FEBRUARY 2022 — RP’s industry partners step up to promote innovation in two milestone events held earlier this year.
Inking Support for Local Entrepreneurs
A Memorandum of Understanding (MOU) was signed between RP, Sheldon Global, an e-commerce company in Singapore, and VE Capital Asia, a technology and management consulting firm.
The MOU will span three years and provide funding opportunities for new business ideas. Sheldon Global and VE Capital Asia have agreed to set aside up to $1 million each to invest in RP-incubated start-ups. They have also contributed $15,000 and $30,000 respectively to a donation fund for RP students.
In addition to financial resources, budding entrepreneurs from RP will also receive guidance and industry experience through internships, mentorships, projects, and other entrepreneurial-related activities.
Representatives from RP and Sheldon Global Pte Ltd demonstrated their support for start-ups during the MOU signing ceremony
Representatives from VE Capital Asia Pte Ltd signed the MOU as well, sealing the agreement with RP
Encouraging Impactful Innovations
The annual IDARE Entrepreneurial Challenge Pitch Day Finals took place right after the MOU signing ceremony. This year, a record 158 submissions were made.
The iDARE platform enables start-ups to receive practical insights on business ideas, engage in networking events, and develop their Minimum Viable Product (MVP) through growth and funding opportunities. Finalists in the “Open” category also have the chance to collaborate with industry partners and receive seed funding of up to $30,000 from Sheldon Global and VE Capital Asia.
With so many avenues of assistance, iDARE competitions have resulted in innovations with significant business impact. Past winners include Modugro, which received more than $100,000 in revenue within the first year of incorporation, and CombineSell — which holds special significance to Mr Loh June Yong, CEO of VE Capital Asia.
iDARE — Inspiring Continual Growth and Success
Mr Loh June Yong, an RP alumnus, was part of the team that conceptualised CombineSell. The idea saw him through the iDARE finals in 2017, culminating in a successful business that was acquired by Shopmatic, an international e-commerce company, two years later.
As one of iDARE’s success stories, June Yong is an example of how RP helps young entrepreneurs become established. Now, June Yong is part of the network that supports start-ups like his. Beyond providing resources, he — along with Mr Brien Chua, Managing Director of Sheldon Global — participated as members of iDARE’s judging panel. They also served as industry mentors to guide RP start-ups in 2020 and 2021 respectively.
Finalists from the start-up category at the iDARE Entrepreneurial Challenge
Building a Vibrant Entrepreneurial Ecosystem
RP Office of Entrepreneurship Development (OED) champions the mission to grow the entrepreneurial community and deepen the engagement with industry partners. The MOU agreements with Sheldon Global and VE Capital Asia, in particular, provide more financing options for early-stage start-ups and deepen RP’s engagement with industry partners. These financing options complement the new iDARE Project Fund and EPIC Project Fund, which were set up by RP OED to provide prototype and market development funding support for the start-ups.
These efforts have resulted in a community of trailblazers with bold and innovative ideas that attract industry partners and early-stage investors who are committed to mentoring and growing the start-ups to the next level.
Want to hear more about innovations at RP?
Read on to find out about iDARE winners – Cylock and AI.Novate.
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