Ngee Ann Poly alumni commit $500k in new angel investment network to support student entrepreneurs

SINGAPORE – Ngee Ann Polytechnic (NP) students who are keen on growing their businesses can now get funding from alumni who are accomplished entrepreneurs.

The alumni-led NP Angel Network was launched on Wednesday as the polytechnic marked 20 years of efforts to nurture its students’ entrepreneurial talent, including building an extensive network of successful business founders among its graduates.

Investors will be required to contribute a minimum $20,000 each as angel funds.

A total of $500,000 has been pledged so far to Singapore’s first alumni-angel investment network for polytechnic students.

Serial entrepreneur Desmond Lee, 49, one of the network’s founders, told The Straits Times that it was started as a way to give back to NP, which had supported him when he kick-started his career.

Mr Lee has played a key role in building start-ups such as Eezee, Singapore’s largest business-to-business marketplace for industrial and business supplies, and Sealed Network, an expert network that connects South-east Asia’s top minds with organisations across the globe.

He said: “Start-ups have a lot of challenges in terms of raising funds, having the right talent, mentorship opportunities and guidance as to how to execute their ideas.

“Since our alumni network has so many successful entrepreneurs, it is only right that we help them and get involved.”

First-year business studies student Perren Ong, 19, has found a mentor in one of the angel network’s founders – Mr Dennis Poh, 34, the chief executive of Legatcy, a business consulting agency.

Mr Ong said: “The whole entrepreneurship ecosystem is… beyond just academics. It is a holistic learning experience where I receive support, funding, mentorship and advice, where I can reach out to successful entrepreneurs.”

He said that his eco-friendly soap company is only possible because of the support of his mentors.

The polytechnic opened Wednesday’s NP x Carousell Sustainability Laboratory as part of its anniversary celebrations. This partnership was established with Carousell, a home-grown online marketplace, which was founded by Marcus Tan and Quek Siu Rui.