ACE, formerly a Singapore government-led entrepreneurship entity, now in startup mode

To mark its transition, ACE will set up a physical presence in Launchpad, the heart of Singapore’s startup ambitions.

Letting go isn’t usually what the Singapore government is known for. But in this case, that’s precisely what it has done.

The Action Community for Entrepreneurship, or ACE, started in 2003 as a collaboration between the government and entrepreneurs to promote the spirit of enterprise in Singapore.

Now, it has moved into new territory and become more startup-like. Minister-of-State Teo Ser Luck will no longer helm ACE. Instead, the responsibility will fall on the shoulders of Dr. Steven Fang, a biotech entrepreneur.

The organization has also privatized, and will be seeking revenue to become self-sufficient. It will get funding from government agency Spring Singapore in the meantime, and it’ll be staffed by people from there.

“Bear in mind that this revenue is meant to cover the cost. We’re not there to make a profit,” says Fang.

ACE will act as a directory of events and resources for aspiring startup founders through its website and physical presence, which is called Ideation Lab and will be housed in LaunchPad, a government-designated startup cluster and centerpiece of the country’s entrepreneurial ambitions.

The Lab will open by December 2014 or January 2015, just a couple of months after the LaunchPad expansion is slated for completion. It aims to become a one-stop avenue for founders to register their companies and set up a corporate bank account. Government agency JTC will manage LaunchPad, while ACE will be the guide.

It’s also growing its international reach. ACE will set up an international advisory panel to give guidance to local companies. While it can’t yet share who’s on it, Teo says it includes founders from companies that Singapore dreams of one day creating.

All these initiatives will sit on top of programs now in place, such as the ACE Startup Grant, its mentoring scheme, and overseas chapters (it has a Beijing chapter, but is looking possibly at setting up a Shanghai, Suzhou, and Silicon Valley presence). It will continue lobbying for startup-friendly policies to the government, and will still support not just high-growth tech startups, but SMEs too.

Uncertain future

At the launch of this new ACE on September 29, there was an air of uncertainty about its path. While it plans to rely on pay-to-attend events as a source of income, it’s still figuring out what gaps it plans to fill in Singapore’s increasingly vibrant startup community.

“There are already tons of events and conferences, and the idea is not to compete with them, neither are we trying to replace them. What we’re trying to do is complement them [...] there are roadshowing and pitches. We’ve been looking at different models of pitching. There are now thoughts about a reverse pitch. So instead of a company pitching to investors, let investors pitch to a company,” says Fang.

There’s also some vagueness about what ACE will become in the further future. It’s unclear when, if at all, ACE will become self-sufficient, given it’ll need full-time staff. It is exploring partnerships with Google, Microsoft, and Bain Capital, but hasn’t revealed what form these tie-ups will take. ACE could eventually outlive its usefulness in Singapore as the community self-organizes and matures. Or it could expand out beyond the country to serve as a guiding post for Singapore entrepreneurs in China, Silicon Valley, and beyond.

This uncertainty isn’t bad. An advocacy organization, spearheaded entirely by entrepreneurs and operating under similar conditions of turbulence as startups, could just be what the entrepreneurial community needs.

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ACE, formerly a Singapore government-led entrepreneurship entity, now in startup mode