Chua Thian Poh Pinnacle Prize Grand Finale

Professor Louis Phee, Vice President for Innovation and Entrepreneurship at NTU;

Professor Alberto Sangiovanni-Vincentelli,

Dr Chua Thian Poh; and

Distinguished guests, ladies and gentlemen,

A very good afternoon to all of you.

• I am very delighted to be back here at my alma mater, NTU, for the inaugural Chua Thian Poh Pinnacle Prize Grand Finale.

• I also want to echo what Prof Louis has mentioned. I want to thank Dr Chua Thian Poh, the founder of Ho Bee Land. We are all very grateful for his generosity and support for the university and our students. As you can see from this Pinnacle Prize, it's not only extended to NTU students, but to students at all Institutes of Higher Learning (IHLs).

• I shared with Prof Louis and team that 15 years ago, when I left Economic Development Board (EDB) to step forward to serve as a Member of Parliament, I was asked to join this organisation called Business China, which was set up by our founding PM, Mr Lee Kuan Yew. Back then, Business China's Chairman was Dr. Chua Thian Poh. I was Business China's third CEO, and I learnt a lot from him. And I always say that Dr. Chua is my mentor.

• And I remember that it was 15 years ago that he started the Chua Thian Poh Community Leadership (Programme) in the university because he really wanted the students not just to excel in the classroom, but to take the learning beyond the classroom. That’s why we are here for Chua Thian Poh Pinnacle Prize Grand Finale.

• By investing in our next generation of founders and leaders, Dr Chua is creating opportunities for each and every one of you, our young people, and creating lasting value for our society through the products and services that you are innovating and also inventing.

  • The Chua Thian Poh Pinnacle Prize has given all of you, the finalists here today the chance not only to develop your ideas, but also to make a big difference in the real world.

The Competition, AI, and Innovation

• As what Prof Louis mentioned, the theme of the competition, “AI for Good and Smart Cities”. This is especially timely.

  • All of us, whether you are looking at your mobile phone, social media, or watching the news, reading the spreadsheet, AI is the topic.

  • And I think you agree that AI’s impact will depend not only on what it can do, but also how we choose to use it, for what purpose.

• We all know that AI is moving fast. But we also know that  technology does not solve problems on its own. What matters is whether the inventors, the entrepreneurs, the people building with it are asking the right questions. So, we ourselves must use AI wisely. And I want to echo what Prof Louis has mentioned earlier. Before we take a deep dive into your next business venture, it's important to ask these key questions:

  • Who benefits from the invention that you are thinking about?

  • What problems are we actually trying to solve? It's really important to ask ourselves: who are we creating the product to benefit and serve?

  • What happens when things go wrong?

• I think very few founders ask that question, but I think this is what differentiates the Chua Thian Poh Pinnacle Prize.

  • Participants were challenged to think about whether your ideas can indeed work in the real world, and how they create lasting value for society.

• On behalf of the Ministry of Energy, Trade and Industry (METI), as well as my colleagues in Ministry of Culture Community and Youth (MCCY), we really want to extend our heartiest congratulations to each and every one of you for getting to this stage of the competition. I know winning matters, but I really want to say this with all sincerity. The mere fact that each and every one of you are here as a finalist, you are truly a champion. You emerged from 162 submissions. Out of 162 submissions, 11 outstanding teams from all the IHLs in Singapore are converging in NTU today for this grand finale.

  • You have truly made a compelling case for your ideas to be considered above all the other submission.

  • We are really looking forward to all the possibilities of how your innovation can improve lives. And on that note, allow me to share with you some key numbers. Today's grand finale is not the final point — it's merely a starting point for each and every one of you.

Singapore's Innovation Priorities

• For example, Singapore is investing S$37 billion under our Research, Innovation and Enterprise 2030 Plan to strengthen our innovation capabilities and turn good ideas into real-world impact.

  • We are also strengthening Singapore’s position in AI through our updated National AI Strategy. We will focus on advanced AI capabilities, as well as responsible and effective use of AI across businesses, government and the workforce.

  • This includes investing in AI talent, investing in AI adoption, as well asreal-world applications in the four key sectors: = healthcare, finance, manufacturing and connectivity.  When we see AI, we're not just investing in it just because it's bold — we believe in it in transforming lives, in availing public goods and services to fellow Singaporeans. That's why healthcare is one of the four key sectors, to allow us to deliver public healthcare services better to fellow Singaporeans.

• Although plans and funding can create the conditions for innovation, the key ingredient is people. People who turn possibilities into progress.

