Startup SG Grant Terms and Conditions

 

 

Among the two selected winners from the LĠOrŽal challenge, SPRING Singapore can award a S$50,000 Startup SG grant to one of the selected winners. The S$50,000 Startup SG grant* can be used for a Development project with LĠOrŽal. If no project is signed with LĠOrŽal in the next 3 months following the award, the startup is free to use this amount at its own discretion.

 

*S$25,000 of this grant constitutes an additional option for SPRING Singapore to convert into equity at the next institutional fundraising 

 

Startup SG generic eligibility criteria:

a)    Main applicant(s) must:

               i.         Dedicate a reasonable amount of their time on the business, not be employed full time by another employer and must be a key decision maker in the company;

              ii.         Register / have registered a private limited company in Singapore upon approval.

 

b)    In addition, the startup company would need to meet the following conditions:

               i.         Business activities run by the startup company should be conducted wholly or mainly in Singapore;

              ii.         Proposed business idea must not be in the following list: cafes, restaurants, night clubs, lounges, bars, foot reflexology, massage parlours, gambling, prostitution, social escort services, employment agencies (including recruiting foreign work permit holders and workers/ support staff, relocation services, and manpower services), and geomancy.

 

c)    Competition will be open to the public including first-time and non-first-time entrepreneurs of any nationality