NUS Enterprise launched $7.48 M fund to support Singapore’s venture capital and deep tech innovation sectors
In an effort to expand Singapore’s deep tech innovation and venture ecosystem, NUS Enterprise, the entrepreneurial division of the National University of Singapore (NUS), launched an SGD 20 million ($7.48 million) fund on Monday.
In a statement, NUS Enterprise announced the launch of the NUS Deep Tech Venture Showcase’s SGD 10 million ($7.48 million) Innovation Fellowship and Venture Creation Awards.
The announcement claims that the awards will accelerate the conversion of NUS faculty and researchers’ innovative and cutting-edge research into practical solutions.
Additionally, the university is allocating SGD 10 million ($7.48 million) to the improved GRIP 2.0 in order to give more pre-seed funding to teams that succeed in the NUS Graduate Research Innovation Program (GRIP).
“Research, Innovation, and Enterprise is an integral part of our mission to foster a dynamic, lifelong learning environment within NUS,” said Professor Chen Tsuhan, Deputy President (Innovation and Enterprise), NUS.
“We nurture curiosity and the entrepreneurial spirit while providing the support to bring ambitious impactful ideas to life,
“Through these efforts, we shape the future and contribute to Singapore’s strong position as a leading Global-Asia node for technology, innovation, and enterprise,” he added.
The recently established Innovation Fellowship and Venture Creation Awards, according to the statement, are intended to encourage NUS faculty and researchers—many of whom have a solid background in deep tech—to take an entrepreneurial approach to their work.
These innovators, who are at different stages of their academic careers, are recognized and given incentives by the awards, which are intended to spur them on to turn their research into practical solutions.
Recipients will be provided with a two-year grant and mentorship by NUS Enterprise to assist them in their research commercialization endeavors.
With this program, Singapore’s deep tech innovations will have a greater opportunity to seed new ventures.
In the next stage of their deep tech venture journey, successful awardees may receive additional support through GRIP.
The Innovation Fellowship and Venture Creation Awards are divided into three categories: Innovation Fellow, Provost’s Innovation Chair Professor, and President’s Venture Creation Chair Professor.
Founded in 2018, the year-long flagship venture creation program GRIP supports early-stage ventures from research commercialization and helps NUS post-graduate students, researchers, and alumni become deep tech entrepreneurs.
