Techie-focused Entrepreneur First launches in Singapore
By Digital News Asia January 22, 2016
- Aims to recruit 40-50 individuals for its pioneer cohort in Sept
- Applications already open, programme comprises two three-month phases
LONDON-based startup accelerator Entrepreneur First (EF) has announced a partnership with Infocomm Investments Pte Ltd (IIPL), the venture capital arm of the soon-to-be-revamped Infocomm Development Authority of Singapore, to set up its first international office in the city-state.
EF works exclusively with technical individuals to help them build ‘deep tech’ startups from scratch, the three parties said in a joint statement.
These budding founders need not join with a team or a fixed idea. They will work closely with a group of highly experienced venture partners to build their startups and prepare for next-stage investments, they said.
Since 2013, EF has worked with 200 individuals and built 50 startups which have so far raised over US$60 million in venture capital. Collectively, these startups are now worth more than US$250 million, they claimed.
“This partnership with EF is a win-win,” said Singapore Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam.
“The current turbulence in financial markets doesn’t displace the longer-term picture in Asia: Its markets are expanding faster than the rest of the world, and its consumers will increasingly demand quality and innovative products.
“EF’s new presence in Singapore will help catalyse technology innovation to take advantage of these opportunities,” he said at the London launch of the initiative.
As the host of EF’s first international office, Singapore offers the best environment to create thriving startups, EF said.
Over the next four years, EF Singapore aims to support up to 400 highly ambitious and STEM-inclined (science, technology, engineering and mathematics) individuals to create startups focusing on deep technology.
This is in line with the Government’s call for Singapore to embark on a new phase of economic development, moving from value-adding to value-creation.
“Entrepreneur First is the biggest creator of startups in Europe, and we have ambitions to be even bigger,” said cofounder and chief executive officer Matt Clifford.
“We started with the vision that the best and most ambitious technical people will be founders.
“When talking about talent, innovation and the desire to create startups, Singapore is second to none.
“With the strong support of IIPL, our first international office in Singapore marks a new chapter for us and we are extremely excited,” he added.
EF Singapore aims to recruit 40-50 individuals for its pioneer cohort in September 2016. Applications are already open.
The programme comprises two three-month phases. During the first three months, each participant receives a monthly stipend of S$3,500. Should a company be successfully formed after the first phase, EF Singapore will invest a further S$25,000 for an 8% equity stake.
The total investment (including stipends) in each successfully formed company is approximately S$50,000. [S$1 = US$0.70]
For more information and to apply to join the Singapore programme, go to www.entrepreneurfirst.sg.
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