On Tuesday, Beijing International Studies University (BISU) announced a 1 million yuan (US$146,400) special fund to promote academic innovation for postgraduates and also help them start their own businesses.

The new program will be launched in a series of campus events, including a SYB (Start Your Business) planning competition, several academic exhibitions, and the opening of a translation agency operated by postgraduates.

A 1 million yuan fund supporting academic innovation and entrepreneurial endeavors of postgraduates was set up by Beijing International Studies University on May 25. [China.org.cn]

"Postgraduate students used to learn from lectures but lack practice," said Ji Jinbiao, vice president of BISU. "The program provides them with plenty of opportunities where they can put what they've learned into practice and come up with new ideas during the process."

Part of the fund goes to construct 20 innovation bases and organize campus events, while the rest supports postgraduates with their academic research. There are about 1,000 postgraduates studying at BISU at present.

According to Ji, this is the first time the university has a program that will involve and benefit all postgraduates, and he stressed it's equal opportunity for all.

Ji said in 2010, BISU approved 65 academic project applications involving 352 postgraduates, which means about one third of the postgraduates get support from the fund for their research. For those whose applications are refused, they can try again in the next two years.

Furthermore, Ji said the school authority will supervise the fund to prevent money from being misused. Fund applicants receive reimbursement only for money spent on research. Moreover, an academic article or report is required from each project group by the end of the year.