Monday, 24 April 2017

Stock Market Today:DeClout launches incubator programme for local ICT startups

DeClout Limited's wholly-owned subsidiary, DeClout Investments, has launched an incubator arm targeting local startups from the information and communication technology (ICT) sectors.

Under the incubation programme, the Catalist-listed company says it intends to nurture local startups in key ICT market niches of financial technology (fintech), 

cybersecurity, data analytics and smart logistics, with support from SPRING Singapore's Startup SG Accelerator scheme.

This will be accomplished by mentoring the startups in their early stages while helping them in product development, proof-of-concept, commercialisation and subsequent fundraising.

As part of Startup SG, DeClout will be another important node in the Singapore startup ecosystem that marks Singapore as a destination for developing innovative ideas and scaling up startups. This builds on the momentum from the $10 million venture capital fund committed by the National Research Foundation (NRF) in May 2016 to co-invest with DeClout in ICT startups in Singapore," says the group in a Monday release.

The support from SPRING Singapore's Startup SG Accelerator scheme exemplifies the group's unique position as a next-generation business accelerator in Singapore, it adds.

Vesmond Wong, DeClout's chairman and group CEO, comments With our proven abilities in accessing global markets, scaling through merger and acquisition and fundraising, 

we will continue to help entrepreneurs in their startup journey. Having walked the path of an entrepreneur ourselves, we are committed to imparting our knowledge and 

Expertise to the next generation in Singapore.Shares of DeClout closed flat at 17 cents on Friday.

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