[Singapore] YES No Longer – ACE Replaces YES! Startup Scheme With ACE Startups
Just A New Coat of Paint?When queried, Teo admitted that much of the funding for the new ACE Startups comes from remaining funds previously set aside for Yes! Startups, but added that additional funding may be set aside to help achieve the target of over 500 startups within the next year or so. While some may argue that the removal of the age restriction is simply to help boost the applicant pool to achieve some internal targets, the good news is this means the scheme now open ups to mid-career professionals considering a leap into starting their own businesses. Previously, the scheme was pretty much limited to young entrepreneurs who are just leaving school, and I personally know some older aspiring professionals who would have loved a leg up with this grant. On the other hand, for those who of us who are above 26 years old and recently set up your business, you may be out of luck. The scheme is still targeted at those who've not previously registered or incorporated any business entity (or received prior funding for another government agency), and will not be applied retrospectively. Alas, that rules me out of the new grant scheme. Is the ACE Startups scheme simply a case of putting lipstick on pigs? Feel free to comment below.
Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.