Accreditation@IDA

Introduction

One of the challenges that early growth stage Singapore-based technology companies face is the lack of opportunities to effectively compete for projects, especially for companies that have few or no references. This often culminates into a vicious cycle where projects are awarded to large established companies while these companies are denied the opportunities to build up their track records.

As Singapore moves towards becoming a Smart Nation, one of IDA's priorities is to build the technology industry through assisting the growth of our young and promising Singapore-based early-stage growth technology companies. Being accredited will open up more opportunities for their products and solutions to be showcased and eventually bought. For buyers from the Government and large enterprises, the accreditation process would provide an independent third party evaluation of the companies' claimed product core functionalities and ability to deliver.

Objectives

Accreditation@IDA seeks to achieve the following objectives:

  • Accredit promising and innovative Singapore-based early-stage growth technology product companies to establish credentials and position them as qualified contenders to government and large enterprise buyers;
  • Provide potential buyers assurance on the accredited companies' product core functionalities and ability to deliver; and
  • Build an innovative technopreneur ecosystem to drive economic growth, inspire the younger generation, and build more innovative products and technology companies that can scale overseas.

Accreditation Process

The three-stage process for Accreditation@IDA is illustrated in the figure below.

Accreditation Process

Stage 1 - Application

Companies who are interested to apply would be required to meet the following pre-qualification criteria:

  1. Singapore-based:
    • Registered in Singapore (ACRA statement on coy incorporation)
    • Substantial level of value-added economic activities conducted in Singapore, e.g. R&D activities, Test bedding, IP mgmt and Technical support
  2. Annual revenue of less than S$10 million at the group level
  3. Innovative enterprise product, with focus on software
    • Company must be product owner (i.e., owns the IP / patent for the product and not a reseller / distributor)
    • Product must demonstrate strong value proposition and competitive advantage to competitors / alternative substitutes in the market

Stage 2 - Short-listing

  1. Management:
    • Company has clear business plan on how to grow the product and business
    • Company has strong management team with established track records and low key man risks
  2. Financials:
    • Company has viable financing and/or fund raising plan going forward to sustainably operate
  3. Innovative enterprise product, with focus on software
    • Company has clearly identified customer segments and demonstrated demand
    • There is a sizeable addressable demand for the product to support the business plan

Stage 3 - Accreditation / Renewal

The accreditation status would be valid for 18 months and companies would have to be routinely reviewed by IDA to ensure the validity of the status.

Contact Details

Accreditation@IDA is open for application. Please refer to the guidelines and terms and conditions documents below.

For clarifications or more details, please contact accreditation@ida.gov.sg.

 

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