IDA Rolls Out An Accreditation Program for Singapore-based Startups.
It makes one wonder if their idea behind their startup is credible enough and simply not a single though in the day that will completely collapse upon it self the moment it manages to gain a million dollars in funding and leaving both customers and investors left with blanks. The Infocomm Development Authority of Singapore (IDA) has made it their objective to assuage these kinds of concern by launching its very own in-house accreditation program Accreditation@IDA.
Firstly announced during April, Accreditation@IDA went live sometime this month. Startups that apply to the program shall undergo a rigorous technical, financial and operational evaluation of their produts core capabilities and claims, as well as their sustainability and capability to deliver their products as promised.
According to information provided by the Executive Deputy Chairman of Accreditation@IDA, Steve Leonard, the program has been assembled to help startups win projects from government and industry players as opposed to helping them find funding, of which there are plenty of, given IDA’s massive network of investors. This way, startups will be able to generate the necessary revenue and refine their products at the same time.
Accrediting startups is only single part of the drive to help startups get business. although.IDA has also been working along side government agencies as well as corporations to facilitate their procurement processes. On the government front, IDA has introduced the Whole-of-Government (WoG) approach, where accredited companies will be considered first for projects, and accreditation can be considered in place of the costly, time-consuming Government Supplier Registration status.
As for corporation s industry players, IDA has signed a strategic partnership with companies and organizations such as Amazon Web Services and Nanyang Polytechnic, where they will give preferred access to accredited startups as well as provide systems integration support, domain knowledge and capability development. As of now, over 20 startups have expressed their interest, and nine are currently undergoing evaluation.
With Acrreditation@IDA, SIngapore is walking on a back of becoming a Smart Nation. “Singapore is building the world’s first Smart Nation, and one of IDA’s key focus areas is to build Singapore-based tech-product startups,” said Leonard. “We look forward to see the ‘IDA Accredited Product’ mark on high-potential Singapore-based tech-product startups very soon.”