New scholarship nurtures entrepreneurial talent

15 October 2018 | Education
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Students of the NUS Overseas Colleges Programme in New York

NUS has established a new scholarship to groom outstanding students who aspire to be entrepreneurs and are keen on developing their entrepreneurial skills. The scholarship boosts NUS’ efforts in developing more young entrepreneurial leaders and the entrepreneurial community on campus.

Dr Stephen Riady, Executive Chairman of OUE Limited and philanthropist, is the inaugural benefactor supporting this initiative, with awards made possible through his gift to be known as The Stephen Riady Young Entrepreneur Scholarship. 

The scholarship will cover students’ tuition fees and living allowances for four years of study. Students will receive mentorship and guidance from NUS Enterprise — the entrepreneurial arm of NUS — and be given the chance to participate in the exciting NUS Overseas Colleges Programme, where they will study in prestigious partner universities and undergo start-up internships in entrepreneurial hotspots around the world to gain international exposure and valuable hands-on experience. 

The scholarship also offers those keen on starting a new business venture when they graduate an opportunity to apply for seed funding of up to $50,000. In 10 years, as many as 50 start-ups are expected — contributing to the vibrant local entrepreneurial eco-system in Singapore, and helping to advance economic and social development in the country and the region. 

Open to freshmen from all disciplines, the scholarship is awarded to students who have demonstrated academic excellence, outstanding leadership qualities and a strong interest in creating start-up companies. 

Commenting on the significance of the initiative, Dr Riady said, “Entrepreneurs are drivers of innovation, and they will play an increasingly significant role in Singapore’s economic progress, especially in the digital age. I am therefore pleased to support NUS with this gift, which recognises the challenges and impact of the entrepreneurial spirit, and also underscores my commitment to enable young entrepreneurial talent to develop their fullest potential. It is my hope that this new scholarship could cultivate the next wave of entrepreneurs who can help Singapore to stay ahead amid challenging times.”

NUS President Professor Tan Eng Chye said that the University is deeply grateful to Dr Riady for his generous gift and heartened that he shares NUS’ vision to promote entrepreneurship and innovation among undergraduates. “The Stephen Riady Young Entrepreneur Scholarship encourages our bright students to think big and pursue their entrepreneurship ambitions, and it also resonates with our national efforts to grow the next generation of local champions.”

He added, “Our new scholarship dedicated towards nurturing entrepreneurial talents for Singapore will accelerate NUS’ continuous efforts in developing a conducive and vibrant ecosystem that nurtures entrepreneurs and start-ups capable of developing and deploying powerful solutions to benefit businesses and communities in Singapore and beyond. We hope more donors will come forward to support us in this meaningful cause.”

A total of six freshmen have been awarded the scholarship in the Academic Year 2018/19.

See press release.