Technology association SGTech has introduced the Stronger Together, Aiding Recovery (STAR) Fund to help tech small and medium sized enterprises (SMEs) in Singapore support the digital transformation of other SMEs. Supported by Facebook and Enterprise Singapore, the STAR Fund will help SGTech members to train and reskill their workforce or to grow their business. About 2,000 SMEs are expected to eventually benefit as a result.
Stronger Together reflects the support among members to build strength and resiliency within the SGTech community; while Aiding Recovery illustrates the goal of the initiative to help the broader business community leverage technology to transform and thrive in a post-COVID economy.
The STAR Fund will start with S$660,000. This comprises the amount pledged to SGTech by its member Facebook, and Enterprise Singapore’s SG Together Enhancing Enterprise Resilience (STEER) programme*, which supports funds set up by industry players with the aim of helping businesses emerge stronger amid COVID-19 challenges.
“While the onset of COVID-19 has proven to be highly disruptive to businesses, it has brought to the fore opportunities for companies to leverage on technology to insulate against some of the consequences of such a shock,” said Wong Wai Meng, SGTech Chairman.
“Singapore companies should continue to invest in technology to be better-positioned to take on new opportunities in the post-COVID-19 world.”
“SMEs are the backbone of the Singapore economy. We hope our collaboration with SGTech on the STAR Fund will help SMEs build resilience through digital transformation and upskilling,” said Gavin Chua, Head of Infrastructure Engagement in Asia for Facebook.
Chew Mok Lee, Assistant CEO, Enterprise Singapore, said: “We are happy to support the setup of SGTech STAR Fund through ESG’s STEER programme, as it provides an additional resource for ICT businesses in this challenging business climate. This is a good example of how industry players, such as trade associations and chambers, can quickly step up to partner the government to continue to drive industry initiatives amidst COVID-19 that will uplift fellow businesses who are affected and prepare them for the economic recovery ahead.” ICT stands for information and communications technology.
Wong said that with a membership close to 1,000 companies, SGTech is in a strong position to support member companies who need help, while augmenting existing government efforts to get more businesses in Singapore to digitalise.
“SGTech sees itself as a strategic partner to the government, in helping businesses tide over the challenges arising from COVID-19 and to drive transformation efforts in preparation for the eventual economic recovery. Through the STAR Fund, we want to support our members to better help other businesses transform,” said Wong.
The fund will provide funding for SGTech members who are tech SMEs to:
- Acquire new SME customers. SGTech members may apply for marketing support for their tech solutions that help non-tech SMEs to digitalise.
- Train and reskill their workforce by harnessing new digital capabilities or deepen current skills. SGTech member companies may apply for support for training programmes that:
i. Assist entrepreneurs in growing their business (e.g. fundamentals of business expansion, design thinking)
ii. Help harness new tech capabilities or deepen existing tech skillsets for employees
All training programmes must be offered by SGTech members.
SGTech is the premier association for the tech industry in Singapore. It strives to create an ecosystem that anticipates trends and develops sustainable initiatives to strengthen the community and help the industry grow. SGTech’s members range from startups and SMEs to multinational corporations that leverage technology as a core driver of their business.
Details:
The STAR Fund will accept applications from 1 October 2020. The last payout for eligible applications would be on 31 March 2022, or upon the complete drawdown of the fund, whichever is earlier.
SGTech will undertake ownership in the organising, administering, assessing, disbursing and reporting of activities associated with the disbursement of the STAR Fund. SGTech will appoint a panel of assessors consisting of councillors and chapter executive committee members who are representatives of member companies to determine the eligibility of applications.
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