Taiwan business magnate Samuel Yin starts Asia's Nobel-type prizes

February 2, 2013

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.
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