After almost a year after its launch, the Accreditation@IDA programme has provided about S$20 million worth of project opportunities for Singapore-based tech firms.
This was announced by IDA Singapore in a press statement dated today (14 July 2015).
The opportunities include some 125 projects with 50 government agencies; of which six projects have already been awarded to five of the accredited companies – KAI Square, Inspire-Tech, Latize, Tagit and Trakomatic.
These companies have won projects from the Ministry of Manpower, Housing & Development Board, JTC Corporation, Economic Development Board, Sentosa Development Corporation and the Infocomm Development Authority of Singapore (IDA). Another six projects are at the final stages of procurement and close to being awarded.
According to IDA, Accreditation@IDA helps young companies build their credentials, and to be in a better position to win projects from government agencies and large enterprises. This could help them build a credible track record, which they can build upon for their continued growth in Singapore and overseas.
The comprehensive evaluation by IDA ensures that only companies with innovative products and well-defined business plans are accredited.
To further improve access to compete for government projects, IDA has worked with the Ministry of Finance to streamline the procurement process for government agencies to consider accredited companies first. With the increased traction with government agencies and large enterprises, the accredited companies are reporting to grow their staff strength by more than 85 per cent over the next two years.
Since the programme's launch in July 2014, IDA has accredited eight companies, and is looking forward to have a total of 20 accredited companies by March 2016. The programme will be fine-tuned to help accredited firms build up their capabilities, talent and funds raised.
One of the plans is to expand the scope of the accreditation to encompass technologies that are relevant to achieve Singapore's Smart Nation vision. These include robotics, new sensor technologies and autonomous vehicles.
"The comprehensive and rigorous evaluation process has helped participating companies to strengthen their technical, operational and financial viability. Accredited companies have also extended their reach in bringing new ideas and technologies to key stakeholders and decision makers across the Government. We look forward to deeper collaborations between the accredited companies, the Government and large enterprises," said Mr Steve Leonard, Executive Deputy Chairman, IDA.
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