Maritime Innovation and Technology (MINT) Fund
The Maritime Innovation and Technology (MINT) Fund was established in 2003 to grow Singapore’s maritime innovation and technology ecosystem. The objectives of the MINT Fund are to:
- Enhance the competitive edge for the port of Singapore;
- Build up technological capabilities within our maritime industry in key niche areas; and
- Transform the maritime sector into a highly productive and innovative cluster by leveraging leading-edge technologies.
There are currently two funding schemes available.
This
scheme supports applied R&D, product development and test-bedding of
technology relevant to the maritime industry and encourages development of
maritime technology and IP/patent and capabilities development. Relevant
outcomes include new technology and services developed and deployed for the
maritime industry with researchers, engineers and scientists trained in the new
maritime technology capabilities. The scheme is relevant to maritime technology
developers, marine and port equipment makers and maritime companies with
in-house R&D outfit in Singapore.
Eligibility Criteria
The
applicant should be a company incorporated under the Companies Act (Cap 50) and
operating in Singapore, with a minimum paid-up capital of 50% of the total
project costs; or a classification society appointed as a Recognised
Organisation under the Merchant Shipping (Authorised Organisations)
Regulations. In addition, the research and development of new or better maritime
products and solutions must be carried out in Singapore.
Projects
applying for the MINT Fund should be technology oriented, relevant to the
maritime industry, develop products and solutions that have commercialisation
potential, and satisfy the MINT-RPD criteria.
Qualifying Projects
- Relevance to the maritime industry
- R&D or product development (with technology development contents)
- Project (and cost incurred) should start after MPA approval
- Core development activities must be carried out in Singapore
Co-Funding
Funding support for manpower and equipment either engaged or acquired for the purposes of the project, and other operating expenditure incurred for the purposes of the project.
Evaluation
The applications are evaluated based on the following criteria:
- Impact to the maritime industry
- Innovation and differentiation from existing solutions
- Capability development in Singapore
- Local value capture
- Organisation and team competency
This scheme encourages the maritime industry to accelerate innovation and venture into adjacent/ new growth areas through working with tech start-ups. Start-ups that have completed the PIER71™ or other relevant maritime programmes from the Accelerator Partners of MPA in Singapore can apply for a grant of up to S$100,000 to carry out POC, POV or pilot projects.
| Evaluation criteria | |
|---|---|
| 1 | Impact to the maritime industry |
| 2 | Innovation and differentiation |
| 3 | Capability development in Singapore and local value capture |
| 4 | Team competency and commitment |
| 5 | Scalability of business |
| Eligibility Criteria for MINT-STARTUP Grant | ||
|---|---|---|
| 1 | Participation | Completed PIER71 Accelerate Programme / partner acceleration programmes |
| 2 | Company age | Company in operation for less than 10 years |
| 3 | Group characteristics | Company’s group annual sales turnover not more than $100 mil OR Group employment size should not be more than 200 workers |
| 4 | Local presence | Incorporated in Singapore |
| 5 | Paid-up capital | At least 30% of grant amount |
| 6 | Local activity | Tech development activities funded by the grant should be carried out in Singapore |