"Employment for Startups"
APPLICATION FOR GRANT Young Entrepreneurs Scheme (YES!) for Startups This form may take you 30 minutes to fill in. You will need the following information to fill in the form: • Business Plan (you may need 4 to 8 weeks to develop a business plan) Required to be completed in this form: PART I APPLICANT(S) INFORMATION PART II BUSINESS PLAN PART III SCHOOL SUPPORT PART IV DECLARATION Instructions: i. To enable us to expedite the processing of your application, please provide the information required as completely as possible. ii. If the space provided is insufficient, a separate sheet may be used. Where information is not yet available or not applicable, please indicate accordingly. iii. Upon completion of this application, you are required to submit: - One (1) signed hardcopy of this application; and - CV of the Applicant(s) and management team - ACRA Business Profile (if the startup has already been registered) - Business Plan - Softcopies of the above documents on a CD. iv. The application and softcopy should be submitted in sealed envelopes to: YES! Startups Administrator SPRING Singapore 1 Fusionopolis Walk #01-02 South Tower, Solaris Singapore 138628 NOTE: If you are a current student or alumnus of the following participating schools, you are encouraged to contact your school administrator for assistance in applying for the scheme (e.g. preparing a business plan). A list of contact details is provided on the webpage. List of Participating Schools - Institute of Technical Education (Central, East & West)* - Nanyang Polytechnic - Ngee Ann Polytechnic - Republic Polytechnic - Singapore Polytechnic - Temasek Polytechnic - Nanyang Technological University - National University of Singapore - Singapore Institute of Management - Singapore Management University *For contact details, please send an enquiry to email@example.com Please read the 'Useful Notes' in this form. You are advised to contact us if you need further information/assistance: YES! Startups Administrator Email: firstname.lastname@example.org Website: www.spring.gov.sg/yesstartups - ALL INFORMATION PROVIDED WILL BE HELD IN THE STRICTEST CONFIDENCE - Useful Notes Young Entrepreneurs Scheme (YES!) for Startups The Young Entrepreneurs Scheme for Startups or “YES!” Startups is a co-matching grant for youths who are keen to start their own businesses. For every $1 cash that the youths raise, SPRING will match with $4, up to a maximum grant of $50,000. 1 Eligibility (i) The Applicant At the time of application, eligible applicant(s) must be: (a) a Singaporean/Permanent Resident; (b) below 26 years old; (c) a first-time entrepreneur; and (d) a key driver in the startup. (ii) The Startup (a) Business/Company is operating within six months of incorporation/registration (b) Incorporated in Singapore and conducts business activities wholly or mainly in Singapore. (c) Eligible applicant(s) must hold at least 50% equity (at the time of application) and must continue to do so for at least 18 months from the time of funding^ (d) Engaged in IP-based and/or high growth activities with substantial developmental contents, in relation to a specific product, process or service. (e) Company has not received funding from the MDA iJam Microfunding scheme. ^ In an event that necessitates the early release of the Applicant(s) share in the company, the applicant(s) must inform SPRING in writing to seek exception approval 2 Evaluation Criteria Applications for YES! Startups will be evaluated based the following criteria: (a) Innovativeness of the business idea - How different/novel the idea is against what is already available in the market (b) Commercial feasibility of the business model - Is the business model viable and potentially sustainable? (c) Potential market opportunity - Will the market demand and buy such an idea? (d) Management Team - Are the founders committed to the business and do they demonstrate the passion and entrepreneurial spirit to make their idea work? Do they have the technical and business skills to execute the idea? 3 Business Plan The primary value of a business plan is to create a written outline that communicates and evaluates all aspects of the economic viability of a business venture. A complete business proposal must be submitted with this application. Please see Annex 1 for guidelines. 