There are lots of programs for tech Entrepreneurship Subsidies in Singapore & Hong Kong to receive funds in Singapore and Hong Kong. The first question might be, both cities are very developed, so how is it that they need to support tech entrepreneurship? Will these subsidies help in the development of tech startups?

The article discusses the mounting challenges faced by start-ups and SMEs in Singapore. Singapore’s start-ups and SMEs are facing mounting challenges. The government is aware that there are a growing number of firms that are struggling to survive due to increasing costs of operations and lack of access to financial resources. In response, the government has initiated the Tech Entrepreneurship Subsidies which are now open for applications (2016 onwards). The subsidized grants offered under this scheme include:

i) $2 million for investment funds,

ii) $1 million for incubators,

iii) $500,000 for training support, and

iv) up to 50 percent of salaries charged by incubators with a cap at $50,000 per annum.

 

These initiatives have helped SMEs expand their businesses and grow in Singapore. The article discusses that the government has seen a growing number of firms that are struggling to survive due to increasing costs of operations and lack of access to financial resources. These subsidies have been introduced as a way for start-ups and SMEs to grow their businesses in Singapore. According to the article, the government of Singapore has introduced several financial assistance programs for firms and start-ups. Since 2000, Singapore has introduced three major initiatives. These include $2 million for investment funds, $1 million for incubators, and a cap on salaries charged at $50,000 per annum in incubators. The government additionally provides up to 50 % of the rental cost for start-ups. In 2013, the government announced a $100 million fund for banks and other financial institutions to invest in start-ups. This fund is expected to increase by 50% in 2016.

LaunchPad Venture was launched as an accelerator program that provides funds, mentorship, and space to eligible start-ups while they incubate their business idea. LaunchPad is an accelerator program that works with Industry Canada, the Business Development Bank of Canada, and other institutions to help start-up companies create and launch a business. Canada on June 12th, 2016 launched a new national program for virtual reality (VR) called Virtual Reality Centres of Excellence to spur innovation in the technology and its applications in business.

also read: Microelectronics Innovation in Hong Kong

Conclusion of The Tech Entrepreneurship Subsidies of Singapore & Hong Kong

Singapore’s EDB Incubator Support program and Singapore Management University On-Campus Start-Up Grant are the programs aiming to solve tech entrepreneurs’ lack of funds in Singapore. Besides, the Package A of the Program for Investment, Master Plan Scheme, and Certificate of Eligibility (CE) program is a special subsidy provided by the Hong Kong Government to support new technology enterprises. These subsidies offer great help to tech entrepreneurs.