This is part of the university’s new graduate research innovation initiative
The National University of Singapore (NUS) has announced it will put aside S$25 million (US$18 million) to co-finance up to 250 deep-tech startups over the next 5 years.
This part of its newly established Graduate Research Innovation Programme (GRIP), which aims to help its graduate students, post-doctoral fellows and research staff develop and run deep-tech companies.
The startups will undergo a three-month business validation and venture creation programme; founders will work alongside industry veterans develop an operational business model, IP licensing and development plan, and go-to-market strategies for their businesses.
After this process, the startups will be evaluated by a panel for the first tranche of investment of S$50,000 (US$36,000), which will be used to further develop their prototypes.
When the startup subsequently receives a further external investment or innovation grant, the second tranche of S$50,000 (US$36,000) will then be invested by NUS.
“We hope to create a strong pipeline of research-based technology companies that will introduce innovative applications and technologies to Singapore and the global markets. Each of these tech-based startups would create innovation-based jobs, benefitting the Singapore economy in the long run,” said NUS President Professor Tan Eng Chye.
The startups will be incubated within i4.0, a new six-storey, 15,400 sqm building which will house research facilities dedicated for digital innovation R&D that will drive Singapore’s Smart Nation initiative.
These innovations include artificial intelligence (AI), data science, analytics, modelling, simulation and optimisation, as well as cybersecurity.
i4.0’s facilities include open-concept workstations, interactive workspaces
a Makerspace for entrepreneurial activities, smart cafe, and double-volume lobby and atrium lounges.
The building is expected to house more than 1,000 researchers, innovators and supporting staff once it is fully operational in two years’ time.
Image Credit: Максим Кузубов
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