Aim and Overview
To improve lives, promote sustainable development and make Singapore a caring society for all by providing technological and entrepreneurial solutions to the built and natural environment.
We invite proposals for integrated solutions that involve the coordinated application of Smart, Caring Innovation Proposals that advance Singapore’s vision as a caring and smart nation.
The innovation should be in the form of a product or service with a real-world use and translatable into a sustainable venture. It is expected that the innovations we fund will become scalable in the private or public sector.
This annual competition will enable teams to move their ideas from concept to reality.
Stage 1 - Proposal Submission
TEN teams will be shortlisted from all proposal submissions for the Semi-Finals to compete for the best FIVE businesses. These 5 Finalist teams will each receive $10,000 proof-of-concept funds to further develop their ideas and business.
Stage 2 - Final Judging
Finalists will take the next few months to develop their work and pitch for the grand prizes. The winning team will be awarded $50,000, the first runner-up $30,000, and the second runner-up $20,000.
The development funds are to be used to meet start-up costs, including to fund overheads of running a company.
aka The Fine Print
Each finalist team must present their ideas in a 10-minute pitch before a panel of judges. This will be followed by a 10-minute Q&A session. Teams will be judged according to the 10 criteria listed below.
1. Problem and Idea Definition
Does your team have a clear understanding of the problem or situation you are trying to solve? Do you clearly articulate the technological aspect, the societal care aspect and the market aspect?
2. Identifying Customer Needs
Does your idea have the customer in mind? Has the customer’s needs been clearly identified and researched?
3. Competitive Advantage
Has your team clearly defined your product or service and ensured it has not been created before? How will you ensure that the product or service will not become obsolete? Have you integrated the needs of your customer? To what extent is your innovation different and better than what is currently being done?
4. Business Feasibility
How is your product, service or design sustainable? Has your team developed a plan? For this competition, sustainability means that your innovation can continue to be updated and generate revenue in the future. What are your plans for future development of the proposed product or service both for yourselves and for others to carry out?
5. Technological Innovation
Does your product or service use technology to challenge people to adapt and think in new ways? Is your product or service technically feasible in the real world?
6. Management Team
Does your team have the right mix of skills and experience to develop this business idea?
7. Go-to-Market Strategies
Have you critically considered your initiatives in how they will enable you to acquire customers, markets and merchants? Are your costs and expenditures clearly articulated?