Besides the EntrePass scheme, Startup SG Talent comprises of two other schemes that allow startups to easily attract talent to be part of their team. These schemes are the SME Talent Programme for Startups (STP) and Technology for Enterprise Capability Upgrading (T-UP).
We discuss each in detail below:
SME Talent Programme for Startups (STP)
The Singapore government is keen on nurturing the spirit of entrepreneurship by providing local students with exposure to the startup community. Action Community for Entrepreneurship (ACE) under the SME Talent Programme for startups, arranges for internships for students by matching their talents and interest to the requirements of the local technology-based startups. The objective of STP is not merely to provide an insight for students into the startup environment but also to assist startups in building their human capital development efforts.
In order to qualify under the STP, the startups must have in place good HR practices and be capable of providing good career opportunities for the interns. The interested startups must provide quality internship programmes and demonstrate commitment towards talent development. This is on top of ongoing committment to the development of HR practices and business processes as well as implementing learning and development programmes.
Advantages of SME Talent Programme for Startups (STP)
- 70% of the stipend paid by the startups is subsidised.
- Assistance in developing HR capabilities in areas such as recruitment, retention and talent management.
- Internship provides firsthand experience and insight into the startup ecosystem.
- Valuable learning opportunity directly from the founders of the startup.
Eligibility for SME Talent Programme for Startups (STP)
In order to qualify for the STP programme the startups are required to fulfil the following.
- Have a minimum of 30% local (Singaporean or Singaporean PR) share-holding
- Incorporated in Singapore
- Less than 5 years from date of incorporation at time of application
- Have less than 50% ordinary shares owned by other corporate entity
- Able to pay interns the minimum monthly stipend of $800 to ITE and Polytechnic students, and $1000 to University students (70% of the stipend will be subsidised).
- ACRA Bizfile Business profile
- Audited financial report
- Management team’s/ founder’s resume
- Proof of revenue such as copies of invoices/receipts/ contracts with major clients
In addition to the above documents, the startups applying for STP must also provide details on the following:
Unique Value Proposition
The unique and innovative nature of the company must be described by stating the competitive advantage of core service/products or Intellectual Properties that the company possesses.
Proven Market Traction/Growth Potential
The key milestones achieved or markets and clients acquired by the company must be explained. Key partners, funds secured and details on upcoming projects and demand potential for the company’s product/service should also be described.
Presence of Strong Management Team
Experience and expertise of the members of the management team must be described, focusing on the relevance of the same to the business and the willingness of the team members to provide mentorship to the interns.
Related Article: Start your company in Singapore with Startup SG
Overview of Technology for Enterprise Capability Upgrading (T-UP)
The objective of the scheme is to help Small and Medium-Sized Enterprises (SMEs) develop and upgrade their technological capabilities. Singapore is keen on boosting the innovation capabilities of SMEs and enabling them to tap into technology to improve productivity.
The scheme is a technological assistance initiative administered by the Agency for Science, Technology and Research (A*STAR). A*STAR is the lead agency for fostering top-notch scientific research and talent for a vibrant, knowledge-based and innovation-driven Singapore. The scheme involves seconding its research scientists and engineers (RSE) to SMEs and hundreds of SMEs have benefited since the scheme’s launch in 2003.
Summary of Technology for Enterprise Capability Upgrading (T-UP)
The scheme, through secondment of RSEs, empowers SMEs to access world-class R&D talent at a subsidised cost to enhance their technological capabilities. T-UP subsidises up to 70% of the secondment costs. Under the scheme, SMEs will be able to identify and implement suitable R&D projects that would help them improve business processes, service delivery, product design or enhance revenue and profitability.
An SME can carry out an R&D project for up to two years with the help of RSEs from A*STAR in the following areas:
- Data storage
- High-performance computing
- Info communications
- Materials research & engineering
- Manufacturing automation & technology
- Chemical and engineering sciences
- Genomics & Proteomics
- Molecular & Cell Biology
- Drugs/Biologics Discovery and Development
- Bioengineering & Nanotechnology
- Computational Biology
- Medical Technology
Eligibility for Technology for Enterprise Capability Upgrading (T-UP)
Singapore registered companies that fulfil the following criteria are eligible under the scheme:
- Minimum of 30% local shareholding
- Group annual turnover of not more than S$100 million or group employment size of not more than 200 workers
To learn more, please visit our Information about Starting a Company in Singapore with Startup SG »
Grow your company with Startup SG. Let Rikvin help you.
Rikvin’s expertise is unrivalled in Singapore. With 20 years of know-how in company incorporation, accounting, tax, payroll and immigration services, and as the official Corporate Services Partner of ACE and EDB, you can count on us to be your dedicated one-stop business solution.