On September 11, 2023, Protege Ventures, Singapore’s only student-run venture fund, announced the launch of the Marina & David Su Protege Ventures Fund II, a S$500,000 fund dedicated to investing in early-stage technology startups. This sector-agnostic fund is designed to support startups founded by students or recent graduates of Singapore’s polytechnics and universities, focusing on those seeking pre-seed to seed funding.

The initiative was unveiled at the opening of the Lee Kuan Yew Global Business Plan competition. David Su, the founding managing partner of Matrix Partners China and a key contributor to the fund, expressed his commitment to supporting young entrepreneurs. He emphasized the importance of investment in this demographic, urging more investors to follow suit and foster a new generation of skilled decision-makers capable of navigating a rapidly evolving technological landscape.

Since its inception in 2017, Protege Ventures has trained 251 students, evaluated over 1,100 deals, and invested S$265,000 in ten student-led startups. These startups have collectively raised more than S$35 million from various institutional investors, demonstrating the fund’s impact on fostering innovation among student entrepreneurs. The launch of Fund II is expected to enhance these efforts, providing more resources to ambitious young founders.

At the event, Deputy Prime Minister Heng Swee Keat highlighted the value of experiential learning, encouraging aspiring entrepreneurs to prototype their ideas and think about scaling them for greater impact. He emphasized that science, technology, and innovation are critical drivers in addressing global challenges, underscoring the need for Singapore to position itself as a leader in the regional startup ecosystem.

Heng noted that while Singapore is a small nation, it has the potential to become a trusted hub for technology, science, and innovation. He called on the audience to leverage technology to improve lives and protect the environment, reinforcing the importance of sustainable entrepreneurship in today’s world.

The Lee Kuan Yew Global Business Plan competition, now in its 11th edition, attracts thousands of entries, with 53 finalist teams competing for S$2.5 million in prizes. This year’s competition saw more than 1,000 submissions, highlighting the vibrant entrepreneurial spirit among students in Singapore.

In addition to the fund launch, Heng also introduced a new book authored by faculty members from SMU’s Lee Kong Chian School of Business, featuring the stories of nine finalists from the previous competition. This initiative further illustrates the commitment to nurturing talent and innovation among Singapore’s youth.