From idea to IPO

Text: Lester Kok / Visuals: Freepik

Entrepreneurship is both an exciting and daunting endeavour. On the one hand, you could be at the forefront of translating game-changing research into real-world solutions. But on the other, you might face many uncertainties, such as unpredictable changes in market conditions.

The NTU Innovation and Entrepreneurship (NTU I&E) initiative seeks to help alumni overcome such challenges when navigating their startup journeys to transform their ideas into business ventures.

At the opening of NTU Innovation Port.

It’s not just about helping startup founders flesh out their business ideas or develop prototypes – NTU will provide guidance and opportunities for them to level up their knowledge at every step of the way, even up to when their businesses expand globally.

Alumni can turn to NTUitive, the University’s innovation and enterprise arm, for advice and support on how to start their enterprises, get funding to develop their ideas, as well as protect and grow their business interests by managing and licensing intellectual property (IP) linked to research.

Under the university’s NTU Entrepreneurship Academy, alumni can apply for formal training and certified programmes, including master's degrees and professional upskilling courses, to pick up skills for running an enterprise. Successful NTU alumni also play a significant role in this journey, often returning as mentors and investors to help fellow alumni with their startup goals. Some alumni business owners frequently license research IPs from NTU to boost their products and services.

And the startup journey is now smoother too, with the new Innovation Port launched this year at The Arc and Gaia in NTU. It serves as a one-stop hub for students, alumni, faculty and industry players seeking innovative solutions, mentorship and guidance for starting their businesses.

So, if you’re raring to dive into entrepreneurship, here’s a guide on how you can jump in.

Singapore's First University Venture Capital Fund NTU has partnered with leading global venture capital firm Walden International to launch the Nanyang Frontier Fund. Announced in November, this S$50 million fund is the first venture capital (VC) fund by a university in Singapore and is aimed at supporting deep-tech startups spun out from NTU’s research. The Nanyang Frontier Fund is backed by Mr Tan Lip- Bu, Chairman of Walden International, who has started similar VC funds focused on university research at prestigious institutions like Stanford University and UC Berkeley. Mr Tan, who graduated from Nanyang University in 1978, is recognised by Forbes as a “pioneer of Asian VC” for bringing the US VC model to Asia. "I strongly believe the Frontier Fund can identify startups of disruptive technology from NTU and Singapore, and it can nurture and scale them to become Singapore-based global companies," Mr Tan shared. NTU President Prof Ho Teck Hua, thanked Mr Tan for his support: “We are very fortunate to have the strong backing of Lip-Bu in the establishment of our first VC fund. His global experience will be invaluable not just in the NTU entrepreneurship ecosystem but also in Singapore. When operational, the new fund will offer NTU alumni, students and faculty members more support in startups with NTU-developed technologies.

Step 1: Develop your idea

If you have a business idea, a great first step is to approach NTUitive to find suitable IPs that can support your idea and give you a head start in developing the right innovation to grow your business.

There’s an extensive portfolio to choose from – over 2,000 inventions and technologies are available for you to license, in fields such as robotics, advanced materials, artificial intelligence (AI) and biotechnology. You can search the NTU Tech Portal website for suitable IPs.

Existing IPs can also be developed further with more research, which could spark new opportunities and ideas.

But turning an idea into a business requires you to learn the fundamentals of entrepreneurship. One way is through the NTU Entrepreneurship & Startup Training (NEST) programme. Free for alumni, faculty and students, NEST runs every two months. The programme covers topics like design thinking and customer discovery workshops, and gives you access to experienced mentors for advice.

Alumni can also sign up for the National Graduate Research Innovation Programme. The S$50 million initiative was recently launched by NTU and the National University of Singapore to link up researchers and aspiring entrepreneurs across the nation in a structured training course to spin off deep-tech startups.

Startup Spotlight In 2018, Dr Arjun Bhattarai and his cofounder, a fellow NTU alumnus, Dr Avishek Kumar, started VFlowTech, an NTU spinoff harnessing vanadium flow battery technology. They have since grown the team to over 55 employees and raised more than US$19 million from investors. VFlowTech has been recognised on the Forbes Asia 100 to Watch list and the APAC Cleantech 25, an annual list of private sustainable innovation companies. The duo plans to take the company public by 2027. “Building VFlowTech over the past six and a half years taught me the value of adaptability and resilience, and showed me that leadership is about empowering others to take ownership. I believe that leadership is about fostering an environment where people can contribute, learn and grow together. NTU alumni in senior leadership roles can bridge the gap between academia and industry. By sharing real world insights, mentoring students, and offering internships, project collaborations and even job opportunities, we can help shape students into well-rounded professionals. Additionally, alumni can contribute to curriculum development, ensuring that academic programmes are aligned with industry needs and that students are equipped with the skills required to thrive in the ever-evolving job market."

Step 2: Create a prototype

After learning the basics and developing your initial idea, it's time to produce a prototype of your product and test your solution. The Makerspace at The Arc has a lead technologist to assist you. NEST participants can apply for a Multi-disciplinary Team grant of up to S$10,000 to develop prototypes for market testing and validation.

