18 March 2020
The Singapore Management University has received an endowed contribution of $1 million from its alumnus, Mr Jeff Tung, to enhance its P.A.K. Entrepreneurship Fund. Mr Tung and another SMU alumnus, Mr Benjamin Twoon, had jointly established the P.A.K. Entrepreneurship Fund in 2015 with a joint donation of $1 million.
The P.A.K Entrepreneurship Fund aims to support entrepreneurship activities undertaken by the university’s Institute of Innovation and Entrepreneurship (IIE), such as providing advice and guidance to student entrepreneurship club Eagles Inc, as well as the P.A.K. Challenge, an annual business plan competition for aspiring student entrepreneurs.
With the new gift, the P.A.K. Challenge will serve as the Singapore Round for the Lee Kuan Yew Global Business Plan Competition, IIE’s flagship start-up competition.
SMU participants in the P.A.K. Challenge will be coached on skillsets such as developing concept plans and pitching strategies. Cash prizes for the winning teams will be increased, with the top prize of $50,000.