Over the winter vacation, the Chonnam National University (CNU) Press and Broadcasting Center covered the entrepreneurship support system at universities located in Singapore, which is a central country in Asia for start-ups and investment. Also, this content was produced as part of the 2023 National University Development Project, specifically under the special coverage program to enhance student reporters’ journalism capabilities. – Ed.

The Ministry of SMEs and Start-ups (MSS) has announced the 'Start-Up Korea Comprehensive Plan,' which outlines future medium-to long-term policies for start-ups under the direct supervision of South Korean President Yoon Suk-yeol. The key objectives of this plan are globalizing and connecting the Korean start-up ecosystem with the world and activating regional start-up and SME ecosystems. The MSS will also expand the foundation for entrepreneurship to enable various stakeholders, such as soldiers, researchers, and university students, to engage in entrepreneurship confidently. In this changing time, the Chonnam Tribune explored the correlation between Singapore's success as a crucial hub of global corporations and the entrepreneurship-supportive university, while visiting Nanyang Technological University (NTU) and Singapore Management University (SMU), to inspire student-readers to broaden their future career paths.

NTU Entrepreneurship Academy

The NTU Entrepreneurship Academy (NTUpreneur) is dedicated to fostering entrepreneurship education throughout the university and the surrounding region. Its mission is to cultivate a culture of innovation and entrepreneurship through academic initiatives, including the Minor in Entrepreneurship, Second Major in Entrepreneurship, and Overseas Entrepreneurship Programme for undergraduates, as well as the Master of Science in Technopreneurship and Innovation and FlexiMasters for postgraduates, and the Entrepreneurship Development Programmes for working professionals. Nicholas Teo, an NTU student majoring in computer science with a minor in entrepreneurship, remarked that although his goal was not to be a founder, the experience of entrepreneurship at the university level could still be beneficial as it enhances one's resume for getting a job.

In addition to these offerings, the NTUpreneur provides one-on-one guidance through the Mentorship Clinic. This personalized support helps students accelerate their entrepreneurial journeys with greater confidence and insight. Frentzen Seow Ziheng, who is also currently pursuing a minor in entrepreneurship, appreciated the comprehensive support and the prompt incorporation of feedback for further improvement. The academy focuses on students' interests, and networking opportunities were particularly useful. The program also hosts competitions with substantial prize money, which was a great source of motivation for him.

SMU Institute of Innovation & Entrepreneurship

The entrepreneurship support system administered by the Institute of Innovation & Entrepreneurship (IIE) at SMU can be divided into three categories. Firstly, the Innovation Academy offers the SMU Entrepreneur Experience, which comprises programs consisting of academic and non-academic tracks. It provides immersive educational programs, mentorship, and incubation opportunities. Secondly, the Business Innovations Generator (BIG) offers start-ups an intensive four-month coaching program designed to help early-stage founders validate their products and prepare for seed investment. Thirdly, the Lee Kuan Yew Global Business Plan Competition is a biennial university start-up challenge in Singapore organized by the IIE. According to Gabrielle Tan, Assistant Director of IIE, over a thousand global teams, including over 30 Korean teams, applied to the last competition. Beyond the prize money, it gives opportunities to experience a worldwide start-up network, including mentoring and connections with many companies.

Karen Cheah, founder & CEO of Alterpacks, completed the BIG program and emphasized the importance of network, mentioning that SMU's extensive network can assist students with various needs. She also highlighted that BIG offers mentorship to prepare for competitions, which is crucial for early-stage founders as it provides valuable learning opportunities and potential funding to advance start-ups to the next level.

CNU Business Incubation Center

Singapore is a global economic hub that attracts overseas companies and talent due to its high level of openness, widespread use of English, and low regulatory barriers. The South Korean government represents their will to promote open innovation in startups and free them from regulatory constraints, as Singapore has done. Last year, CNU was selected as a leading university for innovation in entrepreneurship education, a project organized by the Ministry of Education. The Business Incubation Center at CNU, responsible for entrepreneurship-related activities, provides systematic assistance to those who are interested in starting or have just started a business, enabling them to pursue entrepreneurship smoothly.

It offers office space for rent, along with strategic partnerships with specialized agencies in each field, such as marketing, legal, and accounting. Furthermore, it has established an entrepreneurship support system from discovering potential entrepreneurs among students, entrepreneurship clubs, professors, and researchers to providing technology development and management support. It also offers education and technology in their building related to entrepreneurship and guides participation in government-led entrepreneurship support programs to assist in fundraising for startups while supporting infrastructure and networks. Jang Hui-cheon, the president of the club that is called Start-up Azit, shared his most memorable experience from the club’s activities. He said, “We had the great opportunity to attend Slush 2023, a major start-up event in Finland while exhibiting the robotic arm we had created.”

Roles of Universities in Nurturing Young Talent

Entrepreneurship-supportive universities around the world enable future entrepreneurs to materialize and actualize their creative ideas at a young age, thereby preparing them for actual entrepreneurship. Even if students do not end up starting their own businesses, the experience of planning and conceptualizing entrepreneurship can enhance their practical education and cultivate their creative talents. By fostering an environment that supports the establishment and growth of start-ups, a country can not only create job opportunities but also establish itself as a central player in the global market as a competitive nation. This can all start by nurturing young talent at universities.

By Jung Da-gyo, Editor-in-Chief