© Prof Wong Poh Kam The Role of University in the National Ecosystem for Entrepreneurship &...

© Prof Wong Poh Kam

The Role of University in the National Ecosystem for Entrepreneurship & Innovation: The case of NUS in

Singapore

Wong Poh Kam

Professor, NUS Business School

Director, NUS Entrepreneurship Centre


Singapore has succeeded in the past by leveraging foreign capital, talent & technology…

• Singapore’s Global Ranking• World’s Easiest Place for Doing Business (World Bank, Doing Business

Report 2009 & 2010)• Least bureaucratic place for doing business in Asia (PERC Asian

Intelligence 2009)• No.2 worldwide as the city with the best investment potential for 15

consecutive years (BERI Report 2009)• No. 1 in Foreign Trade and Investment (Globalization Report 2009, WEF

Global Trade Enabling Report 2009)• Best business environment in Asia Pacific and worldwide (EIU Business

Environment Ranking 2009)• Least restrictive immigration laws for foreign talent in the world (IMD

World Competitiveness Yearbook 2008)2


…but up to the early 2000s, Singapore has emphasized less, and has been less successful, in nurturing indigenous

high tech entrepreneurship

• Propensity of Singaporeans to engage in start-up activities has been lower than international average

• Perception of entrepreneurship as career option and in terms of social status among Singaporean have also been below average among OECD countries

• Financing for early stage start-ups (angel investment and venture capital funds) has also been less developed than economies like USA, Taiwan and Israel

• There has been much fewer local high tech “success stories” compared to the other Asian Newly Industrialized Economies Taiwan and Korea

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TEA (Early-Stage Entrepreneurial Activity) Rate and GDP per capita, 2006

0%

5%

10%

15%

20%

25%

0 10,000 20,000 30,000 40,000 50,000

GDP per Capita 2006, in Power Purchasing Parities (PPP)

Perc

enta

ge o

f pop

ulat

ion

betw

een

18-6

4 ye

ars

Early-stage Entrepreurial Activity (TEA rate) 2006

TEA rate United Arab Emirates

Fitted 3rd order polynomial - Arab Emirates and Peru excluded

ES

USIS

DK

AU

CA

FI

BE

SEDE

JP

NL

FR

UK

ITSI

GRCZ

HU

AR

MY

HR

CLLV

SA

RUMXTR SG

UY

IN

BR

TH

CN

ID

JA PHCO

UA

IE

NO

FR


Singapore’s Key Policy Focus since the mid-2000s

• Shift from primary dependence on foreign investment to a more balanced economy and diversified enterprise ecosystem, with both foreign MNCs and indigenous innovative enterprises

• Growing importance of Knowledge-Based Innovation & Entrepreneurship Support Ecosystem

• Changing role of Universities 5


Vision of Singapore’s Knowledge Economy (ESC 2010 Report)

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Source: ESC Report 2010


Singapore’s Policy Shift Towards Supporting Innovative Entrepreneurship since the early 2000s

• Intensification of public investment in R&D and innovation • Promotion of venture capital, business angel investment to

finance high tech start-ups• Liberalization of regulations for SMEs (e.g. bankruptcy

laws, allowance for business in residential premises, liberalization of stock exchange listing requirements)

• Attracting foreign entrepreneurs, promotion of Singapore as regional entrepreneurial hub

• Reforming educational system to encourage creativity & innovation and inculcate entrepreneurial mindset

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Examples of Recent Public Policies to Promote Indigenous Innovation Capability

• Investing in Strategic, Economically Relevant, Science-Based Research Capabilities (“Pasteur’s Quadrant”) – Life Science– Biomedical Translational Research – Interactive Digital Media – Water & Clean Technologies– Alternative Energies

• Building Globally Competitive Universities & Public Research Institutes, Infrastructures for Global R&D hub– National University of Singapore (NUS) to become a leading university

in the world in order to attract global talents to Singapore– International collaborative R&D hub in Singapore in partnership with

leading universities in the world (MIT, ETH etc) (CREATE)– Development of One North, a major science park that includes Biopolis &

Fusionpolis, and Deployment of National Broadband Network (NBN)


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Examples of Singapore’s Entrepreneurship Support Policies• SPRING Singapore

- SEEDS & BAS Schemes to provide co-investment funding for angel investors to invest in early stage start-ups

- TECS POC and POV Schemes to fund proof-of-concept, proto-typing, market feasibility and product development costs

