PROTOTYPE FUND, PRODUCT DEVELOPMENT FUND & PILOT OPPORTUNITY

PROTOTYPING FUND (SEMI-FINALS)

At the end of the qualifying round, up to 10 semi-finalists (startups, SMEs, or newly incorporated teams) will be selected. Aztech and Singtel, can select up to 5 semi-finalists each. Semi-finalists will receive up to S$20,000 (Twenty Thousand Singapore Dollars) of funding (“Prototype Fund”) for the development of a prototype. Semi-finalists may also receive assistance and support from Aztech or Singtel as they develop their prototype. 

Important Note: To receive the prototyping fund, participants must fulfil the following eligibility requirements: 

  1. Be a business entity that is registered and operating in Singapore; and
  2. Have a minimum of 30% of ordinary shares held directly or indirectly by Singaporean(s) / Singapore PR(s) and
  3. Have Group annual sales turnover of $100 million or less, or group employment of up to 200 employees
  4. Any other criteria as prescribed under Enterprise Singapore’s incentives guidelines

 

PRODUCT DEVELOPMENT FUND (FINALS)

At the end of the semi-finals, up to 6 finalists will be selected. Aztech and Singtel, can select up to 3 finalists each. Each finalist will receive up to S$150,000 (One Hundred and Fifty Thousand Singapore Dollars) of funding (“Product Development Fund”) for the development of an improved prototype.

Finalists may also receive assistance and support from Aztech or Singtel as they develop their improved prototype.

Important Note: To receive the product development fund, participants must fulfil the following eligibility requirements: 

  1. Be a business entity that is registered and operating in Singapore; and
  2. Have a minimum of 30% of ordinary shares held directly or indirectly by Singaporean(s) / Singapore PR(s) and
  3. Have Group annual sales turnover of $100 million or less, or group employment of up to 200 employees
  4. Any other criteria as prescribed under Enterprise Singapore’s incentives guidelines

 

PILOT OPPORTUNITY (POST-FINALS)

The 6 finalists have a chance to secure a pilot opportunity with Aztech or Singtel, subjected to the discretion of both companies. The details of the paid pilot are to be negotiated and finalised between the relevant parties. 

 

Illustration 1: Flowchart Detailing Funding Process