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'Amazing' results seen for IDA accredited tech companies (Amended)
A PROGRAMME by the Infocomm Development Authority of Singapore (IDA) to help young Singapore-based technology companies has borne fruit, with two out of eight supported firms clinching new government projects.
Three more projects are currently undergoing a final round of evaluation. These five projects are estimated to be worth more than S$1 million.
The initiative, Accreditation@IDA, was introduced in July last year. It provides assurance to potential buyers on the products of Singapore-based tech companies, and puts them in a better position to win projects by government agencies and large companies.
To qualify, these companies must be registered in Singapore with a substantial level of value-added economic activities and have annual revenues of less than S$10 million. They must also own the patent for products which demonstrate strong value proposition and competitive advantage.
The two firms which have won government projects - KAI Square and Inspire-Tech - provide innovative video analytics solutions and a file-sharing system respectively.
"With the robustness of the accreditation process, the participating companies have been able to improve the quality of their products and business structures," said IDA executive deputy chairman Steve Leonard. "We have worked with our government CIO teammates to open doors for the accredited companies, helping them bring their new ideas and technologies to key stakeholders and decision makers across the government."
"The results so far have been amazing, with accredited companies having developed a pipeline of more than 100 projects in cooperation with at least 50 agencies, worth potentially many millions of dollars to these small companies," he added.
Amendment note: An earlier version of this article stated the government projects clinched by two IDA-backed firms are estimated to be worth more than S$1 milllion. IDA has clarified that the figure also includes the three projects currently undergoing evaluation. The article has been revised to reflect this.