There are a number of government grants for companies in Singapore West to help them overcome obstacles in their growth. It is worth your while to go through a few of the business support grants provided by government for SME and Startups in West Singapore.
Top 6 Government Grants for companies:
1. Capability Development Grant (CDG)
It is a scheme for providing financial assistance to startups for building capabilities in ten business areas. Mostly in Singapore West it includes consultancy, cost of certification, cost of equipment, and training.
2. ACE startups
For the first-name entrepreneurs having an innovative idea, the scheme provides mentor-ship support and startup capital grant. The Accredited Mentor Partners (AMP) support the startups with advice, learning programs, and networking contacts.
3. Early-Stage Venture Funding (ESVF)
It is the biggest equity scheme by government which co-funds startups along with venture capital firms. Beneficiaries of this funding are early-stage technology startups. National Research Foundation (NRF) co-fubds startups with approved VCs.
4. Technology Enterprise Commercialization Scheme (TECS)
To help entrepreneurs realize their tech-based ideas into promising business, this scheme assists them in growing their business past the seed stage and then obtaining funding from third-party to achieve targeted revenues and growth.
5. Financial Sector Technology and Innovation (FSTI)
Aim of this startup grant is to enable financial institutions to establish their innovation labs in the country and support the development of industry-wide technology infrastructure and innovation solutions.
6. ComCare Enterprise Fund (CEF)
Instituted by Ministry of Social and Family development to provide funding to social entrepreneurs and aimed at seeding Social Enterprise startups.
In Thelearningtobefearless Government knows the important role that it’s startups and SMEs play in its economy and hence support these entities with Government grants. As an entrepreneur, learner one of the ways in Singapore West is you must try to get funding on capability upgrading initiatives such as process improvement and product development.
Business Grants Portal brings government grants for businesses into one place, so it’s easier to find and apply for the grants you need.
You may have a vision for a new real estate development project, a new business, or expansion of an existing real estate or business project. Perhaps you have already invested time and money in developing the preliminary concept, but prior to securing financing, partnerships and/or investment capital for your project it must be appropriately positioned and prepared.
The pre-development work that takes place at the initial stages of the project is critical for funding, and it has a direct influence on the timing and success of the project. You must be able to elaborate your concept and the details of your project in a concise and compelling manner, and demonstrate market demand, feasibility, financial realities, profitability and the circumstances surrounding the project professionally and comprehensively. Some entrepreneurs attempt to take on these tasks themselves, and they rely on their own expertise to document their concepts and to pursue financing, partnerships, and investment funding. Other entrepreneurs work with consulting firms or other organizations that provide additional expertise in these areas. Regardless of the approach, pre-development work is a necessary and critical part of the funding process for your project because it comprises much of what lenders, partners and investors will review when considering funding your project.
Seed capital (or start-up capital) is often a source or strategy for funding pre-development work. The amount of seed capital required depends on the project, but it is usually significantly less than the equity and financing amounts that will be sought after later to fund the entire project. Seed capital can be secured by an asset, or unsecured; and it is typically used to fund the following processes and services: Strategic development plan, and/or business plan; Design details (preliminary architectural and engineering); Financial pro forma analysis; Feasibility analysis; Capitalization plan; Market study; Multimedia presentations; Legal work; Site analysis; Site acquisition; Municipal approvals; Government incentives; Pre-marketing/sales; Accounting; Prototypes; Web page; And other professional services.
While all or some of the above services and processes may be necessary to obtain project funding because they help professionally convey the concept, benefits and details of your project effectively to prospective lenders, partners and investors; They can also be costly and can create a barrier in the development process if you cannot afford to pay for them. Seed capital funding can be a helpful strategy used to secure the required professional services and implement processes that bring life to the project and help position the project for funding.
Many companies that have been successful in raising seed capital in today's economy have implemented some or all of the following strategies:
1) Strategic development plan: Have a professional strategic development plan prepared for your project. Not just a business plan. A strategic development plan incorporates various components of the business plan, but also demonstrates the step-by-step processes and strategies that will be implemented to take the project through the development process to profitability, and provides a greater depth of financial and market analysis with validation documentation for the financial and statistical information provided. A professionally-written strategic development plan highlights the strategies, funding structures, incentives, tactical relationships, methodologies, and approaches of the project to effectively carry out the development process and create an advantage for the project in the marketplace.
Note: Many lenders, partners and investors may give greater merit to a strategic plan that is prepared and presented by a third-party consultant on behalf of the principal of the business, than a business plan that is prepared by the principal himself/herself; In the same way that a lender may give more merit to a market analysis prepared by a certified appraiser, than by the borrower.
2) Multimedia presentation: Prepare a concise and impressive multimedia presentation that will effectively convey the details of your project in a bullet-pointed and illustrative manner.
3) Compile a list of investors: Prepare a list of prospective seed capital investors, including their contact information. Consider the following possible sources for compiling your list of prospective seed capital investors:
* Engage a professional organization with expertise in this area to assist you in sourcing prospective seed capital investors.
* Work with chambers of commerce to identify businesses and individuals in the area that may be interested in your opportunity
* Online research. Spend time to find investment companies and individuals using the search engine of your choice (Google, Yahoo, Bing, etc.), and "weed-out" those that are least likely to invest in your type of opportunity, so that your list is as relevant as possible.
* Local business and social organizations.
* Attend business networking events, activities and conventions related to your market, product, services and industry.
* Engage a financial broker with expertise and a track-record of success in this area.
Note: Sourcing seed capital investors on your own takes time, dedication and devotion to the amount of research, networking and other activities involved. Rarely will a company find their seed capital investors after a few hours of searching online, or after making a few phone calls. It is a dedicated effort, thus a team approach is involving multiple parties is recommended.
4) Investment documentation: Structure the seed capital investment opportunity by creating the necessary documentation that will be provided to prospective investors, such as an investment proposal, investment agreement, prospectus document, subscription agreement, escrow agreement, etc. It is strongly suggested to proceed with the advice and guidance of an attorney to ensure that SEC regulations are not violated.
Note: Reducing the minimum investment amount required per investor and providing generous returns typically provides a larger availability of prospective investors for your project. Find the balance that is most suitable for you and your project.
5) Seed capital presentations/negotiations: Contact the list of prospective seed capital investors, and meet with them individually or arrange group presentation meetings to present and discuss the opportunity with them. Describe the terms in detail, and provide the investment documentation.
Note: It may be advantageous for the presentation and negotiations to be given by a third-party professional firm on behalf of the principal, with the principal present and participating in each presentation and negotiation meeting. Investors tend to feel greater assurance concerning the project and investment opportunity when they see that a professional firm is involved with the principal.
6) Funding. Once an agreement is reached, funding from seed capital investors can take place in a variety of forms. An effective strategy that provides additional assurance to investors involves creating an escrow account that is managed by the project attorney or a title company. In this case, the investor writes the check (or provides another form of payment) to the escrow holder, not directly to the principal. This helps to ensure that the funds will be used for the purposes specifically described in the investment agreement. This process involves creating an escrow account, escrow agreement and other formalities, but the effort an expense is often worthwhile to give investors the additional assurances that can help engage their interest in investing in your project.
This article is intended as a brief summary or overview for arranging a seed capital investment program for real estate and business development projects. It provides an outlook of viable approaches that have been used successfully to raise seed capital for a wide variety of projects. There are numerous additional strategies, methods and approaches can be incorporated, however, a basic understanding and the above insights and summarized strategies can be a good first step to help you develop a successful seed capital investment program.
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