Following an intense three months of training and experimentation, nine startups were selected from DBS’s HotSpot Bootcamp to move on to the next stage – the Pre-Accelerator.
As part of the Pre-Accelerator, the nine teams will receive a S$25,000 entrepreneur award, which does not require the teams to give up any equity. This allows them to focus on product development and sales strategies. They will also receive legal advice and training on skills such as marketing and pitch presentations as they work towards securing funding from the investment community.
The teams were chosen based on the clarity of their ideas and concepts, how innovative their idea was and the viability of their business solution. They were selected by DBS executives and partners. The nine selected startups are:
Now in its second year, DBS HotSpot 2016 attracted over 250 applications from diverse sectors, including finance and digital technology, food and beverage and travel. In addition to those from the startup community, the programme welcomed social entrepreneurs and aspiring innovators from within DBS itself – the bank encourages its own staff with innovative ideas to take part.
Out of these, 29 teams were chosen for the DBS HotSpot Bootcamp before nine were eventually picked for the final segment of the programme.
“Over the past few months, the mentors in HotSpot had only good things to say about all the startups they worked with. But these nine teams really stood out against their peers and had progressed tremendously during Bootcamp. While we would have loved to work with more of the startups, competition was tough and we had to be selective of who we could fund for the Pre-Accelerator. It was not an easy decision,” said Neal Cross, DBS’ Chief Innovation Officer, in an official press statement.
DBS HotSpot 2016 Pre-Accelerator will begin in August and culminate in November on Demo Day where the final nine teams will pitch their businesses to a live audience of corporate executives, angel and venture capital investors and accelerators from the region.
Headquartered and listed in Singapore, DBS has over 280 branches across 18 markets.