Wong Poh Kam Professor, NUS Business School Director, NUS Entrepreneurship Centre

1. 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

2. 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)

3. …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

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

5. 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

6. Vision of Singapore’s Knowledge Economy (ESC 2010 Report) Source: ESC Report 2010

7. 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

8. 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)

9. 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

10. 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 Mindset In the past, high economic growth has provided local university graduates with good career prospects as salaried employees, particularly in MNC subsidiaries and government In the future knowledge economy, stable job opportunities no longer guaranteed, need to inculcate spirit of enterprise

11. 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

12. 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

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

14. Venture capital /angel investors & other venture professionals attracted to work with University High tech ventures created or facilitated by University World-class R&D investments attracted to collaborate with University NUS as Global Knowledge Enterprise Top talents (researchers, students) attracted to work & study in University Talented graduates with entrepreneurial mindsets NUS’ Aspirational Role in Singapore’s Knowledge Economy

15. 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

16. NUS Enterprise (ETP)

17. IP Management Industry 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 Commercialize IP Evaluate Exploit Protect 17

18. Improve Diamond cutting tool life & explore the effect of lubricants in the high speed cutting of super alloy GEM4 - Global Enterprise for Micro-Mechanics and Molecular Medicine develop new supported metal catalysts for the conversion of synthesis gas to high-value light olefins SOME RESEARCH COLLABORATION Highlights Research in new generation composite airframes GE-NUS Partnership for Global Water Research Centre Honeywell Singapore Technology Centre – develop expert system to manage process transitions IBM-NUS On Demand Supply Chain Solutions Centre Research relating to Medical Imaging Research in areas mobile networking ie. Bluetooth & IPv6 Research relating Solar Energy Research relating to Wind power generation Research relating to Aeronautics, Space & Defense NUS’ Extensive Industry Engagement

19. 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 Initiatives Experiential Education Incubator Ecosystem(Incubators “without walls”) Creates and develops entrepreneurship education programmes for the NUS community, to infuse a spirit of enterprise into NUS education. Provides a wide range of ‘hardware’ and ‘software’ services to nurture startups by NUS researchers, students and alumni. Entrepreneurship Development (outreach) Fosters the development of interest in entrepreneurship in NUS and Singapore through a series of entrepreneurship development programmes.

20. 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

21. Experiential Entrepreneurial Education: NOC Program • 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

22. 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

23. Annual National Business Plan Competition • 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

24. Entrepreneurship Outreach Activities Student organizations supported by our centre include: (Our centre is the national co-host for Singapore)

25. NUS Enterprise Incubator (NEI) Outputs: No. of Incubatees getting follow-on investment or achieving positive exits 2. Supporting Infrastructure • StartUps by Students, Professors, Researchers & Alumni 3. Mentors • Seed Funding • Overseas Lauchpad • Network Links to angel investors, VCs & customers

26. NEI Entrepreneurship Incubation Process 12 months 12 --18 months Pipelines “Accelerated” Group Students • Incubation Development Program: • Workshops • Seminars • Clinics OR “Normal” Group Graduation from the incubator Evaluation Faculty/ Researchers OR “Infant” Group Mentors Recent alumni/ Singapore Eco-system NUS Incubator NEI Overseas Centres Bringing foreign start-ups into Singapore 26

27. 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

28. Moving Incubation Beyond Singapore – first Leap Overseas • The first Leap Overseas (fLO) is an initiative by NUS Enterprise to help our start-ups expand overseas, beyond Singapore shores • fLO has received SPRING’s approval to provide a grant for up to 70% of approved expenses • “Launchpad” in Silicon Valley for the 1st year, China (Suzhou) in the second year

29. NUS Portfolio Companies in the News… NUS spin-off tenCube was recently acquired by McAfee Biomers – 1st venture to receive investment from NRF early stage VC (Nanostart)

30. NUS Portfolio Companies in the News…

31. NUS Portfolio Companies in the News…

32. 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