SINGAPORE – Maritime start-ups can look forward to grants of up to $100,000, as Singapore steps up its bid to become the “Silicon Valley of the maritime world”.

A new Maritime and Port Authority (MPA) grant, called Mint-Startup, was announced on Tuesday (April 20), part of $10 million earmarked by the authority to drive the growth of maritime technology companies here.

These aim to grow the number of such start-ups from the current 30 to 100 by 2025, through both supporting cash-strapped beginners and attracting more technology firms to Singapore’s shores.

Mint-Startup will grant starts-up that have completed certain programmes up to $50,000 to pilot their projects. Firms that already have promising solutions and are looking to scale up can apply for project grants of up to $100,000.

The $10 million, from the Maritime Innovation and Technology (Mint) Fund, will be used in part to link maritime and venture capital companies with start-ups, and to develop what the MPA called a playbook to guide start-ups looking to tap on schemes and support programmes here.

Senior Minister of State for Foreign Affairs and Transport Chee Hong Tat announced the new schemes on Tuesday (April 20), calling these essential to building an ecosystem that encourages experimentation and which provides a safe space to fail.

Speaking at Singapore Maritime Week, which will run till Friday, he said: “It is not about avoiding failure completely. It is about providing safe space to fail, so that companies and individuals have a conducive environment to try new ideas.

“This approach supports our vision of becoming the Silicon Valley of the maritime world, where ideas and talents come together to develop innovative maritime solutions that can transform the industry.”