[Singapore, 18 September 2015 (Friday)] – Singapore International Chamber of Commerce (SICC) and Singapore Management University (SMU) have collaborated to celebrate SG50 by establishing an innovation competition to generate business ideas with commercial potential.

Called the “SICC–SMU SG50 Eureka! Prize”, the competition is open to all current undergraduate and postgraduate students of SMU. They may form teams of between two to four members. The two winning teams stand to receive $20,000 each for prototype development and proof of concept testing.

“SICC knows that nothing is more important for business than innovation in order to grow and sustain success” remarked SICC Chairman Chaly Mah. “The SICC-SMU SG50 Eureka! Prize is another way for the Chamber and its members to celebrate and emphasize innovation in this Golden Jubilee year. We are delighted to extend our long-standing collaboration with SMU.”

SMU President Professor Arnoud De Meyer said, “We are very pleased to organise this meaningful competition with SICC in celebration of innovation as well as Singapore’s 50^th anniversary of independence. Our partnership with SICC goes back to 2005 with the establishment of the SICC International Exchange Scholarship for deserving full-time SMU undergraduate students to spend a semester of study in an SMU overseas partner university.

“As the university for the world of business and management, innovation and entrepreneurship are close to our hearts at SMU. Innovation is taught at both the undergraduate and postgraduate levels, and our Institute of Innovation and Entrepreneurship organises many talks and activities to foster a culture of innovation and entrepreneurship in SMU. We believe that real learning can be attained only with our students actually practicing what they have learned. Therefore, this competition offers another valuable platform for our students to put their skills and knowledge to the test, and forms part of our overall efforts to nurture innovative and entrepreneurial talents for Singapore.”

Students have a month to work on their business ideas. They will submit their ideas by 9 October 2015. 10 teams will be shortlisted for the semi-finals to be held on 3 November 2015. The field will be whittled down to 5 teams for the finals on 5 November 2015. The presentation of awards will be held during a Gala Dinner at Marina Bay Sands on the same day.

The judging criteria are: innovativeness of the business Idea, commercial feasibility, potential market opportunity, capability to execute, team composition, IP strategy and value created.

For more information, please contact