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May 26, 2007 $40m fund for digital start-ups MDA receives 40 proposals to secure $50k seed money offered for projects By Leslie Goh COMPUTER gamers playing Second Life, a popular game set in a virtual reality world, will soon be able to pay for shopping items in virtual retail shops with a credit card. Local start-up First Meta plans to offer such financial services in the virtual world. This is one of 40 proposals that the Media Development Authority (MDA) has received for its Microfunding Scheme, which was officially launched yesterday. Each project stands to get $50,000. The MDA expects to provide seed money for 750 projects over the next five years. The $40 million fund forms part of the $500 million allocated by the National Research Foundation last year to encourage the development of the interactive and digital media (IDM) industry over a five-year period. The scheme is an essential part of the i.JAM (IDM Jump-Start and Mentor) initiative, which matches mentors to start-ups with original ideas. The MDA wants to appoint 10 to 15 mentors eventually. So far, three have been been appointed: NUS Enterprise, Expara and Azione Capita. Mentors administer the grants and act as advisers to the start-ups. Asked how the MDA arrived at the seed amount, deputy CEO Michael Yap said that it was based on paying an 'intern salary' to two or three persons working on a project for one year. Projects are given funding based on how original and sustainable their ideas are. Two of the proposals received so far are: First Meta - they will provide financial services, starting with a credit card which will become available in the next two to three months. After that First Meta will provide commercial credit in the form of loans to businesses. Further ahead, founders Ms Aileen Sim, 24, and Mr Douglas Abrams, 48, will work on financing IPO launches and mergers and acquisitions for businesses in Second Life. Another start-up, InCampus, wants to create a computer application that helps would-be Singapore idols improve their singing skills. This works by comparing their recorded voice patterns. The software will coach aspiring singers by showing them how they perform compared to the recorded version of a popular singer. Former National University of Singapore associate professor Lua Kim Teng, 58, and his son, Mr Lua Rui Ping, 22, hope to have a web-based version of their software ready in nine to 12 months. Mr Yap said that funds will be disbursed as early as next month. lesgoh@sph.com.sg -------------------------------------------------------------------------------- Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access |