© prof wong poh kam the role of university in the national ecosystem for entrepreneurship &...
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© 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
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
…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
3
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
Vision of Singapore’s Knowledge Economy (ESC 2010 Report)
6
Source: ESC Report 2010
© Prof Wong Poh Kam
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
7
© Prof Wong Poh Kam
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)
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
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
–
© Prof Wong Poh Kam
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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© Prof Wong Poh Kam
Scientific Publications, selected Asian Universities, Jan 1999 – Feb 2009
© Prof Wong Poh Kam
14
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
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
16
NUS Enterprise (ETP)
© Prof Wong Poh Kam
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
17
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
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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
© Prof Wong Poh Kam
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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
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
Entrepreneurship Outreach Activities
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(Our centre is the national co-host for Singapore)
Student organizations supported by our centre include:
© Prof Wong Poh Kam
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
© Prof Wong Poh Kam
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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
© Prof Wong Poh Kam
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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
© Prof Wong Poh Kam
© Prof Wong Poh Kam
NUS Portfolio Companies in the News…NUS spin-off tenCube was recently acquired by McAfee
© Prof Wong Poh Kam
NUS Portfolio Companies in the News…
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© Prof Wong Poh Kam
NUS Portfolio Companies in the News…
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© Prof Wong Poh Kam
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
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