4 Application Process and Approval (a) Applicants will need to submit an application form with clear and concise details. (b) Applicants will be notified of the results via mail. (c) Recipients of the grant are required to (i) submit regular reports to SPRING Singapore and (ii) may be requested to contribute to marketing materials as and when requested by SPRING Singapore. Updated Jan 2011 PART I - APPLICANT(S) INFORMATION << Back to Instructions Next > Please enter your inputs in the green cells only 1 PARTICULARS OF APPLICANT (You can duplicate this page to list all applicants) Name Nationality Singaporean/Permanent Resident Date of Birth DD/MM/YYYY IC No. Gender M/F (Please provide a photocopy of your IC) Home Address Mobile Email Highest Educational Qualification / Name of Instituition Year of Study or Year of Graduation If you are currently working, pls provide details of your employment: Occupation Employer Have you started a business before? (includes being a business partner, shareholder etc) No Yes If yes, please provide details : Have you (i) applied for YES! Startups or (ii) was funded under the Entrepreneurial Talent Development Fund (ETDF)? No Yes If yes, please provide details : Updated Jan 2010 2 PARTICULARS OF OTHER BUSINESS PARTNERS (You can duplicate this page to list all other partners) Business Partner (1) Name Nationality Date of Birth DD/MM/YYYY IC/FIN No. Gender M/F Home Address Mobile Email Highest Educational Qualification / Name of Instituition Year of Study or Year of Graduation If you are currently working, pls provide details of your employment: Occupation Employer Have you started a business before? (includes being a business partner, shareholder etc) No Yes If yes, please provide details : Updated Jan 2010 PART II - BUSINESS PLAN << Back to Instructions < Back Please enter your inputs in the green cells only A GENERAL INFORMATION 1 Name of Company (if any) Company Address (if any) Date of Registration/Incorporation for Existing Company (if any) DD/MM/YYYY ROC/B/UEN Reference Number (if any) 2 Nature of Business 3 Grant Amount Please state the amount of grant that you are applying for Please state the amount of funds to be invested for co-matching B CAPITAL STRUCTURE 4 Current Total Committed Capital (if any) S$ 5 Shareholding Name of Shareholders Nationality/ Place of % Share- Amt ($) Co-matching Designation (Company or Individual) Incorporation holding^ Invested ($) ^ Total Shares should add up to 100%. 6 Has the applicant(s) or company received or pending to receive incentives* from sources other than the shareholders? No Yes If the answer is Yes, please indicate the source, date received and amount (S$). *Includes grants, funding, incentives and/or loans etc. from any organisation or government agency. Updated Jan 2010 C COMPANY PROFILE Compulsory to fill up this section! 7 Executive Summary (Please also submit a business plan together with the application form) 8 Name & Nature of Product / Service 9 Development Plans for Next 12 Months D MENTOR Please fill up this section only if you have identified a potential mentor(s) to help guide you through the startup phase of your company. The mentor should have reasonable business/professional business experience and be able to connect (physically or otherwise) with the startup at least once a month to provide guidance. 10 Mentor* Name Company Business Description Designation Tel (O) Email Mobile * If available at the time of application Updated Jan 2010 PART III - INSTITUTION SUPPORT (if applicable) << Back to Instructions < Back Please enter your inputs in the green cells only This portion is only applicable if your institution is supporting your application in the options listed below. If no support is given, please leave this section blank. A PARTICULARS Institution Staff-in-Charge Name Designation Department Contact No. Email B INSTITUTION SUPPORT Institution Support (Pls tick the appropriate boxes) At least 50% of $1 co-matching. Amount:$ ____________________________________________ Grant of IP. Please state the IP granted/to be granted: ___________________________________ Incubation. Please provide details for the incubation programme: C INSTITUTION EVALUATION Innovativeness How different/novel the idea is against what is already available in the market? Feasibility of the business model Is the business model viable and potentially sustainable? Updated Jan 2010 Potential market opportunity Will the market demand and buy such an idea? Management Team Are the founders committed to the business and do they demonstrate the passion and entrepreneurial spirit to make their idea work? Do they have the technical and business skills to execute the idea? D DECLARATION I declare that the facts stated in this application and the accompanying information are true and agree to provide the support as stated in Part B above. Name / Signature of Staff-in-charge Date Updated Jan 2010 PART IV - DECLARATION << Back to Instructions < Back Please enter your inputs in the green cells only 1 I declare that the facts stated in this application and the accompanying information are true, and that the company is free from any litigation pertaining to the company in Singapore or overseas. Signature of Key Applicant Name (in BLOCK LETTERS) Date Applicant's Designation (The applicant should be the CEO, MD or equivalent in the Company) Updated Jan 2010 Business Plan Guidelines Each application for YES! Startups must be accompanied with a business plan. The following business plan template serves only as a guide. 