Objective

The Singapore-MIT Alliance for Research and Technology (SMART) formed an Innovation Centre in Singapore to support Singapore-based faculty and researchers to advance basic research with commercial potential in the marketplace. In the span of seven years, this initiative has led to the incubation and incorporation of a portfolio of 54 companies with a cumulative valuation of US$1.3 billion.

The SMART's successful Innovation Grant is back as SMART Innovation Grant 2.0.

SMART Innovation Grant 2.0 is a gated 3 phase program which prepares a team of scientist-entrepreneurs to launch a successful venture, with funding and training, and intense mentoring provided across all three phases.　SMART Innovation Grant 2.0　conducts a series of workshops for scientists and researchers in Singapore passionate about growing new ventures around their disruptive technology to support each phase of the grant. As in all training programs, successful applicants need to progressively advance in skills and demonstrate your value proposition from both the technical, market and implementation perspectives.　SMART Innovation Grant 2.0　will guide successful applicants through this process from lab idea to fundable, executable new venture. Successful applicants will be mentored one-on-one and provided training, oversight, and critical review by the SMART Directors and Advisory Board.

Program includes:

• Phase I (Venture Exploration Workshop): If your application is accepted, you and a cohort of up to 10 other teams will enter an introductory training workshop. You will be mentored as a team and participate in peer learning with the other groups. The goal will be to challenge and fine-tune your business proposition and technology development roadmap. The mentoring syllabus will include:

• Hypothesis Development

• Market, Technology, and Implementation Discovery

• Product/Market Fit

• Explore TPP (Target Product Profile)

During the Venture Exploration phase, you will not receive funding, but the 15 hours of classroom teaching and 30 hours of mentoring over 16 weeks will be free.

The Venture Exploration Phase will provide training in hypothesis development, market identification, technology definition, implementation discovery, product/market fit evaluation, and exploration of the target product profile (TPP). The intended outcome is a proposal for the　Venture Design Phase (II)　funding and a pitch deck for presentation to the SMART IC Advisory Board. The workshop will contain several master classes for peer learning, mentoring through a one-on-one team mentor with relevant commercial experience, and critical oversight by the SMART Advisory Board.

The Venture Exploration Workshop will enable us to identify teams with disruptive technology and a passion for venture building. Phase II (Venture Design Funding) and Phase III (Venture Execution Funding) will focus on venture building for selected teams.

Phase I Venture Exploration Workshop is mandatory to qualify for Phase II Venture Design Funding and Phase III Venture Execution Funding.

Acceptance into the Phase I program does not guarantee an award for Phase II and Phase III funding grants.

Up to 5 teams per year will be selected to advance to Phase II through the competitive process described above.

• Phase II Venture Design Funding ($300,00):

During this phase, you will focus on showing commercial proof-of-concept of your technology along the developmental pathway defined earlier in the Venture Exploration phase. You will also receive further mentoring and be assigned a Venture Builder who will come alongside and guide you forward. The Venture Builder and series of Master Classes you attend will cover the following syllabus:

• Target Product Profile (TPP)

• Product Development Roadmap

• Action Plan

• Regulatory Pathway

At the end of Phase II, you will again present your business plan and product development progress to our Advisory Board. If you are ready, you will be advanced to Phase III and start venture formation and execution.

• Phase III Venture Execution Funding ($500,000):

By Phase III, you and your team will have robust data supporting a fundable business proposition using your new disruptive technology.

Now, SMART IC will provide your team with the venture-building skills needed to grow a fundable team and raise Series A capital (you may also be eligible for up to $5 million in Central Gap Funding). During Phase III, you will be assigned a Venture Build mentor and will take Master Classes covering the following syllables:

• Execution Skills

• Business Model Development

• Financials (P/L)

• Team Building

• Venture Formation

• Business Plan Preparation

• Pitch Deck

• Fund Raising

By the end of Phase III, we expect you and your team to attract venture investment and launch your company.

Teams are encouraged to approach SingHealth Intellectual Property Office, SHIP for support with their applications.

Funding Details

The grant can provide up to $800,000 in funding over the three gated phases:

1. Phase I Venture Exploration Workshop*: Successful applicants will be enrolled in a 16-week program comprising training through fundamentals of the Adaptive Innovation™ Framework and dedicated mentorship to help prepare their application for Phase II.

2. Phase II Venture Design Funding: Funding support of up to $300,000 per project for 12 – 18 months.

3. Phase III Venture Execution Funding: Funding support of up to $500,000 per project for 12 – 18 months.

To note:

• *Phase I Venture Exploration Workshop is mandatory to qualify for Phase II Venture Design Funding and Phase III Venture Execution Funding.

• Acceptance into the Phase I program does not guarantee an award for Phase II and Phase III funding grants.

Eligibility Criteria

Submission

Interested applicants are to submit the completed application form using the application form template through your Host Institution's Research Office to SMART at [email protected] by 31 August 2024.

To note:

• No endorsement is required.

• SingHealth PIs are to please refer to your respective Institutional Research Administrators for guidance on internal deadlines and submission procedures set by your institutions.

Contact Person in SMART

Email: [email protected]

Contact Person in SHIP

Email: [email protected]  

Additional Information

Please refer to the following documents and the SMART's website here.

SMART_Innovation_Grant_Phase_I_Venture_Exploration_Workshop - 2024.doc

IG 2.0 2024 Grant call Flyer.pdf