BEAMSTART28 Aug, 2018
SEA-focused early stage VC TRIVE (previously known as "TRi5 Ventures"), aims to raise 250 new Singaporean startups in the next 30 months via its pro-bono pay-it-forward Community startup program.
It has already aided 10 startups to receive the S$30k Startup SG Founders Grant and currently processing another 25.
In its first-ever community event, Startup Journeys by TRIVE, at SGInnovate on Thursday, 23rd of August, saw close to 200 attendees and 2 fireside chats with startup founders and ecosystem players.
TRIVE’s Managing Partner, Christopher Quek, celebrated the pay-it-forward movement and achievements over the last 7 years developing Singaporean startups in the Singapore startup ecosystem.
TRIVE and its NEXT50 mentors conducted over 1500 1-to-1 free advisory and mentorship sessions done, impacting 800 startup founders. It also aided 38 startups to raise US$5.6m in angel funding in a previous incubation program.
But in spite of many achievements, there is much more to be done. Quek says, “Silicon Valley was built on its members giving back to the community. Building a pay-it-forward community is necessary to evolve Singapore’s startup ecosystem to the next stage, where the community drives its development. We believe a Singaporean tech entrepreneur will succeed when the startup community is backing him.
“To see this vision fulfilled in Singapore, TRIVE is committed to building a more robust startup ecosystem and will do more pay-it-forward activities. Under the community initiative, young Singaporean founders can gain even more access to pay-it-forward entrepreneurial support.”
Singaporean tech startups are already able to seek a S$30k startup grant via TRIVE without any payment or sweat equity.
To enhance further support, these Singaporean tech startups will be able to tap on TRIVE’s exclusive network of business partner benefits, connecting with up over 70 NEXT50 mentors, attending startup masterclasses taught by TRIVE’s partners and access the follow-on funding network of investors.
The event was also organised to enrich aspiring entrepreneurs with valuable insights from within Singapore’s startup ecosystem. The event brought together Singaporean industry experts and startup founders and engaged the audience in an enriching dialogue, sharing their perspective about entrepreneurship in Singapore.
“It’s all about execution. We need a resilient team who can survive the toughest of times and execute, which is far more important than the idea itself,” shares Max Sim from SME Centre.
The experienced founders and corporate stakeholders brought deep insights to the table, and encouraged young founders in Singapore to continue pursuing their entrepreneurship dreams, despite the challenges ahead.
Jerry Chen, founder of Express in Music, discussed the importance of Singaporean founders having a global mindset and to explore beyond the shores of Singapore. "Singapore is a small market, so we need to go out there to establish ourselves. However, Singaporeans are lucky to have support through events like [Startup Journeys] and funding from the government."