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Spring to appoint accelerators for cleantech, advanced manufacturing, engineering
SPRING Singapore is looking to appoint up to five accelerators to incubate and jointly invest up to S$4 million each in startups in emerging sectors.
These sectors include clean technology, advanced manufacturing and engineering, which comprise additive manufacturing (3D printing), robotics, biomaterials and nanotechnology, said Spring on Wednesday.
"The identified sectors have immense potential for growth and offer a wealth of opportunities for startups," Spring added.
The global clean technology market will reportedly hit US$5.1 trillion in 2025, while the global robotics industry is forecasted to grow to US$80 million by 2025. By 2019, the global additive manufacturing market is expected to reach some US$6.9 million.
Appointed accelerators will co-invest with Spring Seeds Capital (SSC) - the investment arm of Spring - on a 1:1 basis, with a maximum joint investment amount of S$4 million per startup. SSC will draw from the S$75 million top-up announced earlier this year at Budget 2015.
Appointed accelerators too may be offered a grant to support their "value-adding incubation activities" and the option to set up and operate a tinkering workshop at the upcoming JTC LaunchPad @ one-north, located in the vicinity of JTC's CleanTechPark.
Interested accelerators should attend a public briefing on July 7 at the ACE Ideation Centre at JTC LaunchPad, and submit their proposals by Aug 6.