Global venture capital firm 500 Startups in partnership with Enterprise development agency Enterprise Singapore (ESG), announced that they are launching 500 Ignition Singapore, a virtual program to help emerging entrepreneurs in Singapore create innovative ventures by helping them build founding teams, validate potential opportunities and build out their product roadmap and business plans.
500 Startups and ESG have a long-standing relationship, starting in 2019 when they first launched Global Launch. Their new 500 Ignition Singapore program, which runs 12-weeks, will help participants build a stronger foundation in entrepreneurship, and develop new products and services geared towards solving the most pressing needs in today’s market. This will be done by connecting participants with industry experts for mentorship, helping them seek the right co-founders, and providing them with shared resources that can help facilitate their startups’ long-term growth.
“The past year has witnessed significant disruption across myriad sectors and hence fresh ideas are needed to meet ever-evolving demands. We are thrilled to partner with Enterprise Singapore in this endeavor to provide aspiring founders with the foundation and mentorship they need to launch a business,” said Ee Ling Lim, Regional Director of APAC, Business Development, 500 Startups.
500 Ignition Singapore program will run in three phases
|Phase 1 Customer Discovery and Problem Definition: participants are divided into teams and learn best practices on how to gather insights that can help them craft compelling value propositions for their products and services .||Phase 2500 Startups will take the teams through different experimentation tools. By the end of this phase, teams should have a validation of the minimum viable product (MVP) through a minimum viable test (MVT).||Phase 3Teams will begin shifting from solution discovery and building to other core components that make a successful startup. Teams will assess sales and marketing strategies, monetisation and pricing, and outline the beginnings of a go-to-market approach substantiated by customer and experiment data.|
In addition, the 500 Ignition Singapore program will provide ‘micro lessons’ for founders to practise what they learned.
“Enterprise Singapore is excited to work with 500 Ecosystems Singapore on the Startup SG Founder programme (500 Ignition Singapore program). Such partnerships with venture builders will enable more aspiring entrepreneurs to start new ventures in Singapore by providing support for commercialising innovative ideas into scalable businesses, getting product/solutions validation, finding capital and mentorship. We look forward to the inaugural cohort of the 500 Ignition Singapore Program launch in May 2021 that can help to boost the pipeline of innovative startups in Singapore,” stated Lim Seow Hui, Director of Startup Development, Enterprise Singapore.
The 500 Ignition Singapore program will be split into two cohorts; details of their respective timelines are below:
Applications Close – April 23,2021
Program Start – May 3, 2021
Program End – July 23, 2021
Applications Open – May 3, 2021
Applications Close – May 21, 2021
Program Start – June 7, 2021
Program End – August 27, 2021
Key mentors joining the Ignition program include Leesa Soulodre (General Partner, R31 Ventures), Jin Tanaka (Co-founder and Managing Partner, Shogun Capital), Jaspreet S Dua (Entrepreneur-in-Residence, 500 Startups), Mimi Aminah Wan Nordin (CEO, Constellation Ventures), Anurag Rastogi (Member of the Board, FinCode), and Garry Huang (Entrepreneur-in-Residence, 500 Startups).
500 Startups is currently running another Ignition program in Cambodia and intends to run similar programs across ecosystems with emerging startup talent, desiring to engage with youth in entrepreneurship and aiming to stimulate new job creation.
Aspiring entrepreneurs can apply for the upcoming cohort of 500 Ignition Singapore program here.