SINGAPORE'S next generation of digital media whizzes are being grown with money from a $500 million fund that has gone into building digital classrooms, as well as promising commercial ventures by start-up companies and MNCs.
And now, funding will also go to research projects by companies in digital media, the Media Development Authority (MDA) said yesterday.
In the last two years, money from the Interactive Digital Media Programme Office (IDMPO) has helped 120 start-ups, and provided seed money for 68 other companies.
Funds have also gone to 64 schools and educational institutions to help them enhance teaching through digital media.
Among them was a project by the National Institute of Education to develop a multi-player game on mobile phones that would facilitate learning.
Started in 2006, the IDMPO aims to fuel the growth of interactive digital media and its research and development (R&D). To be disbursed over five years, it has more than six funding schemes now.
MDA revealed where the money had gone at yesterday's Computer Games, Multimedia & Allied Technology (CGAT) conference but would not say how much had been given.
It hopes to fuel the growth of the media sector from $4.7 billion in 2005 to $10 billion by 2015, and add 10,000 jobs.
'Singapore has a chance to create the next breakthrough in media,' said Mr Michael Yap, deputy CEO and programme director of IDMPO, at the event.
Interactive digital media can encompass the areas of gaming, next generation Web and mobile technology, to name a few.
First Meta, a virtual credit card company in virtual worlds like Second Life, received funding in 2007 for R&D and manpower. Founder Aileen Sim said it saved her a lot of the heartache that most start-ups face.
'The money allowed us to do up prototypes and other costly research. It also opened doors to investors, who saw us as more credible,' said Ms Sim, who added that her company's monthly revenue has hit the mid six-figures now.
With funding from IDMPO, it is currently working on converting virtual game currency into money that can be used in real life.
Mr Yap also announced that firms can start applying for new, additional funding for its latest initiative, Future of Media.
The money is to encourage companies to innovate and conduct research on next-generation media applications in television, mobile phones, virtual worlds or three-dimensional Web, books and games. MDA will accept and fund 50 to 100 companies to work on each 'future' field.
It wants to work these future services and applications into its massive virtual city, Co-Space, first launched about a year ago as its answer to Second Life.
IDMPO is a testament to how funding can water growth.
Between September 2007 and September last year, applications from start-ups applying for seed money of up to $50,000 leapt threefold.
- The Straits Times
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