14 July 2015 - Within a year of its inception, the Accreditation@IDA programme has provided about S$20 million worth of project opportunities for promising Singapore-based tech firms.
Singapore, 14 July 2015 | For Immediate Release
Within a year of its inception, the Accreditation@IDA programme has provided about S$20 million worth of project opportunities for promising Singapore-based tech firms. As of July 2015, these opportunities include a pipeline of 125 projects with 50 government agencies; of which six projects have already been awarded to five of the accredited companies - KAI Square, Inspire-Tech, Latize, Tagit and Trakomatic.
These companies have won projects from the Ministry of Manpower, Housing & Development Board, JTC Corporation, Economic Development Board, Sentosa Development Corporation and the Infocomm Development Authority of Singapore (IDA). Another six projects are at the final stages of procurement and close to being awarded.
This was announced by IDA today at an event marking the first anniversary of Accreditation@IDA. The programme supports Singapore's Smart Nation vision, by growing young and promising Singapore-based companies with innovative tech products. Accreditation@IDA helps these companies build their credentials, and to be in a better position to win projects from government agencies and large enterprises. This could help them build a credible track record, which they can build upon for their continued growth in Singapore and overseas.
The comprehensive evaluation by IDA ensures that only companies with innovative products and well-defined business plans are accredited. To further improve access to compete for government projects, IDA has worked with the Ministry of Finance to streamline the procurement process for government agencies to consider accredited companies first. With the increased traction with government agencies and large enterprises, the accredited companies are reporting to grow their staff strength by more than 85 per cent over the next two years.
Since the programme's launch in July 2014, IDA has accredited eight companies, and is looking forward to have a total of 20 accredited companies by March 2016. Moving forward, the IDA will continue to scale and refine the accreditation programme over the next few years, helping accredited firms build up their capabilities, talent and funds raised. One of the plans is to expand the scope of the accreditation to encompass technologies that are relevant to achieve Singapore's Smart Nation vision. These include robotics, new sensor technologies and autonomous vehicles.
"As part of Singapore's Smart Nation vision, we want to be able to support good innovations that make big impact, and young companies with great ideas and products play a big role in this. Just a year ago, we laid out a huge challenge to our team in IDA – How can we support these companies in meaningful ways that can grow their business, and bring new innovation into government services? The Accreditation@IDA was launched and we have seen good results in various aspects so far.
"The comprehensive and rigorous evaluation process has helped participating companies to strengthen their technical, operational and financial viability. Accredited companies have also extended their reach in bringing new ideas and technologies to key stakeholders and decision makers across the Government. We look forward to deeper collaborations between the accredited companies, the Government and large enterprises," said Mr Steve Leonard, Executive Deputy Chairman, IDA.
The Accreditation@IDA first anniversary event took place at the Build Amazing Startups Here (BASH) located at Blk 79 Ayer Rajah Crescent. It was attended by more than 100 guests, comprising the chiefs of the eight accredited companies, senior representatives from IDA and government agencies, young tech firms, MNCs, as well as venture capitalists.
ISSUED BY THE INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE (IDA)
- Annex A: Factsheet on Accreditation@IDA (385.13KB)
- Annex B: Quotes from Accredited Companies (207.95KB)
About Infocomm Development Authority of Singapore
The mission of the Infocomm Development Authority of Singapore (IDA) is to develop information technology and telecommunications within Singapore with a view to serve citizens of all ages and companies of all sizes. IDA does this by actively supporting the growth of innovative technology companies and start-ups in Singapore, working with leading global IT companies as well as developing excellent information technology and telecommunications infrastructure, policies and capabilities for Singapore. For more news and information, visit www.ida.gov.sg. Follow IDA on Facebook and Twitter.