SEED FUND, PROTOTYPE FUND & PRIZES

Seed Fund

At the end of the Qualifying Round, up to 20 Semi-finalists (individuals or teams) will be selected. Upon the announcement of the Semi-finalists, each shall receive funding ("Seed Fund") of S$4,000 (Four Thousand Singapore Dollars) to develop the draft prototype for the Semi-Finals.

Shortlisted teams or Participant(s) in the Competition may be eligible to select and receive assistance from up to 4 participating Prototyping Houses in the Competition.

Prototype Fund

At the end of the Semi-Finals, up to 12 Finalists (individuals or teams) will be selected. Upon the announcement of the Finalists, each shall be granted approval to receive subsidies ("Prototype Fund") of 70% of total prototyping cost (purchases after the date of the Semi-Finals only), up to a maximum of S$20,000 (Twenty Thousand Singapore Dollars) through SPRING Singapore's Prototype Assistance Scheme to develop the final prototype for submission at the end of the competition period.

Important Note: To receive Prototype Assistance Scheme subsidies, Team(s)or Participant(s) must have submitted their Prototype Assistance Scheme Proposals to SPRING Singapore by 21 April 2017 via the Grant Portal. In addition, the 12 Finalists must incorporate a company that is dedicated to the development of the solution stated in their Project Proposal by 14 April 2017.

Prize Money

Up to a total of S$300,000 will be awarded to the 4 winners of Tech Factor Challenge 2016:
Open Series - 3 winners
Senior Inventors Series - 1 winner

For each winner,

  • S$25,000* Cash Prize awarded upfront

Upon securing:

  1. S$250,000 Annual Revenue; or
  2. S$50,000 Third-party / VC# Investment within 6 months following the Competition Period (including any extension thereof)
  • An additional S$50,000* Cash Prize to be awarded

* No limitations as to how the team wishes to utilize this sum of money
# Venture Capitalist

Illustration 1: Flowchart detailing process to secure prize money

Seed Fund and Prizes shall be credited by way of a telegraphic bank transfer to the bank account nominated by the individual Participant or Participant team as notified to the Organisers by the individual or the team leader. The team leader will be responsible and accountable for the distribution of funds within his/her team.

Prototype Fund shall be reimbursed via the Prototype Assistance Scheme by submission of receipts (after the date of the Semi-Finals) from vendors or suppliers used for prototype development. The team leader will be responsible and accountable for all collection and submission of receipts by his/her team or company. The reimbursement shall be credited by way of a telegraphic bank transfer to the bank account nominated by the individual Participant or participating team as notified to the Organisers by the individual or the team leader. A lead time of at least one (1) month is expected for processing of the reimbursement.

Participants are advised that there may be tax implications in relation to the Participants award and receipt of the Competition Seed Fund, Prototype Fund and/or Prize, for which they shall be solely liable for any and all taxes payable.

ORGANISED BY:

IN PARTNERSHIP WITH:

IN SUPPORT OF:

Smart Nation Singapore