A fast-evolving startup landscape has drawn a significant number of investors, such as venture capitalists, private equity companies, and ultra-high-net-worth individuals, to Singapore from around the globe.
The island nation’s strategic geographical location, world-class infrastructure, and conducive business environment have contributed to this accomplishment, turning it into one of the most preferred destinations. The government has been actively supporting the local startup ecosystem through various initiatives such as grants, tax incentives, and co-investment schemes.
The growth of the local venture capital (VC) landscape over the past few years has been particularly inspiring. Singapore now has over 1,100 VC funds from Asia, Europe, and the US, supporting startups and young entrepreneurs working in verticals, spanning e-commerce, fintech, biotech, artificial intelligence, Web3, blockchain, climate tech, and sustainability, among many other industries.
This spectacular growth has kindled local students’ interest in the VC investment space. Students are now keen to pursue a career in VC and take direct entry into the VC world. However, navigating the VC landscape and establishing a name for oneself is easier said than done because of the complex nature of the industry. One needs to possess the proper skills, knowledge, and experience to make sound judgments, pick promising startups, and take calculated risks while investing in a startup.
But this does not come easy.
Fortunately, several local universities and colleges in Singapore have come forward with a solution to address this challenge by offering courses and programs focusing on venture capital, entrepreneurship, and innovation. The aim is to equip students with the right skills to succeed in VC. It also aligns well with the nation’s goal of becoming a true startup nation.
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NUS and SMU leading from the front
Singapore’s universities have long been actively fostering entrepreneurship and innovation among students. They have produced several highly successful student startups, such as Carousell, ShopBack, and PatSnap, and they grew big, raising multi-million dollar investments from regional and global VCs.
Among the universities offering VC and entrepreneurship courses are two premier institutions, the National University of Singapore (NUS) and Singapore Management University (SMU).
The NUS offers an undergraduate course in VC and private equity that covers topics such as deal sourcing, due diligence, and portfolio management. In addition, it has set up the NUS Entrepreneurship Centre and the NUS Overseas Colleges program.
Similarly, the SMU offers the Business Innovations Generator (BIG) programme, which provides students with mentorship, funding, and access to resources to help them develop and launch their start-ups. Besides, its entrepreneurship and VC courses provide opportunities for students to gain hands-on experience through internships and other experiential learning programs.
Apart from these, many other tertiary institutions provide programs, resources and opportunities for students to connect with prominent venture capitalists and entrepreneurs in the island nation. For example, some universities host events and conferences that bring together entrepreneurs, investors, and students.
These meetups allow students to network, learn from industry experts, and gain valuable insights into venture capital. Other than these, there are institutes that help students enter the VC world by providing access to funding and mentorship.
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Some universities have gone a step ahead by setting up venture funds to support early-stage companies founded by students and alumni. Protégé Ventures and NUS Alumni Ventures are two shining examples.
Launched in 2017, Protégé Ventures is Southeast Asia’s first and Singapore’s only student Venture Capital (VC) fund. A sector-agnostic fund, this SMU-backed fund invests in early-stage tech startups founded by students or recent graduates raising their pre-seed to seed rounds. In addition to helping student entrepreneurs build scalable ventures, it also trains the brightest young minds to be VC-ready.
To date, Protégé Ventures has backed ten startups that have collectively raised over SG$35 (US$2.21) million from notable institutional investors. Protégé Ventures also recently announced the launch of their second fund at the Lee Kuan Yew Global Business Plan Competition in September.
On the other hand, NUS Alumni Ventures – established in 2020 – is Southeast Asia’s first student alumni-run angel investment network. It is a community created by NUS students and alumni that seeks to strengthen the NUS and Southeast Asia startup community by fostering relationships and support amongst students, entrepreneurs and investors.
These two funds provide students with the financial support required to get their businesses off the ground and access to mentorship and guidance from experienced entrepreneurs and investors.
During the COVID-19 pandemic, the demand for these two funds grew significantly, with a 60% rise in applications.
All these initiatives point to the fact that tertiary institutions play a crucial role in helping students enter the world of VC in Singapore. As it gains momentum and the industry continues to grow and evolve, students should be able to get easy access to the knowledge, skills, and resources required to succeed in this industry.
With the right guidance and support, the next generation of venture capitalists in Singapore is poised to make a big impact on entrepreneurship and innovation.
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