Singapore launched a youth entrepreneurship fund on Tuesday to help more young entrepreneurs to start their innovative business.

The Young Entrepreneurs Scheme for Startups (YES! Startups) came after the Young Entrepreneurs Scheme for Schools (YES! Schools) which was launched last month aiming to help schools develop programs and activities to engage students in entrepreneurship learning.

Lee Yi Shyan, Minister of State for Trade and Industry and Minister in charge of enterpreneurship, announced that both schemes can tap on the 25 million Singapore dollars (16.5 million U.S. dollars) Entrepreneurial Talent Development Fund, which provides seed money to students to turn their innovative ideas into businesses.

Lee said the fund will now be extended to all Singaporeans or permanent resident youths aged 26 years and below.

"While the economic downturn has cast a cautious outlook, we have to take a long term view and groom our young and budding entrepreneurs," he said

The startup fund will be available over a five-year period. Funds of up to 50,000 Singapore dollars will be provided for each youth venture.