SUTD receives $1m boost with new Stephen Riady Innovation Fund

The Singapore University of Technology and Design (SUTD) received a $1 million donation from Indonesian tycoon Stephen Riady, which will go into a new innovation fund.
The Singapore University of Technology and Design (SUTD) received a $1 million donation from Indonesian tycoon Stephen Riady, which will go into a new innovation fund. ST PHOTO: DANIEL NEO

SINGAPORE - Aspiring tech entrepreneurs at the Singapore University of Technology and Design (SUTD) can now look forward to more financial support.

The university has received a $1 million donation to support technological innovations.

Donated by Indonesian tycoon, Dr Stephen Riady, the funds will go towards the newly set-up Stephen Riady Innovation Fund, said SUTD in a media release on Monday.

This will be the university's first Innovation Fund focused on technology, design, engineering, enterprise and innovation.

The funds will also be used for early-stage development of promising inventions, technological innovations and entrepreneurial projects by SUTD undergraduates.

The fund will support two types of grants: the StartSomething@ SUTD grant and the Post-entrepreneurship Capstone Startup grant.

SUTD president Professor Thomas Magnanti said: "We are grateful to Dr Stephen Riady for his support of SUTD's drive to create a brighter future through transformational innovations and enterprises. By doing so, SUTD will, through technology and design, become an intellectual hub and an engine of growth for Singapore and the world."

Dr Stephen Riady, who is executive chairman of Singapore-based property company OUE Group, said he is pleased to support SUTD with this gift.

"The Innovation Fund reinforces Singapore's vision to foster a culture of enterprise and innovation, as well as underpins the Stephen Riady Group of Foundation's commitment to important causes in the community, particularly for education," he said.

The Stephen Riady Group of Foundations is a philanthropic platform, which consists of seven foundations in Singapore and Hong Kong.