Nine startups apply to IDA scheme that helps homegrown firms bid for Gov projects
Published on Jul 29, 2014 4:26 PM
SINGAPORE - Homegrown technology startups will be considered first over more established firms for government projects under a new scheme and nine startups have already applied for this.
Called Accreditation@IDA, the scheme was launched in April and is run by the Infocomm Development Authority (IDA). The scheme helps startups without a track record or financial muscle - and would otherwise not meet the stringent criteria to apply for government tenders - get a foot in the door. Government agencies can skip the usual tender process and sign a contract with any accredited startups that meet their criteria.
A review panel comprising newly-hired technology and financial consultants will accredit startups. IDA's assessment criteria for companies include their operational capabilities, financial standing and product reliability.
To qualify, companies also need to be based here and have an annual revenue of less than $10 million. Their products have to be unique with a big impact, like those that address major issues in education and transportation.
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