Singapore to enhance EntrePass scheme in entrepreneurial push

External view of BASH at Ayer Rajah in Singapore. Credit: Google

Singapore has broadened the evaluation criteria for its EntrePass scheme with the aim to attract startup founders, entrepreneurs, innovators, and investors to the city-state and building itself up as an entrepreneurial hub in the Indo-Asia Pacific.

This shift will see applicants assessed on factors beyond the existing four innovation criteria to allow global startup talent to enter Singapore during the business exploration stage.

Under the existing innovation criteria, applicants are required to (i) have funding/investment from a Government- recognised VC or business angel; or (ii) hold intellectual property or (iii); or have a research collaboration with an IHL or research institution in Singapore; or (iv) be an incubatee at a Government-recognised incubator/accelerator.

Examples of new criteria include entrepreneurial and investment track record, business network and key achievements in their areas of expertise.

Other key enhancements to the EntrePass scheme, as announced by the Ministry of Trade and Industry (MTI)’s Committee of Supply (COS) debate in March 2017, include the removal of the S$50,000 paid-up capital requirement to recognise the non-monetary contributions of global startup talent such as expertise and relevance to industries.

Additionally, the validity period of each EntrePass will be extended from one to two years after the first renewal to provide more certainty for global entrepreneurs in scaling up their businesses.

Enhancements to the scheme will take effect on 3 August 2017 and will permit promising global startup talent keen to establish innovative businesses to use Singapore as a base. This enhanced scheme is aimed at strengthening and adding a greater base and depth of talent to the local entrepreneurial ecosystem.

Given the centrality of talent in its ambitions to develop itself as a globally competitive startup ecosystem, this latest shift sees the EntrePass scheme come under the Startup SG talent pillar.

In addition to SPRING Singapore, the enhanced EntrePass scheme will see the inclusion of two new partner agencies: the Infocomm Media Development Authority (IMDA) and the National Research Foundation (NRF), supported by SGInnovate. These agencies will work with the Ministry of Manpower to evaluate the applications in their respective sectors.

The Senior Minister of State for the Ministry of Trade & Industry, Dr Koh Poh Koon, said, “Startups are an important driver of innovation and are becoming increasingly important as Singapore transforms to become an innovative and value creating economy.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.