A major Singapore private university Singapore Institute of Management (SIM) is launching a S$50 million (US$35.1 million) initiative to nurture future entrepreneurs and help scale and fund startups and SMEs.

Christened Platform E, the industry-agnostic programme will be run out of a 25,000 square feet (2,322 sqm) co-working space at the SIM Management House in Namly Avenue.

It will seek to train and equip entrepreneurs with the necessary skill sets, incubate business ideas and help startups develop their go-to-market strategies and find their product market fit. Professional corporate services, peers, investors, mentors will be brought on board to facilitate this programme.

What is interesting about this programme is that it not only open to fresh graduates, but also to PMETs who are seeking a career switch. Existing entrepreneurs who need a leg up can also apply.

Platform E is expected to roll out in April 2017 and will feature two entrepreneurship tracks,

IntenseE Track: 12-month programme aimed at equipping new entrepreneurs with the necessary know-how to ideate, start, operate and sustain a business. By the end of the programme, there will be a pitch day where participants can showcase their startups.

IncubatE Track: a four-month programme for the “mid-journey” entrepreneurs. It aims to impart in-depth industry knowledge and practices, and will custom electives according to their specific needs.

“As we move into a future of even greater market disruptions, entrepreneurship and innovation will be a key engine of economic growth. Platform E is SIM’s first move to support Singapore’s push in the new economy.

Our philosophy is to cultivate a long-term relationship with entrepreneurs so that we can continue to support them as they scale up and grow,” said Chairman of its Board of Directors and Member of SIM’s Governing Council, Mr Tan Choon Seng, in an official press statement.

While SIM’s new entrepreneurship drive is a first for a Singapore private university, the country’s public universities have long been pouring heavy resources in nurturing the local startup ecosystem. These include Singapore Management University (SMU)’s Entrepreneurship Immersion Programme and Nanyang Technology University (NTU)’s Nanyang Technopreneurship Center.

But perhaps the most well-known university-backed entrepreneurship programme in Singapore is Nanyang University of Singapore (NUS)’s NUS Overseas Colleges (NOC) programme, which sends students to tech companies in overseas countries to gain industry experience. Among its esteemed alumni are highly-valued startups such as p2p marketplace app Carousell and live chat platform Zopim.

This article was first published on e27