Tycoon gives $1m to SUTD to boost tech innovations

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

The university has received a $1 million donation from Indonesian tycoon Stephen Riady to support technological innovations. The money will go towards the newly set-up Stephen Riady Innovation Fund, said SUTD yesterday.

This will be SUTD's first Innovation Fund focused on technology, design, engineering, enterprise and innovation. It will be used for early-stage development of promising inventions, technological innovations and entrepreneurial projects by SUTD undergraduates. Each student team will receive an initial funding of $1,000 to $7,000.

Said SUTD president Thomas Magnanti: "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 Riady, 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 Foundations' commitment to important causes in the community, particularly for education," he said. The group is a philanthropic platform which consists of seven foundations in Singapore and Hong Kong.

Carolyn Khew

A version of this article appeared in the print edition of The Straits Times on August 18, 2015, with the headline 'Tycoon gives $1m to SUTD to boost tech innovations'. Print Edition | Subscribe