The National Research Foundation (NRF) announced today that it has made available S$75 million to support proof-of-concept grants (POC scheme).

The POC scheme is part of the National Framework for Innovation and Enterprise (NFIE) announced by the Prime Minister at the 3rd Research, Innovation and Enterprise Council (RIEC) meeting in March this year. The NFIE is a comprehensive national programme to strengthen innovation and entrepreneurship in Singapore, especially through the formation of start-up companies to commercialise technologies developed out of R&D.

A 'proof-of-concept' (POC) is needed to demonstrate that a new process or technique is feasible and can potentially be used for a commercial application. For a new business seeking investments, a successful POC will give potential investors the assurance of technical viability, thus helping the company attract customers and investors.

The national POC scheme will make available funds for researchers linked to our institutes of higher learning (IHLs), public research institutes and small and medium enterprises (SMEs) based in Singapore so that good ideas will receive the resources needed to be developed for commercialisation.

Upon successful proof-of-concept, a start-up company could be formed to take the technology to market. Such start-ups could seek investments from the NFIE's Early Stage Venture Funds programme, Business Angels (private investors who provide capital for start-ups) and programmes such as SPRING SEEDs, which invest in seed-stage companies.

Under the POC scheme, up to S$250,000 will be given for each project, awarded via a competitive selection process. The projects will be assessed on their technical merit and commercial viability.

There will be two parts to the POC scheme - one will focus on funding IHL-linked researchers and the other on Singapore-based SMEs and individuals in the public sector research institutes. The terms and conditions are the same for both. The NRF and SPRING Singapore will administer the POC scheme, each focusing on a different target group:

a. The NRF will administer the POC grant for IHL-linked researchers;

b. SPRING Singapore will administer the POC grant for Singapore-based SMEs and individuals in the public sector research institutes under its TECS (Technology Enterprise Commercialisation Scheme.

Dr Francis Yeoh, Chief Operating Officer of NRF, said: 'Proof-of-concept is a critical part in the value chain of 'knowledge creation, knowledge diffusion and knowledge usage'. It is the first step in putting an innovative idea arising out of research onto the challenging process of commercialisation. We hope the POC scheme will encourage researchers and engineers to generate more innovations now that funding support is available to bring these ideas to fruition.'

Mr Edwin Chow, Director of Technology Innovation from SPRING Singapore, said: 'SPRING is seeing keen interest amongst local start-ups and would-be entrepreneurs to build businesses based on proprietary innovations. This POC funding, under the auspices of the NFIE, is a timely boost to our TECS, and will help bridge the gap between the laboratory and the market-place.'

The NRF POC grant call opens today and will close on 9 November 2008. More details are available at https://rita.nrf.gov.sg.