New entrepreneur hub to function as an incubator

SINGAPORE has set up its first Entrepreneur Hub- a spacious 10,000 sq ft premises at Robinson Centre in the heart of the Central Business District.

Launched yesterday by Singapore’s Entrepreneur’s Resource Centre (ERC), the hub will function as an incubator, offering physical space and business development services such as finance and marketing for start-up companies.

The hub also functions as ERC’s headquarters with 95 per cent of the premises available as office space to 20 Singapore companies, out of which 10 have already been filled.

ERC was started in 2002 with the aim of fostering a strong entrepreneurial culture in Singapore.

Its CEO Andy Ong said he envisions the ERC to be the ultimate entrepreneurial hub in the region, and as such, the centre has been reaching out to the region, with offices already in Thailand and China. Another office in Korea is slated to open by next year, and more are in the pipeline.

Each year, about 4,000 start-ups are established in Singapore. Mr Ong said ERC has “literally put our money where our mouth is”, investing $750,000 to date in Singapore companies in just two years. Excluding the cost of the new hub which cost $300,000.

ERC also announced yesterday an exclusive entrepreneurship financing programme offered in conjunction with OCBC Bank that will give “faster and more favourable loan approvals” to start-ups upon ERC’s evaluation.

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Article by: Jessica Cheam

Source:The Business Times© Singapore Press Holdings Limited. Reproduced with permission.
31 July 2004

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