How Singapore Management University’s Masters of Science in Innovation (MI) is helping shape the region’s next best thinkers
Have you always dreamed of starting your own business? You’re not alone — these days, more and more people are ditching 9-to-5 jobs in favour of being their own bosses. Yet many lack the leadership and knowledge to create breakthrough innovative business ideas. How can you become a leader in developing, market validating, and leading innovative teams to create breakthrough new business ideas?
In Singapore, the Singapore Management University (SMU) offers the world’s only Asia-focused entrepreneurship programme in the form of its Masters of Science in Innovation (MI), which aims to engage, challenge, and grow the next generation of innovation leaders.
The SMU MI curriculum is crafted for corporate managers, creative art professionals, technologists, entrepreneurs, and practitioners keen to advance innovation in their field. It involves regular engagement with thought leaders and schools, as well as practical projects.
Designed to be completed over 12 months for the full-time programme format and 15 months for the part-time format, the programme also consists of a Capstone Project and International Residency.
Gaining valuable exposure
The MI capstone project runs concurrently through the programme, and is co-taught by Paul Santos, a successful venture capitalist and former entrepreneur. He is currently the Managing Partner of Wavemaker Partners, an early-stage venture capital firm founded in 2003 that has over US$265 million in assets under management.
Reddi Kotha, Academic Director of the MI programme, Associate Professor of Strategic Management explains: “We believe that rigorous theory should be combined with cutting-edge practice to have the best learning at SMU. Paul and I have revamped the curriculum to include custom cases on VC-backed companies, to help situate the ideas of our students in a fertile ground. Paul provides guidance on the specific challenges their business ideas may encounter, and how the student teams can overcome these challenges.”
Eligible full-time students will also have the opportunity to participate in the optional internship to further their learning.
“For full-time students who want to get further grounding in innovation, we recommend they do optional internships at entrepreneurial companies, to complement their in-class learning and capstone project. The internship will help them to gain a deeper understanding of the application of the innovation theories, tools and skills from the programme,” says Reddi.
Increased access to resources
In addition to the industry exposure, full-time students of the MI programme will also have access to venture funds totaling over S$1 million. From the P.A.K. Challenge to the Lee Kuan Yew Global Business Plan Competition, there are many opportunities organised by SMU, its student entrepreneurship club, SMU Eagles and the SMU Institute of Innovation & Entrepreneurship (SMU-IIE), for students to validate concepts and give life to their ideas.
In addition, each student team receives a S$1,000 grant from SMU-IIE for their capstone project. Explains Associate Professor Kotha “This budget enables students to ‘make a little and sell a little’, so their prototypes can be tested. While not all ideas are conducive to this process, attempting to get as near as possible to solving real-world problems is the best way to learn and gain insights on the market.”
Aside from monetary support, the SMU-IIE incubator also provides students with workshops and hotdesking spaces, as well as the opportunity to get feedback on business ideas through monthly pitching sessions.
Officially known as the Business Innovation Generator (BIG), the IIE incubator had nurtured over 200 incubatees since its inception, and helped raise funding in excess of S$59million. Some of BIG’s most illustrious start-ups include Tech in Asia, Reebonz, Ninja Van, Carro and Red Dot Payment. BIG also conducts events and programmes such as the two-day Brand Hackathon, and the Startup School to help aspiring entrepreneurs formulate a validated product or viable business plan, and an intensive 9-month incubation programme designed for start-ups to validate and sell their business or innovation ideas.
Networking and mentorship opportunities are also available. Says SMU-IIE Director Hau Koh Foo: “We have recruited a team of “high powered” mentors comprising ex-ministers, chief executive officers of listed companies, and technology leaders, to not just advise but to have the ability to bridge the right connections for our SMU entrepreneurs.”
The most important quality for those keen to be a part of this programme is a good attitude. As Mr Hau puts it: “Students must be coachable team players who are willing to collaborate and give back to the SMU startup community. At the onset, we are looking for awesome founders, not awesome ideas. We believe that founders who have the right attitude, grit, drive and are collaborative can eventually develop good ideas, rally support from the various stakeholders, and bring their ideas to market successfully.”
Interested in joining the SMU MI programme and embarking on your own journey as an entrepreneur? Find out more here.
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This article is brought to you by the SMU Lee Kong Chian School of Business Social Media Team
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