Update on Plans for Action Community for Entrepreneurship

42 Mr Kwek Hian Chuan Henry asked the Minister for Trade and Industry whether the Ministry can provide an update on the achievement of the Action Community for Entrepreneurship (ACE) programme and whether there is a need to evolve the current status of ACE.

Mr Chan Chun Sing: The Action Community for Entrepreneurship (ACE) was founded in 2003 to help start-ups in areas such as mentorship, network building, talent, and financing. It transitioned into a private sector-led organisation in 2014.

In the last five years, ACE has supported more than 2,000 start-ups through various programmes and initiatives, including facilitating more than 200 mentorships through the ACE Mentorship Programme. As an Accredited Mentor Partner under Enterprise Singapore’s Startup SG Founder programme, ACE also mentors first-time entrepreneurs. Through its overseas networks, ACE has helped Singapore-based start-ups access international markets.

ACE is constantly looking for new ways to invigorate our startup ecosystem. In August this year, it launched the Innovation Enablers Network (IEN) which aggregates opportunities for corporates and start-ups to collaborate on innovation. Through such connections, start-ups are able to gain access to new resources and build up their track record, while corporates benefit from knowing what are the cutting-edge innovative solutions.