Taiwan business magnate Samuel Yin starts Asia’s Nobel-type prizes
Samuel Yin, head of Ruentex Group, of Taiwan tycoon is funding to establish Tang Prize Foundation with an initial endowment of $103 million. It has been named after the Tang Dynasty of 618-907 ADwhich is venerated by the Chinese for its cultural and scientific achievements.
What this foundation would do?
- The foundation would award Nobel-type prizes to recognize extraordinary works in biopharmaceutical science, sustainable development, study of China and the rule of law.
Why this initiative?
- As per the founder, the foundation would recognize those fields which bear intrinsic importance for humanity but are not covered by the 118-year-old Nobels.
- The prizes will be awarded biennially starting next year (2014). Winners will receive $1.7 million, compared to $1.2 million that comes with a Nobel Prize.
- The winners will be nominated and screened by special panel set up by the Academia Sinica, Taiwan’s most esteemed research organization.