Original Description:
The inaugural ideas.inc. Business Challenge is a unique competition that brings together a powerful combination of funding support and expert mentorship for aspiring young entrepreneurs. By giving participating teams early-stage capital and mentoring advice, the competition speeds up the commercialisation of innovative new products and services from idea to market. Its ultimate goal is to foster a pool of talented market-savvy young business people with innovative new businesses that have strong competitive advantage, scalable IP and market potential beyond Singapore.
ideas.inc. is part of the strategy undertaken by SPRING Singapore to promote and nurture youth entrepreneurship in Singapore. It complements the Young Entrepreneurs Scheme for Schools (YES! Schools) and YES! Startups to enhance the commercialisation of innovative ideas into youth enterprises.
The competition provides an experiential learning platform that encourages Singapore-based youths to act upon their entrepreneurial talents, ideas and energy; and to learn about the process of turning innovative business ideas into new enterprises.
ideas.inc. also aims to promote youth entrepreneurship at the national level by encouraging and motivating participating individuals and teams to learn from one another’s determination and creativity, and to be inspired by successful entrepreneurs and other entrepreneurship experts who invest their time in facilitating and mentoring participating teams.
Nanyang Technological University (NTU) -
Nanyang Technopreneurship Center (NTC)Nanyang Technological University (NTU) is a research-intensive university ranked among the top 25 technological universities in the world. The Yunnan Garden campus, NTU’s main campus, is located in the south-western part of Singapore. The NTU@one-north campus, home to educational and alumni clubhouse facilities, is located near Singapore’s biomedical research hub, Biopolis; and the new infocomm and media hub, Fusionopolis.
As Singapore’s main science and technology university, NTU makes significant contributions to the nation's renewed drive for research and innovation spearheaded by the Singapore National Research Foundation (NRF). NTU’s strengths in biomedical sciences, environmental and water technologies, and interactive and digital media mirror the NRF’s research focus. Impressed by the vibrant entrepreneurship environment at NTU, the Ewing Marion Kauffman Foundation, globally known as ‘The Foundation of Entrepreneurship’, has chosen NTU to be the first Kauffman campus outside the United States of America.
Nanyang Technopreneurship Center (NTC) was established in January 2001 as a joint venture between Nanyang Technological University (NTU) and the Economic Development Board (EDB), Singapore. As a multi-disciplinary university-level center, NTC is the focal point of technology entrepreneurship development within the University and the region. NTC aims to further creative & entrepreneurial thinking, and facilitate the creation of new business ventures that will provide the new engine of growth for Singapore.
Standards, Productivity and Innovation Board
(SPRING Singapore)SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. SPRING works with partners to help enterprises in financing, capabilities and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING also develops and promotes internationally-recognised standards and quality assurance to enhance competitiveness and facilitate trade.
Please visit www.spring.gov.sg for more information about SPRING Singapore.
ideas.inc. is part of the strategy undertaken by SPRING Singapore to promote and nurture youth entrepreneurship in Singapore. It complements the Young Entrepreneurs Scheme for Schools (YES! Schools) and the Young Entrepreneurs Scheme for Startups (YES! Startups) launched in October and November 2008, respectively, to enhance the commercialisation of innovative ideas into youth enterprises.
YES! Schools and YES! Startups aim to nurture and encourage youths to be enterprising and innovative through ‘hands-on’ entrepreneurship learning. YES! Schools was launched to expose youths to entrepreneurship and instil enterprising traits in them from young. The scheme provides funding support for schools1 to put in place a comprehensive structured entrepreneurship learning programme for their students. YES! Startups provides youths who wish to start their first innovative business with seed capital. Youths below 26 years old can apply for a YES! Startups matching grant of up to $50,000 to set up their first innovative startup; SPRING will match $4 for every $1 raised by the applicant.
1 Up to $100,000 per polytechnic; Up to $50,000 per ITE college; and up to $10,000 per JC/secondary/primary school.