Asked by Anonymous
Asked 4w ago
I heard that for certain grants given to early stage start-ups, the money will have to be returned to the organisations if the start-up were to fail. Is this true? Can anyone advise on this?
Generally, so long as you are able to hit the milestones that are set out by you and the grant giver, you should be fine. The key challenge with grants is that you actually have to hit those milestones, and it is difficult to change. So it will take time and energy to strategize how to set them, which could be used to talk to users and create a product.
But yeah, don't be too worried about the whole thing about giving back money. So long as your intentions are serious, it's highly unlikely that you'll find yourself in a position where anyone's gonna demand such a small amount (yes $30k for a grant is small in the grand scheme of things) back. It may cost the grant givers more than $30k in man-hours to try to demand it back.
Hey, I founded my company NodeFlair about a year back and we receive the ACE Startup SG founder grant (30k) - it's NOT true that you have to return the money. However, the spending of the money has to be accounted for.