SINGAPORE — Business social networking company, BEAM today announced a strategic partnership with early-stage VC TRi5 Ventures to launch VentureStart, an entrepreneurial development program that brings more support to budding entrepreneurs building startups in Singapore.
The new strategic partnership is focused on 2 key areas:
1) To provide up to S$50k early stage financing to entrepreneurs, and
2) to provide a holistic support system for new startups that covers business/technical support, mentoring, community events, financing, market access, customer acquisition, media coverage.
BEAM will tap into TRi5’s pool of over 60 mentors from the NEXT50 initiative. These mentors and industry experts have startup background experiences who will help to provide guidance, insights, and support to entrepreneurs out there.
“With the speed of disruptions and innovations happening globally, it is now more essential than ever to mentor startups to get up to speed and be globally competitive from day one. Hence, the imparting of knowledge and the sharing of experiences, especially during the early stages, are essential in building startups with a solid foundation”, mentioned Christopher Quek, managing partner of Tri5 Ventures.
To further boost the success of startups, BEAM will facilitate the SG Startup Co-Investment Grant (SG Founders Grant) of up to $50,000 to first-time Singaporean founders starting out on their ventures. This co-investment grant is a combination of a $30,000 grant from SPRING Singapore and up to $20,000 equity investment from Tri5 Ventures.
“Entrepreneurship can be a long and lonely journey. With a holistic support system for founders to tap into insights, connections, financing, and more, we believe this will bring tremendous value for the many new and aspiring entrepreneurs building startups. We hope that this raise the overall calibre of entrepreneurs and bring forth a new generation of innovative and transformational companies”, mentioned Kenneth Ho, CEO of BEAM.
About VentureStart Program
The VentureStart Program is a startup support and development program by BEAM focused on bringing continuous resources, support, and leverage to entrepreneurs throughout their journey of building their companies.
The program is conducted on a rolling basis (not cohort basis) where entrepreneurs are supported throughout the idea/prototyping, go-to-market, fundraising, and expansion stages of their ventures in the following areas:
- Business and Product Development assistance directly from the BEAM team. An online point of contact will be established to get quick help at any point in time.
- Warm Introductions to valuable business connections.
- Access to over 60 mentors and experts.
- Access to invite-only events, trainings, and support sessions.
- Media coverage and press release distribution.
- Customer acquisition support and marketing assistance to reduce advertising costs.
- Grant financing via the SG Founders grant (for first time founders in Singapore)
- Fundraising support, strategizing, and legal assistance.
- Market access and field trips to other parts of the region (Malaysia (Kuala Lumpur, Johor, Penang), Singapore, Japan (Tokyo), Taiwan (Taipei), China (Wuhan), Australia, Indonesia, and Thailand).
- Hiring & HR support.
- Participation in entrepreneurial support groups.
The strategic partnership aims to produce 20 new Singapore-based startups of verticals aligned with Singapore’s thrust of deep technologies and Smart Nation initiatives in the next 12 months.
“I have received feedback from fellow VCs that dealflow quality and quantity at early stages, are essential in building startups with a solid foundation. With a wide range of mentors from across industries on board, we are certain that the startup founders will benefit more from a variety of quality perspectives”, mentioned Christopher Quek, managing partner of Tri5 Ventures.
VentureStart is now accepting applications.