A total of 108 teams of Singaporean youths have officially kicked off an eight-week entrepreneurial journey under the ‘My First S$1,000’ programme, after being selected from 139 submissions.
These budding entrepreneurs, who are from secondary schools, Junior Colleges, Polytechnics, and ITEs in Singapore, are now rearing to turn their business ideas into reality — without having to spend a single cent, yet.
To help them kick things off, East Ventures, a venture capital firm in Southeast Asia, is providing the youths with a S$250 initial capital.
Source: My First $1000
But here’s the twist — students have to return the initial S$250 capital, along with a S$50 cost of capital at the end of the programme.
Unlike traditional school projects, ‘My First S$1,000’ comes with an added layer of real-world accountability.
To ensure transparency and integrity, participants will have to submit bank statements to track how funds are used, while a programme team will also conduct random checks and reviews of revenue patterns.
Source: My First S$1000
Although there is some risk involved, the reward may be well worth it.
As part of the programme’s dollar-for-dollar revenue matching grant, capped at S$1,000, teams will receive an equivalent amount for every dollar earned.
The students’ journey will culminate in a Showcase Day on 30 May, when participants will present and sell their products to the public at a youth carnival, gallery walk, and flea market.
Speaking to MS News, sisters Chazel and Chavis, who run a home-based café, explained that the revenue matching grant would help them expand their business.
“We’ll definitely use it on manpower, and logistics as well,” Chazel explained, saying that it was difficult for her to run the business alone, while her sister takes care of logistics.
Source: Joyce Romero on Unsplash. Image for illustration purposes only.
For 13-year-old Blake, who is part of a team selling 3D-printed objects such as fidget spinners, the programme is a test of tenacity and guts.
“In entrepreneurship, it’s all about taking risks,” Blake told MS News.
Source: My First S$1000
As the youngest student in the programme, he shared that he faced difficulties when applying and almost could not participate due to his age.
However, Blake said that he simply did not “take no for an answer,” and urged students to take risks to “see what you can do”.
And it was this spirit that got him the spot alongside his two teammates who are 14 years old and older.
“When we see a 13-year-old with the drive to build and execute, we choose to prioritize that entrepreneurial spirit over a birth year, letting young founders prove their model with real stakes, regardless of age,” said a spokesperson from East Ventures to MS News.
Willson Cuaca, Co-Founder and Managing Partner at East Ventures, said that the programme is designed to shape an entrepreneurial mindset from a young age by exposing participants to real market conditions.
Source: My First S$1000
Speaking to MS News, Mr Cuaca highlighted that he hopes students will “learn how to fail, recover from the failure, and learn to fail again”.
This helps students to build a willingness to try, and teaches them not to give up, he said.
That said, the youths would not be completely thrown in to the deep end. Apart from receiving S$250 in seed funding, participants are also assigned mentors to help them along.
More than 47 mentors will be on hand to guide the teams throughout the programme.
Source: My First S$1000
Minister of State for Culture, Community and Youth Dinesh Vasu Dash, who was the Guest-of-Honour at the launch event on 13 March, also highlighted the importance of empowering young talents here.
He particularly noted the significance of nurturing adaptability and innovation among youths, especially in an increasingly uncertain global landscape.
Source: My First S$1000
“In a world where technology is reshaping industries and global uncertainties are rising, we want to encourage young Singaporeans to not only adapt to change, but to create it”, he said, adding that the programme will serve to strengthen the entrepreneurial DNA of Singaporeans for the future.
With eight weeks ahead, all eyes will be on how these young entrepreneurs turn ideas into reality — and whether these students can make their first S$1,000.
Source: My First S$1000
Perhaps, this might just be the spark needed for an idea to sprout into a viable business, and for some, the makings of a lifelong entrepreneurial journey.
Also read: 5 things entrepreneurs should do to succeed, as told by industry experts
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Featured image adapted from My First S$1000.