Transcript Document

© 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
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(IMD World Competitiveness Yearbook 2008)
© 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
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Taiwan and Korea
© Prof Wong Poh Kam
TEA (Early-Stage Entrepreneurial Activity) Rate and GDP per capita, 2006
25%
Early-stage Entrepreurial Activity (TEA rate) 2006
TEA rate United Arab Emirates
Fitted 3rd order polynomial - Arab Emirates and Peru excluded
CO
Percentage of population between 18-64 years
JA
20%
PH
ID
CN
TH
15%
UY
BR
MY
IN
AU
IS
US
AR
10%
HR
NO
CL
CZ
LV
GR
CA
ES
IE
UK
SA
TR
5%
MX
HU
SG
RU
SI
IT
FI
NL
FR
JP
DE
SE
DK
UA
FR
BE
0%
0
10,000
20,000
30,000
GDP per Capita 2006, in Power Purchasing Parities (PPP)
40,000
50,000
© 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
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© Prof Wong Poh Kam
Vision of Singapore’s Knowledge
Economy (ESC 2010 Report)
Source: ESC
Report 2010
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© 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
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© Prof Wong Poh Kam
Examples of Recent Public Policies to Promote
Indigenous Innovation Capability
• Investing in Strategic, Economically Relevant, Science-Based
Research Capabilities (“Pasteur’s Quadrant”)
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–
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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)
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© Prof Wong Poh Kam
Examples of Singapore’s Entrepreneurship Support Policies
• SPRING Singapore
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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
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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
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© Prof Wong Poh Kam
New Roles of University in the Context of
Singapore’s Shift towards Knowledge Economy
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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 Mindset
In the past, high economic growth has provided local university
graduates with good career prospects as salaried employees,
particularly in MNC subsidiaries and government
In 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
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• 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
Venture capital /angel
High tech ventures
investors
created or facilitated by
& other venture professionals
University
attracted to work with
University
World-class R&D
NUS as Global
investments
Knowledge Enterprise
attracted to
collaborate with
University
Top talents (researchers,
Talented graduates with
students) attracted to
entrepreneurial mindsets
work & study in University
NUS’ Aspirational Role in Singapore’s Knowledge Economy
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© 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
NUS Enterprise
(ETP)
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© Prof Wong Poh Kam
IP Management
Industry Relations
Commercialize IP
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
Evaluate
Exploit
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Protect
© Prof Wong Poh Kam
Improve Diamond cutting tool life &
explore the effect of lubricants in the
high speed cutting of super alloy
Research in new generation
composite airframes
GEM4 - Global Enterprise
for Micro-Mechanics and
Molecular Medicine
SOME RESEARCH
COLLABORATION
Highlights
Honeywell Singapore
Technology Centre – develop
expert system to manage
process transitions
develop new supported metal
catalysts for the conversion
of synthesis gas to highvalue light olefins
GE-NUS Partnership for Global
Water Research Centre
Research relating to
Medical Imaging
Research in areas mobile
networking ie. Bluetooth & IPv6
IBM-NUS On Demand
Supply Chain
Solutions Centre
Research relating Solar Energy
Research relating to Wind power generation
Research relating to Aeronautics, Space & Defense
NUS’ Extensive Industry Engagement
© Prof Wong Poh Kam
Incubator Ecosystem
(Incubators “without walls”)
Provides a wide range of
‘hardware’ and ‘software’ services
to nurture startups by NUS
researchers, students and alumni.
Experiential Education
Creates and develops entrepreneurship
education programmes for the NUS
community, to infuse a spirit of
enterprise into NUS education.
NUS Entrepreneurship Initiatives
Entrepreneurship
Development (outreach)
Fosters the development of interest in
entrepreneurship in NUS and Singapore
through a series of entrepreneurship
development programmes.
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Research
Conducts both scholarly as well as
applied research on high-tech
innovation and entrepreneurship to
advance knowledge in technology
venturing policy and practice.
© Prof Wong Poh Kam
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
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© Prof Wong Poh Kam
Experiential Entrepreneurial
Education: NOC Program
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
© 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 + 2week 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
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© Prof Wong Poh Kam
Annual National Business Plan Competition
• 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
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© Prof Wong Poh Kam
Entrepreneurship Outreach Activities
Student organizations supported
by our centre include:
(Our centre is the
national co-host
for Singapore)
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© Prof Wong Poh Kam
NUS
1.
6.
Enterprise
StartUps by
Students,
Incubator (NEI)
Professors,
Researchers &
Alumni
Overseas
Lauchpad
Outputs:
No. of Incubatees getting
follow-on investment or
achieving positive exits
2. Supporting
Infrastructure
3. Mentors
4. Seed Funding
5. Network Links
to angel
investors, VCs
& customers
© Prof Wong Poh Kam
NEI Entrepreneurship Incubation Process
12 months
Pipelines
Faculty/
Researchers
Recent
alumni/
Singapore
Eco-system
Evaluation
Students
“Accelerated” Group
Incubation
Development
Program:
OR
•Workshops
•Seminars
•Clinics
12 --18 months
“Normal” Group
OR
“Infant” Group
Mentors
NUS Incubator
NEI Overseas Centres
Bringing foreign start-ups into Singapore
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Graduation
from the
incubator
© Prof Wong Poh Kam
NUS Enterprise Incubator Facilities
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4 bungalows + GARAG3
GARAG3: Web 2.0 incubator
Faculty of Engineering Incubator
Potential Capacity: 40+ start-ups
Current Incubatees: 30+ companies
Also housed Entrepreneurshiprelated student organizations (NES,
EnergyCarta, etc)
Block 71: Incubator for IDM Growth
Companies
Overseas Launchpad I: SV Plug &
Play
Overseas Launchpad II: Suzhou
NUSRI Incubator
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GrameenCreativeLab@NUS
© Prof Wong Poh Kam
Moving Incubation Beyond Singapore –
first Leap Overseas
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The first Leap Overseas (fLO) is an
initiative by NUS Enterprise to help our
start-ups expand overseas, beyond
Singapore shores
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fLO has received SPRING’s approval to
provide a grant for up to 70% of approved
expenses
•
“Launchpad” in Silicon Valley for the 1st
year, China (Suzhou) in the second year
© Prof Wong Poh Kam
NUS Portfolio Companies in the News…
Biomers – 1st venture to receive investment
from NRF early stage VC (Nanostart)
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