How to Start an Import and Export Business in Singapore
Starting an import and export business in Singapore? Read this guide and take note of key regulations, costs and financial support options.
Startup SG Tech Grant: Benefits, Funding, and Application Process
Turning groundbreaking ideas into market-ready solutions requires resources. In Singapore, there are many grant options for startups looking to bridge their funding gap at crucial points of development. One of the most significant is the Startup SG Tech Grant - a key initiative supporting early-stage startups with innovative, proprietary technology.¹
This guide will take you through everything you need to know about the Startup SG Tech Grant, from history and objectives to eligibility criteria. We’ll go through the two stages of innovation projects supported by the grant - Proof of Concept (POC) and Proof of Value (POV) - and give you a handy list of qualifying sectors.
If your startup has global ambitions and is considering the Startup SG Tech Grant, you’ll need an efficient international financial setup. That’s why we’ll also look at how Wise Business can complement your grant funding as a convenient, low-fee solution for international business transactions.
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What is the Startup SG Tech Scheme?
In short, the Startup SG Tech scheme is a grant that provides early-stage funding for startups in the technology sphere in Singapore. It was introduced by Enterprise Singapore (ESG) to encourage the development and commercialisation of groundbreaking technology, supporting Singapore’s global presence as an innovative and forward-thinking technology hub.
Why was it introduced?
The Startup SG Tech Grant is part of the broader Startup SG initiative, a government effort to support and develop Singapore's startup ecosystem. It began in 2017, when the government unified all startup grants under one umbrella, making things clearer and easier for startups seeking support. Since then, Startup SG has been divided into several key grant areas: talent, tech, accelerator, equity, infrastructure, and loans.
The Startup G Tech Grant addresses the challenges faced by startups in securing early-stage funding, particularly for deep tech ventures that require significant investment in research and development. It aims to de-risk early-stage investments, stimulate private sector investment in Singapore-based startups, and promote scalable business models.
| ➡️ If you're an entrepreneur in Singapore, you might also want to check out our in-depth guide to Startup SG's Founder Grant ⬅️ |
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What is Proprietary Technology?
To be eligible for the Startup SG Tech Grant, you must be using some form of proprietary technology.
Proprietary technology refers to technology that is owned and protected by the startup, giving them a competitive advantage. This can include patents, trademarks, copyrights, or trade secrets. The technology should be novel, non-obvious, and have a clear potential for commercialisation.
For example, a startup might develop a unique water monitoring system that combines custom-designed molecular sensors with proprietary machine learning algorithms, protected by patents and trade secrets, to detect contaminants in real-time. This technology would give them exclusive rights to their innovation and a clear advantage in the water quality monitoring market.
This kind of innovation has benefits that can, and should, be felt globally.
| 💡 For startups looking to expand internationally with their proprietary technology, adding Wise Business to their financial stack can be a huge advantage, especially during the critical early stages of global expansion. This is because, while the Startup SG Tech Grant helps fund your innovation, Wise Business can help you manage your international finances: |
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| • International Payments - Send money to suppliers and contractors in 70+ countries at the mid-market exchange rate - the same one you see on Google - with just a small, transparent fee. |
| • Multi-currency Account - Hold and manage 40+ currencies in one account, perfect for working with global teams and suppliers and attending international tech conferences or trade shows. |
| • Local Account Details - Receive payments internationally like a local business in 9 currencies, including USD, EUR, GBP, and SGD, removing the need for multiple accounts globally. |
| • Business Debit Card - Use the Wise business debit card in 160+ countries at the mid-market rate, ideal for everything from business travel to software subscriptions. |
Learn more about Wise Business
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
Benefits of the Singapore Startup SG Tech Grant
The Startup SG Tech Grant offers significant benefits to early-stage startups:
Funding Support: The immediate benefit of any grant is the substantial financial assistance it offers. For applicants of the Startup SG Tech Grant, this assistance aims to fund the development and commercialisation of innovative technology. It helps startups overcome one of their biggest hurdles - accessing capital during the critical early stages of development.
