Singapore-based Action Community for Entrepreneurship (ACE) announced late last week during business competition ideas.inc that it has identified 12 partners to assist in helping at least 100 new and aspiring entrepreneurs over the next three years get off their feet and start businesses. The 12 partners, who mainly come from the educational sector, looks to provide funding and mentorship support and help these first time entrepreneurs grow their ideas into sustainable businesses.
“The partners that ACE is working with have a proven track record and the capabilities to identify, seed, and nurture differentiated start-ups. The start-ups will be put through a rigorous and structured program, where they will be equipped with essential skills and knowledge, have their business ideas validated and receive mentoring,” said ACE chairman Teo Ser Luck, who is also Minister of State for Trade & Industry. The appointed partners are Nanyang Technological University (NTU), National University of Singapore (NUS), Singapore Management University (SMU), Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic, Temasek Polytechnic, ITE College East, the Social Enterprise Association (SE Association), the Singapore Infocomm Technology Federation (SiTF) and *SCAPE.
These partners will be evaluating applications under the ACE Startups funding initiative – which replaced the original YES! Startups scheme – as well as provide support such as funding (either direct investment or facilitating third-party funding), incubation and mentorship for the first year of a new startup’s journey.
Since its introduction in January this year, ACE Startups has received some 350 applications.