The Singapore Infocomm Technology Federation (SiTF) today announced itself as IDM Research and Development Programme Office (IDMPO)‘s new sleeping partner. SiTF will act as an incubator by administering IDMPO‘s microfunding scheme for individuals and startups in the interactive digital media space, and its members will offer mentoring with their technological and business expertise.
With this new tie-up, IDMPO now has a network of 10 incubators that will collectively nurture some 450 startups in Singapore over the next few years. Existing incubators have funded some 90 projects of which 15 have been completed. About four have received private investment.
It will be interesting to see how an industry association of more than 400 corporate members – many of whom are competitors in their respective industries – can make sense and value add to the growing numbers of local startups.