Accredited Mentor Partner (AMP) Program in Singapore

The Singapore government plays an active role in facilitating growth through the Accredited Mentor Partner (AMP) Program. This initiative, led by Enterprise Singapore, serves as a crucial support system for startups embarking on their entrepreneurial journey. In this article, I will provide an in-depth description of the AMP Program, its purpose, and how it benefits startup companies in Singapore. I will also discuss the program’s requirements, application process, and the valuable network of resources and partners it offers to startups, including investors, lawyers, accountants, and government entities. To be eligible for the AMP Program, startups must be incorporated in Singapore and have at least one full-time team member. Founders interested in applying to the AMP Program should complete an online application form and submit accompanying documents, such as a business plan, financial projections, and team bios.

Program Purpose:

The Accredited Mentor Partner (AMP) scheme, launched in Singapore, aims to empower young companies and new startups through mentoring and financial support. The program underwent revisions in June 2022, with a renewed focus on equipping prospective applicants with essential skills and fostering unity among founders. Its primary objectives include:

• Cultivating a thriving startup ecosystem.
• Encouraging aspiring founders to embark on their entrepreneurial journey.
• Providing mentorship and financial support.

• Stimulating economic growth and job creation through startups.

The AMP scheme plays a vital role in nurturing the entrepreneurial spirit and driving the success of startups in Singapore.

Role of AMPs:

The success of an AMP program relies on the expertise and support of accredited advisory partners (AMPs). Carefully chosen and recognized by Enterprise Singapore, these companies play a crucial role in fulfilling the program’s objectives. The AMP’s key responsibilities encompass:

• Mentoring: AMPs provide invaluable advice and guidance to startups as they refine their business ideas, develop comprehensive business plans, and navigate the challenges of starting and scaling a business.

• Connections: Leveraging their extensive industry networks, AMPs connect startups with potential investors, partners, and customers, opening doors for collaboration and growth.
  
• Grant Application Support: AMPs assist startups in preparing and submitting their applications for SG Founder grants, which serve as a vital source of funding for early-stage businesses.

Benefits for Startups:

Startups participating in the AMP Program gain access to a wide array of benefits, including:

• Expert Guidance: The opportunity to tap into the wealth of experience and expertise offered by seasoned mentors and advisors.

• Networking Opportunities: Access to industry experts, potential investors, and like-minded entrepreneurs, fostering valuable connections.
  
• Financial Support: Eligibility to apply for the Startup SG Founder Grant, providing crucial funding to kickstart their businesses.

Eligibility Criteria for Startups:

To be eligible for the Startup SG Founder program in Singapore, applicants must meet the following key criteria:

• Founders:
  
  At least 2 founders who are Singaporean citizens or Permanent Residents.
  
  All founders must be first-time entrepreneurs with no prior experience in a registered Private Limited entity.
  
  Full-time commitment to the startup is required, with no external employment during the grant period.
  
• Entrepreneurship Training: Founders must have successfully completed structured entrepreneurship training that covers essential entrepreneurial concepts and processes.
  
• Equity: Collectively, the founders must hold at least 30% equity in the startup.
  
• Company: The startup must not have received previous government funding for the same idea. The startup must be a newly registered private limited entity (within 6 months).
  
• Capital: The founders are required to invest a co-matching amount of S$20,000 as paid-up capital on ACRA, with S$10,000 at the time of application.
  
• Excluded Ideas: Business ideas must not fall within specific prohibited categories.

How to Become an AMP Affiliate:

Becoming affiliated with the AMP Project is the gateway to a world of opportunities. Startups can connect with accredited mentor partners that align with their industry and specific needs. By working together, they can develop robust business plans, refine ideas, and navigate the application process for the Startup SG Founder Grant.

Duration and Commitment:

The AMP Program is designed to provide long-term support. Startups can expect mentorship and guidance for a minimum of 12 months, with continued access to networks and resources for sustainable growth.

List of AMPs:

A number of organizations have been accredited as mentor partners under the program. Entrepreneurs can choose from a comprehensive list of accredited mentor partners that best match their business needs and goals.

Funding under the Programme:

One of the key benefits of the AMP Program is the availability of financial support through the Startup SG Founder Grant.

Continual Support:

Startups in Singapore can receive the support they need to thrive through the Accredited Mentor Partner (AMP) Program and Fastlane Group. The AMP Program offers mentorship, financial assistance, and access to valuable networks, while Fastlane Group provides expertise in company incorporation, financial services, and business advisory. Contact us right now for further information.