- TIP & Innovation Voucher Schemes to subsidize SME investments in new technology to enhance their competitiveness and productivity

• NRF Academic Entrepreneurship Framework - co-funding of six early stage venture capital funds & eight technology

incubators (NRF TIS)- provision of “Third Mission” funding as a % of R&D funding to local

universities- additional innovation grants to local universities to fund new academic

entrepreneurship initiatives (UIF)

- Establishment of Action Community for Entrepreneurship (ACE), a public-private partnership platform to promote entrepreneurship


New Roles of University in the Context of Singapore’s Shift towards Knowledge Economy• Contribute to the Creation of New Knowledge-based Industries

to support knowledge-based economic growth through the creation of industrially-relevant knowledge/innovation and their commercialization, and to attract global MNCs in new emerging industries

• Attraction of Foreign Talents Go beyond Education for the small local population to compete for global talents by attracting top students and faculty from overseas, as done by top universities in USA

• Fostering Entrepreneurial MindsetIn the past, high economic growth has provided local university graduates with good career prospects as salaried employees, particularly in MNC subsidiaries and governmentIn the future knowledge economy, stable job opportunities no longer guaranteed, need to inculcate spirit of enterprise


New Vision of NUS in the 21st Century: Towards a Global Knowledge Enterprise -A leading global university centred in Asia, influencing the future

•

• To become a globally-oriented university, in the distinguished league of the world’s leading universities

• To become a bold and dynamic community, with a “no walls” culture and a spirit of enterprise which strives for positive influence and impact through our education, research and service

• To be a key node in the global knowledge network, with distinctive expertise and insights relating to Asia

–


NUS’ Key Challenges in Fostering Entrepreneurial Interests

• Injecting entrepreneurial dimension while maintaining focus on academic excellence

• Promoting interest in entrepreneurial pursuit in an environment where opportunity costs are high, and social norm emphasizes corporate, public sector and professional career path

• Compensating for weaknesses and gaps in the national ecosystem for entrepreneurship & innovation

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Scientific Publications, selected Asian Universities, Jan 1999 – Feb 2009


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NUS’ Aspirational Role in Singapore’s Knowledge Economy

Venture capital /angel investors& other venture professionalsattracted to work with University

High tech ventures created or facilitated by University

World-class R&D investments attracted to collaborate withUniversity

Top talents (researchers, students) attracted to work & study in University

Talented graduates withentrepreneurial mindsets

NUS as Global Knowledge Enterprise


NUS’ Strategic Changes to implement the new Entrepreneurial University Model

• Incorporation of Enterprise as a “Third mission” in addition to the traditional missions of teaching and research

• Creation of a new Organizational Division – NUS Enterprise

– Broad mission to inject more entrepreneurial dimension to NUS education and research

– Appointment of change leadership with academic excellence AND significant practical knowledge of entrepreneurship and venture investing

• Corporatization of NUS in 2006 to provide the university with greater autonomy and flexibility


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NUS Enterprise (ETP)


IP ManagementIndustry Relations

Promote collaboration • Strategic engagement with

industry to identify research collaborations

• Close interaction with faculties and research centers – tuned-in to NUS research expertise and IP portfolio

• Lead in negotiations for all external collaborations

ProtectExploit

EvaluateCommercialize IP

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Improve Diamond cutting tool life & explore the effect of lubricants in the high speed cutting of super alloy

SOME RESEARCH COLLABORATION Highlights

Research in new generation composite airframes

Honeywell Singapore Technology Centre – develop expert system to manage process transitions

Research in areas mobile networking ie. Bluetooth & IPv6

GEM4 - Global Enterprise for Micro-Mechanics and Molecular Medicine

IBM-NUS On Demand Supply Chain Solutions Centre

GE-NUS Partnership for Global Water Research Centre

develop new supported metal catalysts for the conversion of synthesis gas to high-value light olefins

NUS’ Extensive Industry Engagement Research relating to Aeronautics, Space & Defense

Research relating Solar Energy

Research relating to Wind power generation

Research relating toMedical Imaging


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Experiential Education

Creates and develops entrepreneurship education programmes for the NUS

community, to infuse a spirit of enterprise into NUS education.

Entrepreneurship Development (outreach)

Fosters the development of interest in entrepreneurship in NUS and Singapore

through a series of entrepreneurship development programmes.

