MDA and SingTel invest $4mln for IDM incubation program

Under the MOU, MDA and SingTel Innov8 will provide funding and create a dynamic environment for start-ups.

According to SingTel, NUS and MDA, they will join forces to establish a strategic incubation programme called Blk71.

This programme aims to boost the Interactive Digital Media space in Singapore. Blk71 is designed to allow start-ups to gain one-stop access to resources they need to effectively develop and market their solutions to customers.

Under the MOU, MDA and SingTel Innov8 will make joint Calls-for-Proposals which will provide successful start-ups with up to $50,000 of initial seed funding and opportunities for follow-on funding of $200,000 or more.

Both parties will also co-sponsor activities such as industry speaking engagements, workshops and networking events.

MDA will also allocate office and incubation space at Mediapolis Phase 0 located at Block 71 Ayer Rajah Industrial Estate, where NUS Enterprise and SingTel Innov8 have already signed on as anchor tenants. NUS Enterprise and MDA will work together to manage the facility to foster a vibrant environment for IDM-related start-ups, investors, technology incubators and industry partners.

Mr Michael Yap, Executive Director of the Interactive and Digital Media Programme Office hosted by MDA said: “We are glad to have the support from both SingTel Innov8 and NUS Enterprise to drive this incubation programme. Their support will bring about greater sophistication and effectiveness in helping our start-ups. This augurs well with our aspiration to develop IDM products and services targeted for the “Next Billion Internet Users” emerging from Asia.”