The National University of Singapore (NUS) announced a significant investment of S$20 million aimed at converting deep-tech research into practical market solutions. This initiative was revealed during the NUS Deep Tech Venture Showcase on March 18, 2024, by NUS President Tan Eng Chye. The funding will be split evenly, with S$10 million allocated to the existing NUS Graduate Research Innovation Programme (Grip) and the remaining S$10 million designated for new grants, including the Innovation Fellowship and Venture Creation Awards.

These awards will provide recipients with a two-year grant and expert guidance from NUS Enterprise, the university’s entrepreneurship division, to assist them in their commercialization efforts. The program features three award categories:

Innovation Fellow Award: Offers S$80,000 annually for early-career postdoctoral fellows.
Provost’s Innovation Chair Professor Award: Grants S$150,000 annually for full-time faculty with a track record in translating research into marketable products.
President’s Venture Creation Chair Professor Award: Provides S$250,000 annually for tenured faculty who excel in commercializing research.
Deputy Prime Minister Heng Swee Keat expressed hopes that these awards would foster a culture similar to that of the United States and Switzerland, where collaboration between academia and industry is common and where the “scientist-entrepreneur” mindset is nurtured and celebrated. Heng also noted that deep-tech investment and commercialization are key components of Singapore’s S$28 billion Research, Innovation, and Enterprise 2025 plan.

In addition to the new funding, recipients of the Innovation Fellowship and Venture Creation Awards could receive further support in subsequent phases of their deep-tech ventures through Grip 2.0. Launched in 2018, Grip is a year-long program designed for NUS postgraduate students, researchers, and alumni to develop as deep-tech entrepreneurs. The new investment will enhance pre-seed funding for successful teams in Grip 2.0, increasing the total available funding to S$250,000, more than doubling the previous S$100,000 cap.

NUS has formed strategic partnerships with global venture capital firms, including SOSV, Legend Capital, and Vertex Holdings, which collectively manage assets exceeding US$10 billion. Prof. Tan emphasized that these partnerships will provide valuable mentorship and resources to Grip teams, enabling them to create globally competitive products.

Furthermore, Heng highlighted that these efforts complement ongoing initiatives, such as a S$75 million pilot program by Temasek’s investment platform Xora Innovation, which was launched in September 2023 to accelerate deep-tech commercialization.