INDIVIDUALS AND YOUNG STARTUPS in the Interactive Digital Media (IDM) industry can soon apply for S$50,000 grants from the Singapore infocomm Technology Federation (SiTF) to develop their ideas and projects towards commercialisation. The Media Development Authority (MDA) plans to support 100-150 projects yearly, announced Deputy CEO Michael Yap at the Singapore Digital Media Festival 2008 today.
Lead SiTF members like MediaCorp Pte Ltd, Microsoft, SingTel and ST Electronics (Training & Simulation Systems) have already expressed their interest in project domains such as interactive media, mobile digital media, broadcast, IPTV and open source development etc. SiTF will continue to market this program to gain greater interest from more corporations who see opportunity to partner with start ups. Through support from the industry, the mentorship programme hopes to make available up to $10m worth of project funding and support over a period of five years.
With SiTF, the IDMPO now has a network of 10 incubators to create support structures for the start-ups, including the platforms for regular pitching sessions and finding industry partners. Collectively, the incubators will nurture some 450 start-ups over the next few years. The existing incubators have facilitated the funding of some 90 projects to date, out of which 15 were completed. Thirty per cent of the completed projects have successfully received private investment.
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