Incubator Ecosystem(Incubators “without

walls”)Provides a wide range of

‘hardware’ and ‘software’ services to nurture startups by NUS

researchers, students and alumni.

Research

Conducts both scholarly as well as applied research on high-tech

innovation and entrepreneurship to advance knowledge in technology

venturing policy and practice.

NUS Entrepreneurship InitiativesNUS Entrepreneurship Initiatives


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Experiential Entrepreneurial Education

• Intensive, immersive internship experience• Achieve a mindset change towards a more entrepreneurial

outlook• Develop a global outlook and awareness– NUS Overseas Colleges (NOC)– innovative Local Enterprise Achiever Development (iLEAD)

• Extra Chapter Challenge & Entrepreneurship/Innovation Practicum


NUS College in Silicon Valley (2002)• Work in America’s innovation “habitat” and study at

Stanford University

NUS College in BioValley, Philadelphia (2003)• Work in America’s pharma hub and study at University of Pennsylvania

NUS College in Shanghai (2004) • Work in China’s commercial hub and study at

Fudan University •

NUS College in Stockholm (2005)• Work in Europe’s No. 1 IT nation and study at KTH,

Royal Institute of Technology

NUS College in India (2008) • Learn about India’s grassroots innovation and take part

in entrepreneurial workshops by top India institutions

NUS College in Beijing (2009)• Work in China’s political and hi-tech hub and study at

Tsinghua University

NUS College in Israel (2011)• Experience the dynamic start-up culture that defines

Israel

Experiential Entrepreneurial Education: NOC Program


Other Experiential Education Programs• Technology Entrepreneurship Minor Program

- Open to all undergraduates, esp. those in technical fields

• Graduate Modules in Entrepreneurship/Innovation - MSc (MOST) in Engineering School, MBA entrepreneurship electives

• iLEAD - 6-month internship in Singapore’s technology-based enterprises + 2-week overseas study visit

• Extra Chapter Challenge Programme – A competitive fellowship that gives PhD students the– Opportunity to explore the commercial feasibility of their thesis

research findings/discoveries

• Entrepreneurship/Innovation Practicum – Small grants to students to develop their innovative ideas 22


Annual National Business Plan Competition

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• The biggest annual national business plan competition in Singapore since 1999 , open to all teams with at least one Singapore-based participant in Singapore

• Fully student-run since 2007• Many start-ups have been formed since


Entrepreneurship Outreach Activities

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(Our centre is the national co-host for Singapore)

Student organizations supported by our centre include:


1. StartUps by Students, Professors, Researchers & Alumni

Outputs: No. of Incubatees getting follow-on investment or achieving positive exits

NUS

Enterprise

Incubator (NEI)

4. Seed Funding

2. Supporting Infrastructure

3. Mentors

5. Network Links to angel investors, VCs & customers

6. Overseas Lauchpad


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NEI Entrepreneurship Incubation Process

Students

Faculty/Researchers

Recent alumni/SingaporeEco-system

Eva

luat

ion

12 months 12 --18 months

NUS Incubator

NEI Overseas Centres

Bringing foreign start-ups into Singapore

Incubation Development Program:

•Workshops•Seminars•Clinics

“Accelerated” Group

“Normal” Group

“Infant” Group

Graduation from the incubator

OR

OR

Pipelines

MentorsMentors


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NUS Enterprise Incubator Facilities• 4 bungalows + GARAG3 • GARAG3: Web 2.0 incubator• Faculty of Engineering Incubator• Potential Capacity: 40+ start-ups• Current Incubatees: 30+ companies• Also housed Entrepreneurship-

related student organizations (NES, EnergyCarta, etc)

• Block 71: Incubator for IDM Growth Companies

• Overseas Launchpad I: SV Plug & Play

• Overseas Launchpad II: Suzhou NUSRI Incubator

• GrameenCreativeLab@NUS


NUS Portfolio Companies in the News…NUS spin-off tenCube was recently acquired by McAfee


NUS Portfolio Companies in the News…

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NUS Portfolio Companies in the News…

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NUS’ Experience: Some Lessons• Visionary Leadership at the top • Recruit Change Leaders who have both academic

excellence AND entrepreneurial experience• Establish organizational structure that provides

appropriate autonomy, resources & incentives for implementing change

• Learn from others, but experiment and develop own unique model to adapt to one’s specific circumstances and aspirations

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© Prof Wong Poh Kam The Role of University in the National Ecosystem for Entrepreneurship &...

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