The grant offers two tiers of funding:
➢ Up to SGD400,000 for Proof-of-Concept (POC) projects
➢ Up to SGD800,000 for Proof-of-Value (POV) projects²
➢ Funding may be split between multiple recipients
Market Validation: Receiving the grant validates the startup's technology and business model - but more than a pat on the back for developers, this validation increases the startup's attractiveness to investors and customers. When it comes to approaching venture capitalists and potential business partners, having this backing will strengthen your case.
Mentorship and Support: Grant recipients gain access to mentorship and support from experienced entrepreneurs and industry experts - something you can’t put a price tag on. Rather than navigating the challenges of the next few years alone, you’ll have the insight of people who have done it before and succeeded.
Startup SG Tech Grant eligibility criteria
To qualify for the Startup SG Tech Grant, startups must meet these key requirements:
- Be registered in Singapore within the last 10 years
- Have at least 30% local equity held directly or indirectly by Singaporeans
- Have a group annual sales turnover of less than $100 million or group employment of fewer than 200 workers
- Carry out core research and development activities in Singapore
The project outlined in the application must meet these key requirements:
- Be at an early stage of development and have not yet started
- Have a clear business plan with commercialisation potential
- Demonstrate innovative and proprietary technology
- Show potential for scalability and market impact²
Qualifying sectors
The Startup SG Tech Grant focuses on sectors where technological innovation can make the biggest impact. While the grant is competitive, it welcomes applications from any startup with proprietary technology in these key areas. Your innovation should demonstrate the potential to advance Singapore's capabilities in one or more of these sectors:
| Advanced Manufacturing | Biomedical Sciences and Healthcare | Clean Technology |
|---|---|---|
| - Robotics | - Life science tools | - Water technologies |
| - Advanced materials | - Clinical diagnostics | - Waste management and recycling solutions |
| - Augmented reality and virtual reality technologies for manufacturing applications | - Medical devices and products | - Urban and sustainability solutions |
| - Urban and autonomous mobility | - Digital health | - Sustainable energy generation and management enablers |
| - Industrial IoT applications |
| Information & Communications Technologies | New Industries | Precision Engineering |
|---|---|---|
| - 5G technology | - Augmented reality/virtual reality technologies | - Silicon photonics |
| - Artificial Intelligence | - Distributed ledger technologies | - Sensors and actuators |
| - Cybersecurity technology | - Space related technologies | - Composite technology |
| - Smart packaging related technologies | - Coatings | |
| - Quantum Technology | - Optics and lasers |
| Transport Engineering / Engineering Services | Food Science and Technology | Agritech |
|---|---|---|
| - Digital Transformation technologies | - Food packaging technologies | - Agritech solutions in the following thematic areas: urban agriculture, aquaculture, livestock, insects |
| - Drilling and process technologies | - Food testing solutions | - Agritech solutions along the agri value chain - inputs, systems, farming automation technology |
| - Solutions for LNG and offshore renewables | - Food safety and traceability solutions | - Controlled environment agriculture technology |
| - Specialty chemicals and materials | - Novel processing technologies | - Precision agriculture technology |
| - Novel products in the following thematic areas: elderly nutrition, functional food, protein/meat alternatives | - Regenerative agriculture | |
| - Data platforms | ||
| - Automation & robotics, agriculture hardware solutions, farm systems | ||
| - Biotechnology | ||
| - Agriculture traceability and assurance | ||
| - Climate change solutions (net-zero farming) |
| 🌐 Speaking of technological innovation... |
|---|
| Carlos Wang, a seasoned IT professional, began his career as a System Developer at PPolis Inc. and honed his skills in leadership and technology as an IT Architect at IBM. In 2016, he ventured into the startup world as the CEO of Slasify, a company dedicated to revolutionising global payroll solutions. Under his leadership, Slasify has harnessed technological innovation to address the evolving demands of a global workforce, emphasising flexible work arrangements and remote employment. By partnering with Wise Business, Slasify efficiently manages international payroll, enabling seamless payments to contractors and employees in their preferred currencies. |
Proof of Concept and Proof of Value stages
The grant supports two crucial stages of innovation development:
Proof of Concept (POC)
At the Proof of Concept stage, you have a promising idea that needs to be validated.
