East Ventures, a venture capital firm in Southeast Asia, has officially announced the Challenge Launch Day of My First $1000 program on 13 March and the Workshop Day on 14 March. Mr. Dinesh Vasu Dash, Minister of State for Culture, Community and Youth and Manpower, attended the event. This series of events marks the start of an eight-week entrepreneurial journey for 108 selected teams of Singaporean youths, after a competitive review of 139 submissions.
At the Challenge Launch Day, the teams and their parents had the opportunity to gain insights from Mr. Dinesh and Mr. Willson on building confidence, decision-making, ownership, and resilience — skills that will help shape young people into future leaders. S$250 in seed capital was disbursed to their DBS PayLah! account, and they have begun executing their business ideas within a structured environment. At the Workshop Day, the teams met their assigned mentors and learned key skills needed to start building their ideas.
“By introducing structured catalytic capital and real market exposure at an early stage, My First $1000 program helps shape an entrepreneurial mindset in the formative years, enabling young people to understand risk, responsibility, and financial integrity in practice. We hope this program can strengthen Singapore’s long-term entrepreneurial culture. We encourage the public to support these student teams — look for their information and business locations on the program website and try their products and services. It means a lot to us,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
“In a world where technology is reshaping industries and global uncertainties are rising, we want to encourage young Singaporeans to not only adapt to change, but to create it. My First $1000 gives our youths the opportunity to develop entrepreneurial skills and learn what it takes to build and execute their own business idea. It is about nurturing a mindset that innovates, takes calculated risks, and turns setbacks into stepping stones. By investing in youth entrepreneurship today, we are strengthening Singapore’s entrepreneurial DNA for the future,” said Mr. Dinesh Vasu Dash, Minister of State for Culture, Community and Youth and Manpower.
My First $1000 is designed with the principles of real money, real execution, and real learning. Participants will embark on an eight-week entrepreneurial journey with $250 in seed capital disbursed, operating under real market conditions and supported by ongoing access to over 55 mentors. At the end of the program, each team must return the $250 seed capital, along with a $50 cost of capital, emphasizing that funding carries responsibility. To reinforce governance and financial responsibility, the program incorporates bank-statement verification to ensure proper use of funds and accurate reporting. Evaluation will focus not only on revenue generated, but also on execution discipline, integrity in reporting, and the resilience demonstrated throughout the program.
Moreover, for every $1 in revenue generated, the program provides a dollar-for-dollar match, capped at $1,000. The matching grant will be disbursed by 30 May 2026 at the latest. In the event that a team makes less than $150, teams are required to return any remaining seed capital.
The program will culminate in a Showcase Day on 30 May 2026, featuring a Youth Carnival, Gallery Walk, and Flea Market, where all participating student teams will have the opportunity to showcase and sell their products to the public. Some of the selected teams will present their journey, outcomes, and key learnings to invited guests.
My First $1000 is supported by Catalytic Partners, including Temasek Foundation and Golden Agri-Resources, as well as Enabling Partners, namely the Economic Strategy Review (ESR) Entrepreneurship Committee, Enterprise Singapore, JTC Corporation, ACE.SG, Zenith Education Studio, DBS PayLah!, Carousell, The Trampoline by Access Singapore, SaladStop!, Woofie, and Reactor School.
For more information, please visit my1st1000.sg.
