Best Business Account For Startups

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Best Business Account For Startups

Now that you’ve covered some of the key areas to consider when choosing a startup incubator, how do you choose the right one? There are dozens of organizations today that specialize in startup incubation, and one can easily feel overwhelmed by the many options.

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To help you make an informed and well-rounded decision, today we’ve rounded up some of the best incubators to compare and weigh your options.

Y-Combinator has a track record that many startup incubators would envy. Since its founding in 2005, they have funded over 3,000 startups and valued their companies at USD300 billion.

Some of the startups that began their journey with Y-Combinator are now globally renowned companies like Airbnb, Dropbox, Stripe, Twitch and many more—Aspire founders are also part of Combinator’s extensive Y-alumni network.

Although the selection process narrows to between 200 and 240 projects per cycle, the Y-Combinator journey continues beyond the incubator programs through the YC alumni network.

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Like YC, this global venture capitalist also has a very reputable track record of helping large-scale companies like LinkedIn, Google and PayPal. Founded in 2010, 500 Startups has crossed the 500 mark and has funded more than 2,400 companies in 75 countries over the past ten years.

Compared to most incubators that last longer, 500 Startups is a fast-paced four-month program with a large amount of seed funding. In exchange for higher capital, the incubator asks for 5% equity ownership and a USD25,000 partnership fee.

Although these figures may seem large, you will have access to the ‘Team of 500’, which includes experienced investors and seasoned entrepreneurs, all of whom will be valuable connections on your startup journey. It’s like entering Harvard Market Incubation.

Best for: Distribution-focused startups in any of their core investment themes such as commerce, education, marketing, financial services and payments, food technology, and SMB/B2B SaaS

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AngelPad is no stranger to the game. Since 2015, they have been ranked as the top US accelerator by the MIT Seed Accelerator Benchmark, demonstrating their good standing in the industry. To add to their extensive track record, their portfolio companies have raised a total of USD1.8 billion to date, with 10% of their companies valued at over USD100 million.

In addition to seed money, successful AngelPad candidates can expect to work with knowledgeable mentors who can help you build your network and help your startup attract potential investors at the same time as the training process.

Through intensive industry-focused programs, StartupBootcamp supports early-stage entrepreneurs to scale their business by tapping into their vast global network of over 2,000 partners, mentors, investors and alumni.

During the selection process for each program, 10 companies are selected to participate in the 3-month acceleration program. From there, teams are given a variety of resources, from free office space, to extensive mentoring, to funding.

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Funding: €15,000 in cash and €450,000 in partner service in exchange for 6-8% equity depending on the program

An international startup incubator, Plug and Play has been connecting top corporations with promising startups since 2006 through industry-specific programs. With their world headquarters strategically located in Silicon Valley, owner and chief designer Saeed Amidi describes the company as “Silicon Valley in a box”. No matter where you are in the world, their programs give you deep insight into the world’s leading technology hubs.

Each year, Plug and Play runs over 60 accelerator programs in major cities and industries. This includes branding and retail, fintech, health, supply chain, energy, smart cities and all sectors in between.

Despite being in the industry since 2017, Antler has grown to become one of the most established and well-known startup builders in Singapore and around the world. While they primarily operate on an early-stage acceleration model, they operate similarly to incubators.

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Antler invests in budding entrepreneurs by providing seed capital to meet funding needs, workshops and programs to tap into valuable business knowledge and extensive networks to find co-founders for their startup.

Last year, Antler launched the ‘COVID-19 Call’ program in an effort to support startups during the pandemic. They have received over 1,500 large applications from 100 countries from various fields related to remote health, digital tools, medical equipment to address issues related to the pandemic. Through this initiative, Antler has repositioned itself to remain relevant and always ready with its commitment to support startups in the industry despite the global crisis.

Funding: S$ 2,000 per month in Phase 1 of the program, USD 100,000 in exchange for 10% equity to selected companies.

Best for: First-time professionals looking to discover startups and co-founders from emerging fields such as health tech, fintech, proptech, robotics and AI

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Founded in London in 2011, Entrepreneur First (EF) is the world’s leading talent investor and platform for startup entrepreneurs in search of co-founders. What makes them unique is how they focus on teams rather than individuals.

To date, they have funded teams around the world and pioneered a new model of company creation by bringing together people from industry and academia to develop their startups from scratch.

Iterative is a Singapore-based incubator focused entirely on Southeast Asia. With a deep focus on our region, they aim to build a competitive network and supportive startup ecosystem in the region for early stage entrepreneurs. While the ultimate goal of their program is to guide startup founders through every step and connect them with investors in Singapore and San Francisco, entrepreneurs are guided through three main steps: pitching, fundraising, and building your community.

Through workshops, seminars and various activities, they acquire skills on how to pitch their startup to potential investors, close and negotiate deals, and build their community in their respective industries.

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Compared to other firms in the market that launch an incubator program a few times a year, TechStars offers multiple accelerator programs through mentorship in various sectors. This US-based incubator supports every step of the startup journey from early-stage development, funding, acceleration and beyond.

In 2019, ship management company Eastern Pacific (EPS) launched the world’s first global MaritimeTech Accelerator program in partnership with TechStars, focusing on innovation and developments in the maritime industry. This is also the first Techstars program in Singapore. Entrepreneurs interested in making a difference in the maritime industry through digitization technology regulations are encouraged to apply for the program.

Startup-O is an award-winning platform for startup valuations, investments and venture scaling networks in Southeast Asia, built by entrepreneurs for entrepreneurs. Unlike most incubator programs, they use a proprietary process that combines decision algorithms with domain experts to find budding startups.

Currently, they offer two programs for entrepreneurs: the FastTrack Program and the First Stop Program. The FastTrack program operates on an accelerator model, financing growth-stage startups with full-time entrepreneurs looking to expand their business and global networks. On the other hand, the First Stop program works like an incubator where entrepreneurs in the ideation and conceptual stages can learn the startup material they need to improve and execute their business.

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While there are still a large number of incubators out there, these are some of the most promising companies that can start your search for programs that are the best fit for you and your startup.

When looking for the right incubator, you must look for a program that provides you with adequate funding, access to resources, a collaborative network, and most importantly, a learning environment conducive to growing your business.

Get insights and resources on growing your finance team, your finance technology stack, and your business. The first step for many new business owners and the self-employed and freelancers is to separate your business bank account from your personal account. This makes it easier for accounting and tax payment purposes in the long run.

Even for more established businesses, switching to the right business bank account can make a difference in your financial operations. There are business bank accounts that can add value to your business growth and digital push, facilitate customer payments, issue e-invoices, monitor cash flow and access business financing.

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Here are 7 key things businesses should consider when opening a business bank account in Singapore, and how you can compare between banks.

This includes services such as interbank transfers, the ability to view your transaction and account history online, pay bills without checks, bill alerts and reminders on your phone, and paperless statements.

What type of business you operate (B2B or B2C) and how many transactions your business processes per month

Based on the above, these are some of the business bank accounts in Singapore that you can consider due to costs, convenience, scalability and features.

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With a low minimum deposit of $1,000, the OCBC Business Growth Account offers an attractive setup at a low cost. Applicants can open accounts online

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