One of the key challenges faced by?any start-up is securing funding for?the initial stages of development?and growth. To help address this need,?SPRING Singapore established the SPRING?Start-up Enterprise Development Scheme?(SPRING SEEDS) in 2001.
SPRING SEEDS is managed by SPRING?SEEDS Capital (SSC) Pte Ltd, a wholly-owned?subsidiary of SPRING Singapore,?and partners local angel and venture capital?investors to provide start-ups with equitybased?co-fi nancing. Since 2001, SSC has?invested more than $70 million in close to 200 start-ups and catalysed a further $90?million from private investors.
SSC?s capacity to support start-ups?saw a significant jump in 2011, with the?accreditation of seven new business angel?partners, bringing the total under the?Business Angels Scheme (BAS) to nine. Of?the $17 million in investment committed?so far in 2012, close to two-thirds, or $12?million, came from the investors under?the BAS, highlighting the growing role?that private sector investors are playing in?funding Singapore?s start-ups.
The importance of angels
While funding is the most obvious form of?support provided by early stage investors,?there is much more that they ?provide, says?Mr Tan Kai Hoe, SSC Chairman and Deputy?Chief Executive of SPRING Singapore. ?The?investors under the BAS have a vital part?to play in the seeding of young companies?because the start-ups require more hand-holding?and mentoring during the formative?stages.?
Angel investors bring extensive experience?that can determine the success of a?start-up. ?With the BAS, start-ups have?the opportunity to work with some very?seasoned angel investors, who bring?along a unique combination of business?expertise and fi nancial knowledge. Not only?do they understand the unique fi nancing?challenges of start-ups, they are also able?to provide the guidance and networks to help?these start-ups grow from day one,? adds?Mr Tan.
A diverse portfolio
Over the years, SSC and its partners have?invested in companies across a wide range?of sectors, from lobster farming and ?medical?diagnostics to surveillance technology and?alternative energy solutions. Despite the?huge variety, all SEEDS-invested companies?share key characteristics: innovative?products or services, high growth potential,?and scalability.
Kai Square, which develops advanced?surveillance and monitoring systems, is?a good example. The company has grown?from a four-man operation in 2006 to its?current headcount of 30, while revenue?has increased almost eight-fold in the past?three years. This performance led to Kai?Square clinching the top spot in the Deloitte?Technology Fast Track 500 Asia Pacific List,?which ranks the region?s 500 fastest-growing?technology companies.
Another SEEDS-invested company that has?recently received accolades is HistoIndex,?a spin-off from Agency for Science,?Technology and Research (A*STAR). It has?developed an innovative imaging technique?to assist in the diagnosis of fibrosis and?cancer. HistoIndex emerged as the winner?of IBM?s inaugural SmartCamp KickStart?Asean, held in ?Malaysia in September this?year, and went on to win the Asia Regional?Final held in Beijing.
Two high-potential companies that have?received SPRING SEEDS support, Biomax?Holdings and Third Wave Power, are profiled?in the following articles. Read on to learn?more about how they have benefitted and?grown with help from SSC and its partners.
Reproduced with permission from SPRINGnews December 2012 Issue. Published by SPRING Singapore.
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Source: http://mybusinesstechblog.com/archives/blog/seeding-innovative-start-ups
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