Tolaram Group, a local company, has made a contribution of $600,000 to SMU to set up the Tolaram Innovation and Entrepreneurship Fund to support students to go for overseas internships, and help student entrepreneurs develop entrepreneurial ideas. The objective of the Fund is to provide real world experiential learning opportunities for outstanding SMU undergraduate and postgraduate students to advance their entrepreneurial knowledge, skills and global outlook. Commencing in Academic Year 2021/22 to AY2023/24, the Fund supports the Tolaram Global Innovation Immersion Award, which are awarded to full-time undergraduates in any discipline and year of study at the University to pursue an overseas internship opportunity at overseas companies curated by the SMU Institute of Innovation and Entrepreneurship (IIE), under the Global Innovation and Immersion programme by the IIE; and the Tolaram Entrepreneurship Venture Award, which are awarded to full-time undergraduates in any discipline and year of study at the University as well as postgraduates who have their own business ventures, providing them with financial support to undertake market research, prototype testing, marketing collaterals and related efforts. Mentors from IIE will work with them and provide guidance on their ventures.