Singapore to boost digital R&D
EmptyThe Singapore government has set aside S$40 million ($26 million) to build a "research and development culture in the interactive digital media sector," the Media Development Authority said Friday.
The Microfunding Scheme will offer grants of S$50,000 ($33,000) each to young entrepreneurs and is part of a S$500 million ($327 million) budget announced last year to boost Singapore's interactive digital media sector in the next five years.
MDA CEO, Christopher Chia, said the authority hoped to seed about 750 projects over the period.
The scheme will be managed by the MDA's Interactive and Digital Media Research and Development Program Office.
"We are looking for projects that are rooted in innovative R&D, in an early stage of development but with the potential to create a sustainable edge, address a unique selling point in both the regional and international markets and possess defensible intellectual property rights," Chia said.
The Microfunding Scheme is a key component of the MDA's i.JAM (IDM Jump-start and Mentor) initiative, which also includes an online platform designed to promote innovation.
Michael Yap, the program office's executive director, said the scheme and the platform under the i.JAM initiative will "serve as the 'catch-all' for potentially impactful ideas and serve as a breeding ground of ideas."