FREQUENTLY ASKED QUESTIONS (STUDENTS)

1. What is YES! Startups@RP?

•       YES! Startups stands for “Young Entrepreneurs Scheme for Startups” is a seed funding scheme offered by SPRING (www.spring.gov.sg) for all Institutes of Higher Learning (IHLs).

•       A 4:1 matching grant will be injected into the student venture up to a maximum amount of S$50,000.

2. What does the ETDF stand for?

•       The ETDF stands for “Entrepreneurial Talent Development Fund”.

•       SPRING has rebranded the ETDF to YES! Startups.  This was announced during the launch on 18 November 2008.

3. What can the grant be used for?

•       Yes! Startups grant can be used as working capital to set up and run your business.  

4. What is the objective of the YES! Startups scheme?

• The scheme aims to nurture and encourage youths to be enterprising and innovative through ‘hands-on’ entrepreneurship learning.

5.  Who can apply?

·         Singapore citizen or Permanent Resident, aged 26 years or below on the date of application.

·         Parental consent must be sought for those below 18 years old

·         First-time entrepreneur

·         Incorporation of a private limited company (upon approval) with its business activities wholly or mainly based in Singapore.

6. What are the Evaluation Criteria for this funding?

·         Innovativeness of the Business Idea
How different/novel the idea is against what is already available in the market?

·         Feasibility of the business model
Is the business model viable and potentially sustainable?

·         Potential market opportunity
Will the market demand and buy such an item?

7. If I have a good idea but do not know how to write a good business plan, where can I get help?

·   Business plans workshops are conducted regularly in RP to help equip students with good business ideas with the skillsets to write a good business plan to apply for funding successfully.  You can contact Ms Elena Chan at elena_chan@rp,sg for the workshop. 

8. Who will evaluate my idea and business plan?

·  There will be 2 main approval committees in RP. CIE staff will assist you in developing your            business for submission to the 2 committees below. Endorsement will also be sought from     Principal and CEO of RP.

            CIE Review Committee Team:

·         Assistant Director (Academic)

·         Assistant Director (Capability Development)

·         TDC Manager (Youth Entrepreneurship)

·         Head (Entrepreneurial Development)

            RP Approval Committee:

·         Director (CIE)

·         Director (OTD)

·         Director (OFN)

9. When would I need to submit the business plan?

• You can contact Ms Elena Chan at elena_chan@rp,sg for more details on the workshop as well as submission deadline/s.

10. Can I choose to submit my business plan directly to SPRING Singapore?

·      To increase the chances of obtaining the funding, you are strongly encouraged to  submit  your business plan through RP.  However, you can also choose to submit your business plan separately to SPRING Singapore all year round.

11. What is the address of the website link?

•   http://www.spring.gov.sg/Content/WebPageLeft.aspx?id=a0d0a061-31a1-4acd-bee1-330954ae398b

12. How does the funding scheme work?

•       SPRING will fund 80% of the fund. Students are required to raise the remaining 20% either through self-funding, funding from IHLs or 3rd party funding sources.

•       The new scheme will be administrated centrally by SPRING.

•       Student ventures will be chosen for funding support via a central selection committee, consisting of the public and private sector individuals selected by SPRING.

13. What support will RP provide in my startup?

• Possible funding models are as seen below.

14. Who can I approach to know more on this funding?

• You can drop an email to either of the below people listed below.

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For any enquiries, please email Help-YES_Startups@rp.sg

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