1 Cover Page 2 Executive Summary (max. 1 page) - Objectives/mission of the business - Product/Service - Purpose of the proposal 3 Company Summary - Background - Company ownership - Management team 4 Product/Service/Process - Description - Highlight Key Competitive comparison (unique selling propositions, positioning, etc) 5 Market Analysis - Industry Overview - Market Segmentation - Target Market - Competitor Analysis 6 Marketing Strategy - Promotion strategy - Pricing strategy - Sales & distribution strategy - Service & support 7 Operational Plans - Personnel - Status of Product/Service/Process - Development Costs (Labour/Manpower, Capital & Operating Expenses) 8 Financial Plan - Sales projection - Cashflow projection - Profit & loss projection - Balance sheet 9 Funding Requirement - Start-up Expenses - Total working capital Updated Jan 2010 Frequently Asked Questions 1 How do I register a company if I am below 21 years old? From 1 March 2009, applicants aged 18 years old and above can incorporate a company in their name. Applicants below 18 years old must seek parental consent before applying for the grant, and obtain a proxy for company incorporation.The proxy will have to transfer the company back to the applicant when he/she turns 18 2 What if my business/company has already started? Applicant's business should not have been registered or incorporated for more than 6 months prior to the application. For such existing businesses, the applicant must hold at least 50% of the shareholding in the business. Any other ongoing businesses will not be eligible for the grant. 3 What if I have started a business or company before, am I eligible? The grant is only available for those who are first-time entrepreneurs. 4 Do I have to register a company to receive the funds? Can I register as a sole proprietorship/partnership or LLP? Upon approval and confirmation of the success of the application, you are required to incorporate a private limited company prior to receiving the funds. Sole Proprietorship/Partnerships and LLP will not be allowed. Funding received under the YES! Startups must be committed into the company's paid-up capital 5 What is the maximum grant I can receive? The co-matching ratio for the grant is 1:4, for every $1 that the youths raise, SPRING will match $4, up to a maximum grant of $50,000 per startup company. Upon accepting the grant, youths will have to provide bank statements to prove that they have the matching cash investment in the company. The approved grant will be disbursed in tranches based on the milestones achieved by the company. e.g. Youth applies for $40,000 grant from SPRING, he/she must match with a $10,000 investment in the company. Youth will have to submit bank statement to show that they have at least $10,000 to match SPRING's grant upon approval. 6 Will SPRING Singapore become a shareholder of my company? Do I have to share profits with SPRING or repay the grant? The funding support under YES! Startups is a grant to young entrepreneurs. As such, SPRING Singapore will not be a shareholder of the company. SPRING will not take profits from you and since the grant is not a loan, you do not need to pay back the grant. However, should the applicant received co-funding from any of the participating schools/third party, the latter reserved the rights to take up equity stake (based the amount of co-funding) in the company. 7 What can the grant be used for? The grant provided should be used solely for business development expenditures, which may include: - Expenditure on Manpower - Equipment, Software, Materials & Consumables - Professional Services - Intellectual Property Rights - Promotional Activities - Other Operating Expenditure 8 Can I appeal if my application is not approved? Decisions taken on each application will be considered as final since all applications submitted would have undergone a thorough evaluation process to ensure that deserving business proposals are supported. Updated Jan 2010 Frequently Asked Questions Unsuccessful applicants are welcomed to apply for the grant again with a revised/new business proposal. 9 Can I claim for expenses that have been made prior to the approval of the grant? Expenditure made prior to the approval cannot be offset against the grant. Expenditure has to be new and made after the approval and offer letter has been sent out. Company must keep proper records and copies of all invoices. Companies may be audited on a random basis. 10 Why do I need a mentor to help me with my startup? Every successful application that is awarded the YES! Startups grant will be required to have a mentor attached to the startup. Mentors can provide guidance and advice to budding entrepreneurs by sharing their experience and providing advice on developing and running the business. Startups can approach their schools to pair them up with a mentor (lecturer, alumni etc.), approach potential mentors on their own or SPRING can facilitate the search. All mentors will need to be approved by SPRING. Updated Jan 2010