Singapore's Nanyang Technological University has launched a nationwide challenge – ideasinc 2020 – for innovative ideas to be turned into startups to shape post-COVID-19 world.
The initiative by NTUitive, the innovation and enterprise company of NTU, aims to spur young aspiring entrepreneurs to turn their innovative ideas into successful startups that can contribute to Singapore’s future in the “new normal”.
ideasinc, which began in 2009 as a business plan competition for NTU students, is open to everyone aged 18 and above who is a first-time entrepreneur.
Participants must form teams of three with at least one team member being a Singapore citizen or Permanent Resident. The top 30 teams will be required to incorporate a business entity, based on the proposal submitted at the start of the semi-final stage of the competition.
Up to SGD 35,000 worth of cash prizes await the winners of this startup challenge, in addition to access to various other grants and investment opportunities.
“Post-COVID-19, companies have to reinvent their business models to manage the disruptions, health and environmental issues to operate in the new normal. This crisis is a good time to look for gaps in the market upon which a sustainable business can be built," said Inderjit Singh, Chairman of NTUitive and a Member of NTU’s Board of Trustees.
Alex Lin, Interim CEO of NTUitive, added, “ideasinc is a platform for aspiring entrepreneurs to validate their ideas and develop their business models. Participants will benefit from the mentorship provided by individuals with good domain knowledge and rich industrial experience."