, or those creating good jobs for our population). Applicants will be assessed on a case-by-case basis.

2. How do I know if I am eligible for funding?

Please answer all the following questions:

a. Company is a private company incorporated in Singapore for not more than 10 years.

b. Company is developing/ producing/ and commercializing innovative technologies or services designed for scale and high growth.

c. Company has secured paying customers and partners and demonstrated a commercially scalable business model of at least 20% annual revenue growth pre-COVID-19. For pre revenue companies, Company possesses either strong pre-clinical data (biotech companies), intellectual property, or technological know-how that cannot be replicated.

d. Investors (existing/new) are committed and prepared to fund 50% of the convertible note. 

If you have answered ‘Yes’ to all the above, please download and send the completed SSFS Application form to ssfs@edbi.com.

Proof-Of-Concept (POC) Project

Your solution is at the conceptualisation stage, and the technical/scientific viability still needs to be proven.

You should clearly explain the innovative science or technology concept behind the solution. Individual applicants from public sector research institutes must demonstrate entrepreneurial commitment to continue their technology commercialisation work upon successful completion of the project.

OR

Proof-Of-Value (POV) Project
You already have a technically/scientifically viable concept (POC available), and you wish to carry out further development of a working prototype, to validate the commercial merit of an established concept.

You need to show the technology concept you are building on, and the commercial merit to be validated. You will also be required to demonstrate proof-of-interest from a potential customer or 3rd party investor, and the necessary business competencies to execute the project.

To maintain financial discipline, startups would be required to inject an increase in paid-up capital of 10% and 20% of the grant for POC and POV respectively. This replaces prior restrictions on the supportable costs. The grant cap for POC will remain at $250,000 and POV at $500,000. Please refer to the FAQ for more details.

3 Pillars

1. Core Capabilities

Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.

 Innovation and Productivity

Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.

 Market Access

Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.

Case Results

SIIRD is a co-operation between Enterprise Singapore and the Israel Innovation Authority to promote, facilitate and support joint industrial R&D collaboration between Singapore and Israeli companies across different industries. Joint projects between Singapore and Israeli companies should involve the development of new or enhanced products and technology with strong market potential..