The Ultimate Start-up Space is back for the 2nd year! And this time, it’s bigger. The winning business idea will get a 1,400 square foot storefront in the bustling Central Business District area and a year’s rent fully sponsored by Martell V.S.O.P. The location of the start up space is at 29 Boon Tat Street.
The panel of judges will comprise 2 local entrepreneurs (Mr Low Cheong Kee from Home-Fix and Mr Jimmy Fong from EpiCentre), representatives from Martell V.S.O.P and INSEAD. The judges will assess submissions and the winning idea based on originality, ingenuity, and the potential to succeed. The top ten finalists will attend a 1 week intensive business training session conducted by INSEAD and will also be mentored by Mr Low Cheong Kee and Mr Jimmy Fong.
And for the first time, crowd funding will be introduced in the contest. Members of the public will be welcomed to fund their favorite idea out of the top 10 entries from 2nd June to 3rd July 2011. The total funds collected will contribute to 20% of the top 10 finalists’ total score. Only funds for the winning idea will be processed and it will go into the winner’s start up capital.
On top of the 1 year rent free store front, the winner of The Ultimate Start-up Space 2011 will also get S$20,000 start up capital and additional training from INSEAD valued at $29,000.
I think this year’s Ultimate Start-up Space is much better compared to previous year. Firstly, the location of the space is at a more neutral location. Last year’s space was located at Clarke Quay so the best idea for that space will naturally be a pub or restaurant type of business. But this year’s space is at Boon Tat Street which is quite centralized. There’s more room for creativity at this venue. The crowd sourcing portion is also very interesting. I’m interested to see how contestant try to get funding. This sounds a lot like the local version of Kick Starter
This contest is open to Singapore citizen and permanent residents. To take part, submit your business ideas in WORD or Video format to ultimatestartupspace.com.sg by 15 May 2011. The Top 10 finalist will be announced on 2nd June 2011. The winner of the 2011 ‘The Ultimate Start-up Space’ will be announced on 4th August 2011.
So…. do you think you have the winning idea?