An NTU team emerged in the top three in the General Category of the competition, which attracted 682 international participants, 183 Executive Summaries and 34 Business Plans.

The world's oil resources are depleting, and there is an urgent need to conserve energy.

Voltedge Inverters can help achieve this by reducing energy wastage in variable speed motors, say the second runners-up of the 7th Start-Up@Singapore National Business Plan Competition. From a business standpoint, the company's "no breakdown" design will also ensure its competitive edge in the market.

But probe him on his team's winning formula, and group leader Lau Eng Tin, a final-year student from the School of Electrical & Electronic Engineering, declares: "We were very motivated and cohesive as all of us went through the same Minor in Entrepreneurship course organised by NTU's Nanyang Technpreneurship Centre." Eng Tin also honed his entrepreneurial skills during his industrial attachment and studies in Beijing under NTU's Global Immersion Programme (GIP).

He adds: "I am very happy that our team finished in the top three as we are able to use the prize money of $5,000 for our company's operations. Moreover, we gained some recognition in the course of this competition and we also gained some valuable contacts that can be useful to our company."

The 7th Start-Up@Singapore National Business Plan Competition - jointly organised by the National University of Singapore (NUS) Entrepreneurship Centre (NEC), NUS Business School Alumni Association and NUS Entrepreneurship Society - aims to promote the spirit of entrepreneurship in Singapore and to be a platform for aspiring entrepreneurs to reach out to the world.

It is a highly-regarded launching pad for start-ups, attracting venture capitalists, chief executives and senior managers from the entrepreneurial community.

This year's competition drew 682 international participants, 183 Executive Summaries and 34 full Business Plans.

© Corporate Communications Office