ASPIRING young entrepreneurs can now turn to a new programme intended to foster innovative ideas here.

The Singapore Management University (SMU) launched its Institute of Innovation and Entrepreneurship (IIE) last Thursday. The IIE plans to promote innovation through training programmes, funding assistance and mentorship.

It welcomes anyone with a compelling innovation, even from outside the SMU community. To this end, it has established an affiliate programme to enable work with academic institutions, individual researchers and companies.

Minister of State for Trade and Industry and Manpower Lee Yi Shyan, who officiated at IIE's launch, said Singapore's next phase of economic development must be driven by innovation and knowledge. 'We must find ways to convert the investments we have made in education and research and development into commercial innovations,' he said.

SMU president Howard Hunter said interest in entrepreneurship among SMU students has grown exponentially over the past few years.

An example is Ms Sarah Yip, 26, a 2007 SMU graduate who has set up a successful business designing and marketing messenger bags, laptop sleeves and other merchandise featuring local artists' designs.

She was SMU's first recipient of a $50,000 YES! grant for start-ups from Spring Singapore.

IIE also launched an 'extrapreneurship' programme where established entrepreneurs jointly set up businesses with students.

Mr Eddie Chau, founder and CEO of Brandtology and SMU's entrepreneur-in-residence, recently set up a company with SMU information systems graduates Daryl Low and Kenneth Yap. The company, Quantine, also received a $50,000 YES! grant.

Mr Yap, 28 and Mr Low, 27, said Mr Chau's guidance helped them to avoid many of the pitfalls faced by other start-ups. The tie-up also gave them additional credibility when applying for funding.

SMITA KRISHNASWAMY

This article was first published in The Straits Times.