In a ceremony held today, Action Community For Entrepreneurship (ACE) announced its first group of 11 startups to be awarded under its ACE Startups grant scheme first introduced in January this year. The private-public sector entrepreneurship initiative aims to, through this scheme, support first-time entrepreneurs with funding, access to relevant networks and mentors to help grow their ideas into sustainable businesses. The successful startups were evaluated based on their business differentiation, feasibility of their business model, potential market opportunity, and the capability of the management team.
The 11 startups are:
– All ID Asia, which develops an automated identification and data collection platform for identification card management, visitor management, and specialized smart card personalization systems,
– Arcsis, an F&B food innovation company that looks at developing healthier yet specialized food options,
– Biggest Baddest Parties Inc, a mobile application that tells you where the best parties are at,
– Coordsafe, a GPS/GSM-enabled bracelet for better eldercare,
– Discarver, which looks at developing smart solutions for car owners to track the health of their vehicles,
– Greendot Gourmet, an F&B company that aims to introduce the idea of “green” fast food,
– Innervative Learning, whose key product Econopolis is a mobile application that combines learning economics and financial literacy,
– Uberquery, an online B2B platform for deal sites to source products on a global level,
– Wan La, a financial and investment portal that shares trading strategies and techniques,
– Windphony.com, an online digital music score distribution platform, and
– Zinicat, a food recommendation app which leverages technologies used in financial analytics.
At the event, ACE also announced a mentorship program to help guide these startups along. “The ACE Mentoring Program is an intensive one-year program where every startup supported by ACE will be mentored by experienced entrepreneurs,” says Singapore’s Minister of State for Trade and Industry Teo Ser Luck, who is also chairman of ACE. “Having a mentor, one who can provide one-to-one guidance, can be especially valuable during the formative first year because it helps the startup to get a leg up, shortens the learning curve, and accelerates their growth.” Identified mentors include Adrin Loi of Ya Kun International, Boyd Au of 7 Notes Capital (who previously founded consumer electronics company Enzer), Leigh Huang of JobsCentral Group, and Elaine Teh of Octopus Group.
Grant recipient Alfred Leong of All ID Asia, who has Lim Song Joo of BWG Consulting appointed as mentor, says he’s now “more motivated than ever” with his grant. “I’m also very fortunate to have Mr Lim Song joo, who comes from a similar background, as my mentor,” says Leong.
“I hope to tap his depth of business experience and valuable network of regional contacts to springboard All ID Asia into markets beyond Singapore,” he adds.