The Singapore University of Technology and Design (SUTD) has launched the Baby Shark Fund, a micro-innovation programme aiming to encourage student-led innovation, design thinking, and risk-taking.
The programme, which got its name from the award-winning reality television series Shark Tank, will encourage students to incubate new ideas, innovate through design and dare to venture into uncharted grounds beyond the classroom.
Every student team stands to receive SGD6,000 (US$4,475) as part of the initiative.
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It will complement the existing funding options already available to students wishing to pursue more advanced innovation projects, culminating in the formation of startup companies.
The ideology behind the Baby Shark Fund is to upend the way innovation has traditionally been viewed: grandiose, complex and unattainable.
To qualify for the funds, SUTD students in either the undergraduate or masters programmes must form teams of at least two members and present their ideas and projects to a panel comprising faculty as well as industry.
The projects will be evaluated based on the level of innovation and their potential to impact the world.
SUTD President Chong Tow Chong said: “With the new Baby Shark Fund, we hope to provide every student with the opportunity to engage in bottom-up innovation by experimenting continuously. This will hopefully spur them to embark on a lifelong innovation journey of continuous experimentation and risk-taking, and in so doing, champion and lead innovation for society in years to come.”
There will be multiple submission windows throughout the year for students to submit their applications, ensuring that teams are given ample opportunities to seek funding for their projects.
The Baby Shark Fund will be administered by the SUTD Venture, Innovation and Entrepreneurship Office, which has been facilitating entrepreneurial efforts within the university. Project mentors will be appointed to each team, which will also receive venture support and resources as they progress in their innovation journey.
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Underlying the micro-innovation programme will be a roadmap for SUTD students to gain innovation tools and knowledge from every aspect of their time in the university – known as the SUTD Innovation Journey.
With SUTD Innovation Journey, students can elect to pursue innovation inside and outside their classes, exchange programmes, internships, student life activities and beyond.
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