Two Singapore Management University (SMU) alumni have donated S$1 million to set up a new entrepreneurship fund at the SMU Lee Kong Chian School of Business (LKCSB), marking the university’s largest gift by its alumni to date.

The two alumni are Mr Jeff Tung and Mr Benjamin Twoon, who graduated from LKCSB in 2013. Mr Tung is the founder and CEO of Sheng Ye Financial Group, while Mr Twoon is he Country Director for regional financial techonlogy company Fundnel.

The P.A.K Entrepreneurship Fund, which will have a total of S$2 million after one-to-one Government matching, will support the establishment of the LKCSB Entrepreneurship Club as well as an annual business plan competition for aspiring entrepreneurs at SMU. Winners of the competition will receive cash awards to further develop their business ideas.

Mr Twoon said: “I’m a firm believer that the next wave of innovation and progress of our country will be driven by entrepreneurship; we need to embed the spirit of adventure and passion for making a difference in our youths and young adults.

“Through an active student body, supported by committed faculty and tapping industry expertise, we can build an entrepreneurial ecosystem that supports, spurs and challenges our next generation to move out of their comfort zones to realise their ideas and push their boundaries. To do that, we need a spark, and we hope the P.A.K Entrepreneurship Fund can be that spark that sets off the flame of entrepreneurship.”

The P.A.K Entrepreneurship Fund was launched on Saturday (Oct 10) by Dean of LKCSB Professor Gerry George, Mr Tung and Mr Twoon.

via 2 SMU alumni donate S$1 million for entrepreneurship fund – Channel NewsAsia.