FAQs & Forms
Frequently Asked Questions (FAQs)
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1. What services and resources does the Furnace provide to startups?
The Furnace supports startups with comprehensive infrastructure and shared services, which include but are not limited to:
• Office Space: Dedicated workspaces with high-speed network connections.
• Mentorship: Each startup is assigned a mentor from our pool of knowledgeable faculty members and industry experts.
• Cloud Service Credits: Complimentary credits for platforms like Amazon AWS.
• Facilities: Access to meeting rooms at NUS Computing and work spaces for interns.
• Support Services: Technical and logistics assistance, plus advisory services in finance, legal, marketing and management.
• Community Updates: Inclusion in the Furnace mailing list for news on innovation and entrepreneurship events.
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2. How can an aspiring startup apply to join the Furnace?
• Application: Please submit an application form along with the business plan of your startup. The startup should be one that seeks to develop an innovative technology-based product or service.
• Review Process: Applications are assessed for eligibility and alignment with our goals to support technology-based startup ventures. If eligible, you will be invited to pitch your startup idea to the Furnace I&E panel.
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3. Who is eligible to apply for the Furnace and how are applications prioritized?
• First Priority: NUS Computing students, staff and alumni
• Second Priority: Other NUS students, staff and alumni.
• Note: You do not need to incorporate your startup when applying to the Furnace.
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4. What are the financial obligations for admitted startups?
• Deposit: A refundable deposit of SGD 300 is required upon signing the Services Agreement. This will be returned when you exit the Furnace. It will be used to cover any costs that arise during your time at the Furnace, such as replacement for lost access cards, or damage to the Furnace facilities caused by your startup.
• Monthly Service Fee: A minimal monthly ‘fee’ of SGD300 is recorded to reflect the value you receive from the Furnace. However, you do not need to pay the fee unless your company becomes sustainably profitable or you receive significant sums of funding from investors.
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5. What is the Furnace’s exit policy?
• License Duration: If admitted, you will be granted a six-month license to use the Furnace facilities. This is renewable every six months for up to 2 years subject to satisfactory progress. You are required to pitch to the Furnace panel every 6 months to seek renewal of the license.
• Notice of Termination: Please provide one month of notice if you wish to terminate the agreement prematurely.
• Termination Rights: The Furnace reserves the right to terminate the agreement if your startup violates any operational rules or regulations.