For technologies developed by NTU faculty, various funding options are available through faculty partnerships, including the NTUitive GAP Funding of up to S$250,000.

Startup Spotlight After participating in NEST, Elston Sam (NBS/2018) co-founded ETHLAS, a blockchain company focusing on security and gaming to help the next billion users get into the next phase of the Internet dubbed Web3. With NTUitive’s mentorship and support, ETHLAS raised US$10 million in its seed funding round led by Sequoia Capital, Dragonfly Capital and Makers Fund, as well as other leading investors.

Step 3: Raise initial funds

Once you’ve developed a prototype from your idea, assessed its market potential and formed partnerships with like-minded peers, the next step is to raise funds to set up your company. You can apply for the Startup SG Founders Grant which provides funds of up to S$50,000 to match, one-for-one, every dollar raised by you.

Formal entrepreneurship training is crucial at this stage and a requirement for some grants. You can pick up the relevant skills through the NTU Entrepreneurship Academy’s programmes, such as the Master of Science and FlexiMasters in Technopreneurship and Innovation. Financial support is available for your training, including NTU alumni course credits of up to S$1,600 and grants for the above Master’s programme.

Alumni and business leaders can sign up for the iLEAD SMEs Growth Programme too to get an industry-relevant education on growing their enterprises. Besides classroom learning, the programme offers personalised one-on-one mentoring and an overseas immersion trip to explore global opportunities.

Startup Spotlight Sky Seah (MAE/2010) had an idea to use AI to accelerate cyber-security threat analysis and to outsmart hackers. Together with his co-founders, who have deep expertise in ethical hacking, they formed SECTA5. With support from NTUitive, they recently launched their flagship product, Cartographer. SECTA5 raised S$500,000 during a pre-seed round and will be deploying and validating their solutions with more clients.

Step 4: Create market awareness

With your initial funding, it’s time to bring your product and service to market. But you’ll need to create awareness for your venture among potential investors and relevant markets.

To help startups improve their visibility in the community, attract their first customers and recruit more talent to join their teams, NTU I&E organises regular pitching and networking events such as PitchBox and roadshows. These events help founders connect with funders and industry players, as well as access resources needed to launch their products.

Don’t forget to continue working closely with your mentors, who can advise you on marketing strategies and meeting market needs.

To support your enterprise’s commercialisation efforts, you can apply for the SG Tech Fund, which offers between S$250,000 and S$500,000. Additionally, the NTU Seed Fund has been put in place to provide early-stage funding in return for an equity stake in the venture.

Startup Spotlight NDR Medical Technology is helping doctors with precision surgery, such as pinpoint needle insertions into the lungs or the spine. Founded in 2014 by Alan Goh (MAE/2005), the company uses a combination of AI and robot vision for its automated needle targeting system. It has been used successfully in over 250 patients and has received approvals from various regulatory agencies. Leveraging networks facilitated by NTU, the firm expanded its products into Japan, Malaysia, Thailand and the United States.

Step 5: Scale up and expand

As your startup continues to grow, secure paying clients or conduct product trials, the next step is to consider expanding the business. There’s the Market Readiness Assistance Grant by Enterprise Singapore you can apply, which helps businesses expand overseas with a grant of up to S$100,000, until 31 Mar 2025. To speed up your business’ growth, you can think about tapping NTU’s IP resources again to enhance your products or services.

Alumni networks and overseas chapters also offer invaluable support for international market expansions. They provide connections, resources and local insights, which are key to navigating new markets.

Startup Spotlight Co-founded by Dr Avishek Kumar (EEE/2010) and Dr Arjun Bhattarai (MSE/2018) in 2018, VFlowTech has deployed its long-lasting battery solutions, such as the PowerCube, for many firms from various industries, including those in renewables. "The support we received through mentorship, networking opportunities, and funding guidance was pivotal during our seed funding and Series A round. Additionally, NTU managed our IP development and facilitated commercialisation, providing a vital testbed for deploying our first PowerCube," said Dr Bhattarai, adding that the firm has just raised an extended round of Series A funding, on top of the US$10 million (S$13.5 million) raised last year.

Step 6: Consider exit strategies or grow overseas

Once your startup is mature, you might want to consider cashing out on your business investment. Exit strategies include selling the business to another company and going public through an Initial Public Offering (IPO). NTU I&E provides resources and advice on navigating these complex processes, so that startups can maximise their value and successfully exit.

Alumni networks and overseas chapters can again give you advice and support on exit strategies, or offer more local insights and connections should you want to expand to more markets overseas. Successful alumni can return to mentor, invest in or support new startups too, fostering a cycle of growth and innovation within the NTU community.

Startup Spotlight Founded by NTU’s Prof Gan Chee Lip, Kuprion Inc. developed a groundbreaking copper sintering material with high thermal performance and wide applications in the aerospace and electric vehicle sectors. In 2023, the startup, which has over 20 patents from NTU, was acquired by Element Solutions Inc., a New York Stock Exchange-listed company, for US$270 million (S$359 million).

Kickstart your entrepreneurial journey here.

 

This article first appeared in issue 5 of U, the NTU alumni magazine.