Seven new incubators have been selected to participate a co-investment funding scheme by the National Research Foundation. They include well-known Silicon Valley-based incubator, Plug & Play and Social Slingshot, an incubation set-up by Brad Greenspan, founder of MySpace.com.

 Under the Technology Incubation Scheme (TIS), the government will provide up to 85 percent co-investment in each start-up identified by the incubators, capped at $500,000 per company while the incubator invests in at least 15 percent of the company.

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