Interactive Digital Media (IDM)

16th November 2011

CALL FOR PROPOSALS

IDM JUMPSTART & MENTOR (i.JAM) MICROFUNDING SCHEME

“i.JAM Reload!

1.         The IDM Jump-start and Mentor (i.JAM) programme aims to drive innovation and entrepreneurship by creating in Singapore a capacity for continuous and self-sustaining grassroots innovation.

2. Under this programme, the i.JAM Micro-funding Scheme (i.JAM scheme) will support start-ups and individuals with breakthrough ideas that can be developed into innovative products and services. This will be done through a network of incubators who will work closely with IDMPO to manage i.JAM according to the spirit and intent of the i.JAM programme.

CALL FOR INCUBATORS

3. IDMPO invites suitable parties to submit proposals for the management and operation of such i.JAM incubators. These incubators should have mechanisms to select high-quality start-ups, and give them the necessary support (mentoring, access to customers, assistance to secure follow-on funding etc.) during the incubation period.

4. All interested Singapore-based parties with experience in start-up incubation, venture funding or high-tech entrepreneurship in Interactive Digital Media may apply.

REQUIREMENTS

5. i.JAM Phase 1 provided a cost efficient infrastructure for rapid experiments at scale. However, there was a funding chasm in the $100,000 to $500,000 range (seed stage). It has been observed that established VCs and incubators in Singapore typically fund amounts of $500,000 and above, and projects coming out of the i.JAM programme typically needed another round of seed funding before being able to raise Series A ($500,000 and above) investment. Without seed funding to build up the capabilities, i.JAM companies found it hard to grow beyond the initial phase of i.JAM funding and struggled to maintain market presence.

6. To address this problem, i.JAM Reload is seeking incubators to who can administer i.JAM Reload and provide up to $250,000 in seed funding.

7. It is anticipated that the scheme will comprise of 2 Tiers of funding:

a. Tier 1 Funding: IDM PO will provide grants of up to $50,000 to start-ups through appointed incubators. The grants are to offset up to 100% of start-up costs (subject to a cap of $50,000 for each start-up) over a maximum period of two years.

b. Tier 2 Funding: Start-ups which have successfully completed their projects by meeting the proposed milestones will be eligible to apply for follow on funding of up to a maximum of S$100,000 if the following conditions are met:

i. At least matching amount of funds is secured: The investment may be additional funds put in by the incubator and/or independent third parties.

ii. The start-up has successfully met and exceeded the KPIs from the initial phase project; and

iii. The start-up is assessed to have high potential impact or potential for global market.

8. The start-ups qualifying for Tier 2 of support under i.JAM Reload will be evaluated by an inter-agency IDM Operations Committee.

INCUBATOR SELECTION CRITERIA

9. There should be a clear demonstration of how the incubator would be able to help IDM start-ups gain access to technology sources, VCs / 3^rd party funding networks for future funding as well as access-to-market. There should also be clarity on the proposed incubation process.

10. At least 1 full-time incubation manager is expected from each appointed incubator, and incubators will be evaluated against its ability to provide business and technology mentorship / advice for IDM start-ups.

11. Incubator application must be accompanied by clear demonstration of the incubator’s commitment and ability to provide matching funds over the 3 year period. It should also provide clarity on its funding and resource support for its own operations.

12. Unless explicitly approved by IDMPO, charging IDM start-ups for incubation services is not allowed and funding for i.JAM Reload will be provided on a reimbursement basis.

PROPOSAL SUBMISSION

13. Interested parties are invited to submit an initial proposal of not more than 15 slides to IDMPO with the following details:

a. Description of Incubator: Organisation structure, operations, staffing, business objectives and strategy, specific area(s) of focus;

b. Incubator Management Team: Bio-data and track record of incubator management (all incubators for i.JAM Reload are expected to have at least 1 full-time incubation manager approved by IDM PO);

c. Description of Incubation Program: Deal flow of projects, philosophy and approach of incubation, process for selection and nurture of start-up companies in the incubator; plans for helping incubatees to secure follow-on funding after graduating from the incubator, resources available for start-ups, collaboration(s) with IDM hotspots and/or International Research Centres (IRCs).

d. Funding: Source of funds, fund size, proposed mechanism to fund the set-up and operation of the incubator.

 

e.   Access to Markets: Demonstrate ability and capacity to nurture and bring incubatees into overseas markets, such as US, China and Southeast Asia.

 

Interested parties may wish to refer to the submission template (download slides)

14.           Interested parties are invited to submit an initial proposal of not more than 15 slides to IDMPO by email to the following email addresses:

mda_idmpo@mda.gov.sg
Ooi_Chi_Yih@mda.gov.sg
Dan_KWEK@mda.gov.sg

15. Your email should have the following subject heading: “i.JAM Reload Incubation Application - <insert incubator name>” and should reach IDMPO no later than 1700 hrs on 31 Dec 2011.

SELECTION & APPROVAL PROCESS

16. IDMPO will select incubators to participate under the i.JAM scheme based on the quality of proposals submitted.

17. Shortlisted incubators will be reviewed by IDMPO and an inter-agency IDM Operations Committee (IDM Ops Comm), where parties which meet the qualifying criteria will be invited for a final presentation to the IDM Executive Committee for approval.