SPRING provided $20mn worth of assistance last year

The money was used to assist 69 start-ups through various programmes.

According to SPRING Singapore, the assistance consisted of funding proof-of-concept projects, supporting young entrepreneurs, as well as investing directly in innovative start-ups through SPRING SEEDS.

Mr Tan Kai How, SPRING's Deputy Chief Executive, believes that his has contributed to the vibrant start-up scene in Singapore.

According to Mr Tan Kai How, 2010 was a year of economic recovery and the entrepreneurship scene in Singapore is alive and well. Singapore again topped the Ease of Doing Business ranking by the World Bank last year, the fifth year in a row. Some 53,400 new businesses were started, a 6% increase from 2009.

SPRING SEEDS Capital, a wholly-owned subsidiary of SPRING Singapore, invested $10.1 million in 15 start-ups last year.

YES! Startups supported 31 start-ups last year with $1.55 million.

TECS supported 23 start-ups with $8.4 million last year.