Baby Shark Fund: SUTD’s Dive into Micro-Innovation for Student Ventures

The Singapore University of Technology and Design (SUTD) is set to launch the Baby Shark Fund, allocating S$3.2 million to support “micro-innovation” projects by its students. This initiative complements existing funding programs geared toward more advanced projects. 

The Baby Shark Fund, drawing its name from the renowned reality TV series Shark Tank, where entrepreneurs pitch ideas to investors, aims to inspire student innovators to explore uncharted territories. Each team of at least two students stands to receive up to S$6,000 under this micro-innovation program.

The initiative aims to serve as a valuable addition to the available funding options for students, particularly those interested in pursuing more advanced innovation projects that may lead to the formation of startup companies. Inspired by the spirit of “Shark Tank,” the program encourages students to incubate fresh ideas, engage in innovative design practices, and exhibit the courage to venture beyond the familiar confines of the classroom.

SUTD President Chong Tow Chong expressed the university’s vision for the Baby Shark Fund, aiming to reshape the perception of innovation as grandiose, complex, and unattainable. He emphasized that practically everyone has the potential to be a micro-innovator, citing examples like creating a more efficient way to organize digital files. 

The Baby Shark Fund aims to empower every student to engage in bottom-up innovation through continuous experimentation. Chong envisions supporting a culture of lifelong innovation journeys with experimentation and risk-taking, helping students to champion and lead societal innovation in the years ahead.

To qualify for the Baby Shark Fund, SUTD students in undergraduate or master’s programs must form teams of at least two members and present their ideas to a panel comprising faculty and industry experts. Projects will be evaluated based on their level of innovation and potential impact on the world. The fund’s administration will be overseen by the SUTD Venture, Innovation, and Entrepreneurship Office, which has been instrumental in facilitating entrepreneurial initiatives within the university. 

Each team will be assigned project mentors and receive venture support and resources to aid them in progressing through their innovation journey. Applications for the fund are set to open in September, and the initial S$3.2 million funding is expected to last for a few years, with plans for replenishment once fully disbursed.

The emphasis is not solely on teaching innovation but on providing students with hands-on experiences along their innovation journey, empowering them to challenge the status quo and translate their ideas into real-world solutions.

For those who transition to becoming startup founders, there is the option to apply for Enterprise Singapore’s Startup SG Founder grant, with SUTD as an accredited mentor partner.

The Create4Good Innovation Fund, offering grants up to S$50,000, is another avenue for startups aiming to address inequality in Singapore. 

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