The Singapore University of Technology and Design (SUTD) has introduced the Baby Shark Fund, a micro-innovation programme aimed at promoting student-led innovation, design thinking, and risk-taking.
The programme, inspired by the TV show Shark Tank, will encourage students to generate new ideas, innovate through design, and take risks outside of their usual academic activities.
Each student team has the opportunity to receive SGD6,000 (US$4,475) as part of the initiative.
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The Baby Shark Fund will complement existing funding options available to students interested in pursuing more advanced innovation projects, potentially leading to the creation of startup companies.
The goal of the Baby Shark Fund is to disrupt the traditional view of innovation as grandiose, complex, and unattainable.
To qualify for funding, SUTD students in undergraduate or masters programmes need to form teams consisting of at least two members and present their ideas and projects to a panel of faculty and industry professionals.
Projects will be evaluated based on their level of innovation and potential impact on the world.
SUTD President Chong Tow Chong stated, “With the new Baby Shark Fund, we hope to provide every student with the opportunity to engage in bottom-up innovation by continuously experimenting. This will hopefully inspire them to embark on a lifelong innovation journey of continuous experimentation and risk-taking, and, in so doing, champion and lead innovation for society in years to come.”
There will be multiple submission windows throughout the year for students to apply for funding for their projects.
The Baby Shark Fund will be managed by the SUTD Venture, Innovation and Entrepreneurship Office, which has been supporting entrepreneurial efforts within the university. Each team will be assigned project mentors and will receive venture support and resources as they progress in their innovation journey.
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At the core of the micro-innovation programme will be the SUTD Innovation Journey, a roadmap for students to gain innovation tools and knowledge from every aspect of their time at the university, including classes, exchange programmes, internships, and student life activities.
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