The Furnace Terms and Policy

Services and Resources

The Furnace offers our startups infrastructure support and a wide range of shared services as well as access to financial and professional assistance. These services include:

Infrastructure Support

  • An office that can accommodate 3 persons comfortably
  • Furniture
  • Telephone line and network connection
  • Free credits on Cloud services available from Alicloud and Amazon AWS, technical support and invitations to their technical events

Shared Services

  • Use of meeting rooms in the I3 building
  • Overflow rooms to house interns
  • A lounge for relaxation and informal meetings
  • Use of the pantry
  • Centralized P. O. Box
  • Technical & logistics support
  • Basic advisory services including advice on finance, legal, marketing and management matters
  • Inclusion in incubator mailing list for notification of entrepreneurship-related events at SoC

 

Admission Process

Prospective companies may apply for admission to the Furnace. The application process is as follows:

process


Policy and Eligibility


Entrance Policy

  • The Furnace facilities are available for those intending to build scalable digital businesses. Applicants are to submit an application form and a business plan with an innovative, IT related technology based product or service.
  • NUS staff, students and alumni are eligible to apply. Priority will be as follows:
    • First priority is given to SoC students and recent graduates and SoC staff.
    • Second priority is given to NUS students and recent graduates who have taken SoC courses or been supervised by SoC faculty.
  • Applicants need not incorporate their companies during the incubation period.
  • Upon admission, the company shall sign a Services Agreement and provide the sum of SGD 300 as deposit.
  • A monthly Service Fee of SGD 300 applies. This fee may be deferred until the company becomes profitable or obtains significant funding from investors. It will be waived if the company ceases to be in business.
  • The company has to submit a brief quarterly progress report promptly.

 

Exit Policy

A company that is admitted is granted a license to use the Furnace for a period of six months at a time. Upon expiry, this license is renewable for another six months subject to a satisfactory review of the company's progress.

  • The company needs to give one month's notice if it wishes to terminate the agreement before its expiry.
  • The Furnace reserves the right to terminate the agreement if a licensee violates the rules and regulations of the Furnace.