The Singapore government is actively helping to facilitate this growth through its implementation of the Accredited Mentor Partner (AMP) Programme. It is this initiative taken up by Enterprise Singapore which serves as the key support system as startups embark on their entrepreneurial journey. In this article, I will describe what is AMP Programme — what it serves for, how it can be helpful to the Startup companies in Singapore, its requirements and application process.
In addition to that the program provides startups in Singapore with access to a network of Resources & Partners — investors, lawyers, accountants and government entities etc. Startups must be incorporated in Singapore and have at least 1 full-timer to qualify for the AMP Programme. To apply to the AMP Programme, founders need to complete an application form online alongside providing accompanying documents including a business plan, financial projections and bio of the team.
Purpose of the Programme
The Accredited Mentor Partner (AMP) scheme launched in Singapore aims to empower young company and new start-ups in Singapore through mentoring and financial support. The program was revised again in June 2022 with a focus on providing prospective applicants with the necessary skills and encouraging unity among the founders. Its primary objectives include:
- Fostering a thriving startup ecosystem.
- Encouraging first-time founders to embark on their entrepreneurial journey.
- Offering mentorship and financial support.
- Stimulating economic growth and job creation through startups.
Role of AMPs
The success of an AMP program depends on accredited advisory partners (AMPs). Carefully selected and recognized by Enterprise Singapore, these companies play a key role in achieving the program objectives. Key responsibilities of the AMP include:
- Mentoring: AMP provides advice and guidance to startups who are refining their business ideas developing complex business plan & navigating the challenges of starting and scaling a business.
- Connections: With extensive industry connections, AMP connecting potential investors, partners and customers opening doors for collaboration and growth.
- Grant Application Support: AMP helps startups prepare and submit their applications for SG Founder grants are an important source of funding for early stage businesses.
Benefits for Startups
Startups that participate in the AMP Programme gain access to a myriad of benefits, including:
- Expert Guidance: The opportunity to tap into the experience and expertise of seasoned mentors and advisors.
- Networking Opportunities: Access to industry experts, potential investors, and fellow entrepreneurs.
- Financial Support: Eligibility to apply for the Startup SG Founder Grant which provides crucial funding to kickstart their businesses.
Eligibility Criteria for Startups
To qualify for the Startup SG Founder programme in Singapore, applicants must meet these key criteria:
- Minimum of 2 Singaporean or Permanent Resident founders.
- All first-time founders with no prior experience in a registered Private Limited entity.
- Full-time commitment to the startup; no external employment during the grant period.
- Entrepreneurship Training: Founders must have completed structured entrepreneurship training covering essential entrepreneurial concepts and processes.
- Equity: Collectively hold at least 30% equity in the startup.
- Not received previous government funding for the same idea.
- Newly registered private limited entity (within 6 months).
- Capital: Invest a co-matching amount of S$20,000 as paid-up capital on ACRA (with S$10,000 at application).
- Excluded Ideas: Business ideas must not include specific categories.
How to Get Affiliated with an AMP
Joining AMP is a gateway to the AMP Project. Startups can connect with accredited mentor partners that align with their industry and needs. Working together they can develop viable business plans, refine ideas and navigate the application process for the Startup SG Founder Grant.
Duration and Commitment
The AMP Programme is designed for long-term support. Startups can expect mentorship and guidance for at least 12 months, with continued access to networks and resources for sustainable growth.
List of AMPs
Several organizations have been accredited as mentor partners under the program. Entrepreneurs can choose from a list of accredited mentor partners that best match their business needs and goals.
Funding under the Programme
A pivotal aspect of the AMP Programme is the availability of financial support through the Startup SG Founder Grant.
Startups in Singapore can get the support they need to succeed from the Accredited Mentor Partner (AMP) Programme and FastLane Group. The AMP Programme offers mentorship, financial assistance and access to networks while FastLane Group provides expertise in company incorporation, financial services and business advisory. Please contact us today.