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SMU’s Protégé Ventures as a catalyst for entrepreneurial education

SMU Protege Ventures

According to both Startup Genome’s 2019 and 2020 reports, Singapore has secured its position as one of the world’s most well-known regional hotbeds for startup ecosystems. Much of this reputation is due to the country’s notable track record of successful startups buttressed by the extensive funding pool, and ushered in largely by innovative and knowledgeable talents.

There are many factors that ultimately contribute to this feat, from government policies that support local research, innovation, and strong connectedness to global ecosystems; to robust local infrastructures and networks of private accelerators, incubators, and venture capital firms. Moreover, with the addition of Southeast Asia’s first and only student venture fund, Protégé Ventures, Singapore now has a nationwide programme anchored on hands-on venture capital training to add into the mix. This further strengthens their commitment to promoting entrepreneurial education, and by extension, a vibrant startup ecosystem.

The importance of VC training

Venture Capitalists (VCs) empower entrepreneurs in converting their knowledge and passion into viable projects by providing support through assistance and funding. They help new products and modern technologies become commercially feasible.

In order to successfully navigate through the complex business ecosystem, VCs need to learn how to read the markets and build their decisions around qualitative and quantitative data. VCs also dig deep into a startup’s business plans and operations as they conduct due diligence and assess each startup’s potential for investment. Most exceptionally, VCs hone their abilities to navigate through the unknowns, in our disrupted world today.

Traditionally, due to the shortage of university-level VC training programmes, in order for a person to step into the world of VC, they have to first obtain years of investment banking or management consulting experience to be considered for an analyst or associate role in a VC firm.

Protégé Ventures powered by SMU Institute of Innovation and Entrepreneurship

While conventional entrepreneurial education has already been booming across the region for many years, Protégé Ventures is enhancing the dimensions of entrepreneurial education by being the first to offer leadership training grounded by and leveraging on the investor’s perspective and the techniques of the trade.

First established as a pilot programme by the Singapore Management University Institute of Innovation and Entrepreneurship in 2017, Protégé Ventures has recently received an MOE grant at the beginning of 2020 to scale this initiative into a national student VC training programme.

As Southeast Asia’s first student-run venture fund programme, Protégé Ventures offers unique training and mentorship that zooms in on startup investment and the full suite of decision-making involved in the process. With its peer-learning model, coupled with in-depth advisory by industry veterans, including seasoned VCs from Wavemaker Partners, Openspace Ventures, and MassMutual Ventures, students in Protégé Ventures are able to gain practical insights to the industry by standing on the shoulders of giants.

Protégé Ventures’ model focuses on early-stage deal activity where students assess and fund startups at the pre-seed/seed stage. Part of the groundwork inculcated in the hands-on and real-life quality intrinsic to the curriculum are actual deal sourcing, deal evaluation, and due-diligence work, with opportunities to meet with founders and pitch deals to an investment committee. True to its emphasis on hands-on learning in investing, Protégé Ventures students have the opportunity to deploy real capital into startups with cheque sizes from $25,000 to $50,000, ultimately making real impact.

With this in-depth hands-on VC training, students are equipped with critical skills as they cultivate the mindset and acumen to negotiate our unprecedented times. These are important competencies to develop in our next generation of entrepreneurial leaders both within and beyond the VC industry, and will go far to enrich our ecosystem.

Protégé Ventures Making Real Impact

Witnessing significant success since the beginning of its inception, Protégé Ventures has trained a total of 78 students under the programme. Also, more than 70 percent of Protégé Ventures students and alumni have secured internships and job placements in VC firms and startups such as Wavemaker Partners, MDI Ventures, Qualgro Ventures, Grab, and Shopback.

Protégé Ventures stays true to its ‘for students, by students’ mantra by making at least 80% of their investments in campus startups led by students and recent graduates. To date, Protégé Ventures has invested in 6 startups, spanning across different verticals that include IoT waste management, human resources, edtech, and mental health.

One of Protégé Ventures’ investments, Lumitics, has since received follow-on investment from external funders. Previously known as Good For Food, Lumitics utilises IoT and data analytics to assist hotels and commercial kitchens in managing their food waste. Protégé Ventures invested in the pre-seed round in 2018, endorsing confidence in the company that went on to raise S$750,000 in its seed round which closed in January 2020.

The programme leaves not only a lasting impact on student founders and their startups but also the students who have joined the programme. Some of the former students have shared their experiences and impressions of the programme.

Lionell Loh, Managing Partner from Class of 2020, said that Protégé Ventures has developed his business acumen, critical thinking, and passion for learning new things especially from other smart and ambitious founders and outstanding entrepreneurs. Currently, Loh has secured a position with Facebook in the US and is eager to start as soon as the global health crisis subsides.

Meanwhile, Theodora Boo, Managing Partner from Singapore Management University Class of 2021, said that the programme helped develop her interest in spotting deserving and successful ventures using both qualitative and quantitative data. It has also shown her how a VCs can provide game-changing value for a startup. Having been in the programme for 2 years, she has also managed to secure internships in Cento Ventures and MDI Ventures.

Want to join the Student VCs of Protégé Ventures?

As the world faces new challenges, Protégé Ventures believes that the disruption will also change the face of the startup ecosystem. Taking risks in known-unknowns and unknown-unknowns has never been more important and Protégé Ventures is now looking forward to recruiting its 4th batch of driven, analytical, and fearless student analysts.

Students will be expected to commit at least one year with the programme to master venture capital and entrepreneurial skill sets. During the programme, Student VCs will get access to industry events, networking with regional VCs, and receive bi-weekly mentorship from industry leaders.

To learn more about this nationwide programme, you may join Protégé Ventures’ virtual information session on 17 July by registering here.

The application to the programme is open until 31 July. If you think you are up for the challenge, apply now by clicking here to register.

For more information, visit the Protégé Ventures website.

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