This is where you demonstrate that your technology actually works in practice, not just in theory. You'll need to show exactly how your innovation solves a specific problem and explain the science that makes it possible. If you're a researcher from a public institution, you'll also need to show you're committed to taking your innovation to market after completing the project.
During POC, a startup will:
- Build early prototypes
- Test core technology
- Run technical experiments
- Verify specifications
- Document test results
- Demonstrate functionality
- Map technical challenges
- Plan future development
Proof of Value (POV)
At the Proof of Value stage, you've already shown your technology works - now it's time to prove it has commercial potential.
You'll be developing a working prototype and validating that there's a real market for your solution. You'll need to show that customers actually want what you're building, backed up by interest from potential clients or investors. Plus, you'll need to demonstrate that your team has the business know-how to turn your innovation into a successful product.
During POV, a startup will:
- Run pilot projects with potential customers
- Gather detailed user feedback
- Refine your product based on testing
- Validate your business model
- Build industry partnerships
- Create financial projections
- Prepare your market entry plan
- Develop investor materials
| 📝 Startups must demonstrate existing paid-up capital of at least 10% for POC grants and 20% for POV grants to maintain financial discipline. |
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How to apply
The application process involves three key steps:
1. Submit your online application
- Fill out the form
- Outline your business plan
2. Prepare supporting documents, including:
- Detailed business plan
- Technical documentation
- Team profiles
- Financial projections
- Market research
- IP documentation
3. Present at evaluation interview
- Showcase your startup and technology
- Explain your market growth plans
The processing time typically takes several months from application to approval, as applications undergo thorough evaluation by industry experts and technical assessors.³
Past recipients of the Startup SG Tech Grant
Here’s a quick glance at some past recipients who’ve not only secured this prestigious grant but have also channeled it into transformative technologies and impactful solutions. You'll be able to get a general flavour of the innovations and technology that resonate with the grant committee—be it in healthcare, sustainable technology, or advanced materials science.
- 2019 - Eko.ai - Heart disease detection tools, including digital stethoscopes⁴
- 2021 - QuantumCyte - Laser capture microdissection technology to analyse tumour samples⁵
- 2023 - Thermalytica - Ultra-high performance thermal insulation materials and ultra-high temperature thermal barrier coating⁶
- 2024 - Prefer - Sustainable and affordable flavour alternatives, e.g. bean-free coffee⁷
Supporting international growth with Wise Business
The Startup SG Tech Grant is a great opportunity for Singapore startups. It not only provides crucial funding, but also validates and supports promising innovations that can strengthen Singapore's position as a global tech hub. Whether you're developing advanced manufacturing solutions, pioneering clean energy technology, or creating innovative healthcare applications, the Startup SG Tech Grant could provide the backing your startup needs to transform your ideas into market-ready solutions.
💡 As you develop your technology for international markets, it’s essential to manage cross-border finances efficiently. A multi-currency account like Wise Business can complement your grant funding by helping you:
- Receive international payments with local account details
- Pay overseas suppliers at the mid-market rate
- Manage expenses across multiple currencies
- Scale your operations globally with minimal friction
Get Started with Wise Business Today
Sources:
2 - Startup SG Tech Grant Eligibility
3 - Startup SG Tech Grant Application
4 - Eko.ai
5 - QuantumCyte
6 - Thermalytica
7 - Prefer Coffee
Sources checked on 24.02.2025.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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