Mr Kwek Hian Chuan Henry: To ask the Minister for Trade and Industry whether the Ministry can provide an update on the achievement of the Action Community for Entrepreneurship (ACE) programme and whether there is a need to evolve the current status of ACE.
Written Reply by Minister for Trade and Industry Mr Chan Chun Sing
- ACE was founded in 2003 to help startups in areas such as mentorship, network building, talent, and financing. It transitioned into a private sector-led organisation in 2014.
- In the last five years, ACE has supported more than 2,000 startups through various programmes and initiatives, including facilitating more than 200 mentorships through the ACE Mentorship Programme. As an Accredited Mentor Partner under Enterprise Singapore’s Startup SG Founder programme, ACE also mentors first-time entrepreneurs. Through its overseas networks, ACE has helped Singapore-based startups access international markets.
- ACE is constantly looking for new ways to invigorate our startup ecosystem. In August this year, it launched the Innovation Enablers Network (IEN) which aggregates opportunities for corporates and startups to collaborate on innovation. Through such connections, startups are able to gain access to new resources and build up their track record, while corporates benefit from knowing what are the cutting-edge innovative solutions.