University students with innovative proposals to address the opportunities and challenges of future cities can submit them to an ongoing global competition and stand a chance to win up to $1 million in cash, investments and prizes in kind to bring their ideas to fruition. More than 500 teams from around the world are expected to participate in this year's Lee Kuan Yew Global Business Plan Competition, organised by SMU and supported by The Straits Times.

SMU has reached out to more than 2,000 universities worldwide to join the contest. Shortlisted teams will be flown to Singapore in September to participate in start-up workshops, meet entrepreneurs and venture capitalists in Asia and have direct access to mentors here. The competition "offers a valuable platform for young entrepreneurs and innovators from around the world to put their ideas into practice", said SMU President Professor Arnoud De Meyer. "We may well see the next industry-disrupting, paradigm-shifting innovation at this year's competition."