SMU Receives S$5 Million Gift from Alumni Jeff Tung to Fuel Next Generation of Entrepreneurs

🚀 The Donors Behind the Vision

Jeff Tung, founder and chairman of SY Holdings (formerly Sheng Ye Capital), a leading supply chain technology platform listed on the Hong Kong Stock Exchange (6069.HK), embodies the entrepreneurial spirit he seeks to instill in SMU students. Graduating from SMU in 2013, Tung launched his company the following year, navigating challenges in China's dynamic market to build a firm renowned for innovative financial solutions like the first medical asset-backed securities issuance. His journey from student to self-made tycoon has earned him recognition as a 2020 AACSB Influential Leader.

Benjamin Twoon, Tung's classmate and longtime collaborator, brings complementary expertise as co-founder of Fundnel, Southeast Asia's pioneering equity crowdfunding platform, and a leader at Alta Group. Twoon's career highlights include advising over 1,000 startups and serving as president of the SMUpreneur Alumni Association. Together, their shared SMU roots have driven multiple philanthropic efforts, reflecting a deep commitment to paying it forward.

A Legacy of Giving: From S$1 Million to S$5 Million

This S$5 million pledge builds on their earlier contributions. In 2015, Tung and Twoon donated S$1 million to establish the P.A.K. Entrepreneurship Fund—named Passion, Adventure, Kickstart—matched by government funds to reach S$2 million. The fund powered the inaugural PAK Challenge, SMU's flagship pitch competition. In 2020, Tung added another S$1 million, coinciding with LKCSB's 20th anniversary, to sustain and expand these efforts.

Over the years, the fund has catalyzed dozens of student ventures, with past PAK Challenge winners securing millions in follow-on funding and launching scalable businesses in fintech, sustainability, and health tech. This new gift elevates the scale, signaling alumni confidence in SMU's role as Singapore's entrepreneurship powerhouse.

Empowering Key Programs: PAK Challenge and Eagles Incubator

The donation primarily targets two cornerstone programs: an enhanced PAK Challenge and the Eagles Incubator. The PAK Challenge, now in its 10th year, has evolved from a simple pitch event into a venture capital-style accelerator. Finalists compete for up to S$70,000 in prizes, mentorship from industry leaders, and access to investors. Recent winners like Load and Go (logistics platform) and KpopKart have transitioned to full operations, demonstrating real-world impact.

• Expanded judging panel with VCs and alumni founders for rigorous validation.
• Increased prize pool and seed grants for top teams.
• Integration with global competitions like the Lee Kuan Yew Global Business Plan Challenge.

Eagles Inc., a student-led entrepreneurship club backed by the original fund, will see infrastructure upgrades, including dedicated co-working spaces and funding for hackathons. As SMU's only multi-million-dollar funded club, it fosters a community of over 500 members, hosting workshops on idea validation and scaling.

SMU's Institute of Innovation & Entrepreneurship: A Thriving Hub

At the heart of these efforts is SMU's Institute of Innovation & Entrepreneurship (IIE), which has incubated 563 startups and facilitated S$747 million in funding. Programs like the Business Innovations Generator (BIG), Protégé Ventures (Southeast Asia's first student VC fund), and Urban Sustainnovator (zero-equity deep tech accelerator) provide end-to-end support—from ideation to market entry.

The new gift envisions an 'integrated venture-building pipeline,' linking PAK Challenge winners directly to IIE resources. Students gain hands-on experience in prototyping, IP commercialization, and pitching to corporates. This holistic approach addresses common pitfalls for first-time founders, boosting success rates in Singapore's competitive landscape.

Singapore's University Entrepreneurship Ecosystem in Focus

Singapore aims for 100,000 startups by 2030, backed by Startup SG schemes offering grants up to S$50,000 and EntrePass visas. Universities contribute significantly: NUS Enterprise has spawned unicorns like Carousell, while NTU's Block71 network spans Asia. SMU stands out for business-focused innovation, with IIE alumni founding ventures that raised over S$1 billion collectively.

In 2026, Singapore startups secured S$4.5 billion in funding, with university spinouts comprising 15%. Yet challenges persist—talent retention and scaling beyond ideation. Donations like Tung's bridge this by providing risk capital and mentorship, aligning with the National AI Strategy 2.0's emphasis on entrepreneurial skills.

Alumni Philanthropy Trends Reshaping Singapore Higher Education

Alumni giving to Singapore universities hit S$150 million in 2025, up 20% year-on-year, driven by millennials like Tung. NUS's Celebration of Love & Giving raised S$1.4 million for bursaries, while SUSS launched endowed alumni funds. Trends show shift toward impact-focused gifts—entrepreneurship (30%), scholarships (25%), research (20%).

SMU's model, leveraging matching grants, amplifies returns: every S$1 donated yields S$2+ in impact. This 'give-back culture' fosters lifelong ties, with 40% of donors being under-40 alumni. As Singapore eyes knowledge economy leadership, such philanthropy sustains competitiveness. Learn more about SMU giving opportunities.

Stakeholder Perspectives: Quotes and Insights

SMU President Lily Kong hailed the gift as 'a testament to our alumni’s belief in SMU’s mission to ignite entrepreneurial fire.' Tung shared, 'SMU gave me the tools; now we equip others for Asia's opportunities.' Twoon added, 'From PAK Challenge to scale-ups, this pipeline turns passion into prosperity.'

IIE Director noted, '563 startups from our programs underscore the need for sustained funding amid economic headwinds.' Industry voices, including Startup SG, praise the alignment with national goals for 20,000 deep-tech firms by 2030.

Real-World Impacts: Success Stories from SMU Ventures

PAK alumni like Load and Go scaled to multi-million revenue post-win, employing 50. Eagles Inc. members founded fintechs acquired by banks. IIE's Protégé Ventures invested S$5 million in 20 student-led startups, yielding 5x returns. These cases illustrate the fund's multiplier effect, with 70% of participants launching ventures within two years.

• Case study: KpopKart pivoted to e-commerce logistics, raising S$2m Series A.
• Sustainability focus: Urban Sustainnovator teams address climate challenges, partnering JTC.
• Global reach: LKYGBPC winners compete regionally, securing international VC.

Challenges and Solutions in Nurturing Entrepreneurs

Despite strengths, Singapore founders face funding gaps (only 25% secure Series A) and skill mismatches. SMU addresses this via step-by-step training: ideation workshops, MVP prototyping, investor readiness bootcamps. The gift funds AI-driven tools for market validation, reducing failure rates from 90% to under 60% for supported teams.

Cultural barriers like risk aversion are tackled through role models like Tung. Metrics show IIE participants 3x more likely to found companies, contributing to Singapore's 4th global startup ranking.

Photo by khampha phimmachak on Unsplash

Future Outlook: Scaling Singapore's Innovation Engine

With this infusion, SMU targets doubling incubated startups to 1,000 by 2030, aligning with Smart Nation 2.0. Expect hybrid programs blending business acumen with tech, attracting international talent. Broader implications include job creation (startups employ 20% of workforce) and GDP boost (S$100b from tech sector).

As Tung envisions, 'Asia's entrepreneurs will lead the next decade—SMU is their launchpad.' This donation not only honors past but pioneers a self-sustaining ecosystem for tomorrow's leaders.