In brief: NUS to invest $18m in 250 startups within 5 years

Via press release:

The National University of Singapore (NUS) announced a new initiative called the NUS Graduate Research Innovation Programme (GRIP) which will tap the university’s talented graduate students, post-doctoral fellows, and research staff to establish and run high potential startups based on deep technologies. Through GRIP, NUS will commit US$18 million to co-create up to 250 companies over the next five years.

That’s around US$72,000 per startup, which will be split into two tranches. The second tranche will be given when the startup receives further external funding. The first call for startups was made in August 2018, and the selection process is ongoing. If NUS does invest in 250 companies in five years, that’s almost one a week.

Currency converted from Singapore dollars. US$1 = S$1.38