  • People like our finalists here, each and every one of you here today, who are willing to try new approaches, and test their own assumptions. Think about your journey. Think about the idea that you presented to the judges compared to when you first ideated. I think it was very different, and that's because you are prepared to re-evaluate your assumptions from day one, as well as keep going when the first attempt does not work.

• At the same time, innovation is not just about what we build. As technology becomes more powerful, we must be humble enough to concede that we don't know what we don't know. We must continue to ask ourselves those two questions that I posed earlier: who are we trying to benefit, and what will happen when things go wrong?

  • The most meaningful innovations are those that improve lives, strengthen communities and create opportunities for more people.

• That combination of innovation, perseverance  and impact is reflected in the career of Professor Alberto, whom we are fortunate to have with us today. He has spent five decades at the intersection of research, technology and entrepreneurship, and co-founded companies like Cadence and Synopsys, which have become global leaders in their fields.

  • His journey is a wonderful reminder that breakthrough ideas require not just knowledge, but also persistence and courage to take them beyond the lab and into the world.

• As AI continues to reshape industries and societies, the potential good that technology will bring relies on the inventor, the entrepreneur, the founders of the startup, people who are applying and using AI.

  • Many of the innovators, entrepreneurs and changemakers of the future are the young people in this room today.

  • If Singapore is to thrive in an AI-enabled future, we must invest not only in technology, but also in the next generation who will shape how it is used.

SG Youth Plan

• This is what the SG Youth Plan seeks to support – empowering young Singaporeans to pursue their aspirations with confidence, and to turn their ideas into action. I talked a little bit about the Research, Innovation and Enterprise plan. Allow me to share with you what the SG Youth Plan can offer you in translating some of your ideas today into real products tomorrow.

• We know that bringing an idea to life takes more than ambition. It also takes the right support, guidance, as well as networks and connections.

• That is why we are creating more pathways for youths like yourself to develop promising ideas and take them further.

• 26 years ago, I started my journey in EDB and back then we started talking about developing a vibrant enterprise ecosystem. 26 years ago, I had the name card that says Technopreneurship and Venture Capital, and this is a unit under a division called Enterprise Ecosystem Division. When I dished out the name card, it would take me another 15 minutes to explain what an enterprise ecosystem is. I say this because it really took us a generation to develop an enabling, vibrant enterprise ecosystem with VCs (Venture Capital), incubators, accelerators, as well as institution like NTU. If you ask me, it is a wonderful living lab for you to really take your ideas into fruition, starting with the grand finale today.

  • On that front, I want to assure you that the National Youth Council will commit up to $20 million to support up to 3,000 youth-led projects over the next five years, through a new Microgrant and Youth Action Marketplace.

  • Beyond funding, youths can also tap on mentorship, networks, and other support to help strengthen your ideas and increase your impact.

• I urge you to have the courage to ask questions and test your assumptions. Before you scale your idea, there is what we call a valley of death. If you really have an idea and you want to get to Series A, you need to raise some money from 3F. Can anyone tell me what are the 3F’s without googling or checking your AI?

• I think it’s fans, friends and family. You have your own fans, friends and family who will support you with the first $50,000. We also have banks that are prepared to come up with the first $50,000 without any collateral. We have microgrants that I talked about. We have Dr. Chua Tian Poh Entrepreneurship Fund. We need courage to act, courage to dream, dare to dream, dare to do, overcome that valley of death, then scale and secure that Series A, Series B funding. Test the idea here in NTU. We have this Innovation and Entrepreneurship Fund. Take it up with NYC. That's a $20 million fund for you to test the idea. I say all this because I really want you to go beyond today's grand finale. Whether you receive the first, second, third prize, everyone is a winner, right? So do apply for all those funds and really test the market.

• So, for those of you thinking about what comes after today, there is truly fresh support to help you take your ideas further.

Conclusion

• And I say this again — to me, each and every one of you, the 11 teams, you are a champion in my heart. So, keep working on the ideas you believe in.

  • Speak to the people whose problems you are trying to solve.

  • Find good mentors who will challenge and guide you.

  • And do not be afraid to change course when the evidence tells you so.

• Some of the ideas in this room today, I know could grow into great solutions that will not only shape Singapore's future but maybe change the world.

  • How far those ideas go will depend on what you do with them from here. I urge all of you, dare to dream, dare to do.

• Congratulations to each and every one of you. Thank you to Dr Chua. Thank you to Prof Alberto. Thank you.