Today, when the market dynamics are changing so fast, we don’t just need jobseekers, we also need job creators. While accelerated change has brought forth challenges, it has also presented us with opportunities. An entrepreneurial spirit can act as the much-needed force presenting innovative solutions and contributing to the economic growth of our country.
Recognising this, the Indian government has introduced significant initiatives like Make in India and Startup India to create an ecosystem that fosters entrepreneurship. Encouraged by the positive environment, India has emerged as a dominant force globally with more than 1,12,718 startups recognised by DPIIT, making us the third-largest startup ecosystem after the US and China.
Professor Prakash Gopalan, President, NIIT University has shared insights on encouraging innovation and startups on campus.
To keep up the momentum, universities and colleges should foster an entrepreneurial spirit, by providing students with platforms to explore their creativity, develop practical skills, and encourage them to set up their own ventures.
As technology is advancing and industries are constantly evolving, young people are moving away from the traditional career path. By nurturing an entrepreneurial mindset, universities can help students attain the skills and attitude they need to adapt to change, take risks, and create their own opportunities. Universities will play a significant role in fostering creativity, ambition, and a risk-taking spirit by providing resources, support, and a conducive atmosphere for students.
ON-CAMPUS INCUBATORS
Creating on-campus incubators and accelerators is a great way to fuel the students’ startup ambitions. These programmes give students the support they need to turn their ideas into successful businesses. The advice from experienced businesspeople, access to funding, office space, and networking opportunities they receive at college level acts as an impetus to their dreams. The supportive environment helps students get past the early challenges of starting a business, making it more likely for them to succeed in the long run.
Moreover, encouraging entrepreneurship on campus can lead to designing startups that drive economic growth and job creation. By supporting student startup initiatives, universities can contribute to the development of a vibrant entrepreneurial ecosystem that benefits both the students and the community.
INCULCATING ENTREPRENEURSHIP IN THE CURRICULUM
One of the most important ways to encourage entrepreneurship amongst college students is through entrepreneurship education. Universities should encourage students to be innovative and provide access to mentorship and guidance from experienced entrepreneurs and industry experts. Universities can also offer entrepreneurship workshops, and competitions to help students hone their skills and enhance their knowledge.
Education is integral to determining the entrepreneurial orientation of each student. Here are some of the strategies universities can employ in order to encourage entrepreneurship amongst students:
1. Aligning curricula with real-world challenges: Universities should design courses where students can work on real-world projects. This approach bridges the gap between theoretical knowledge and practical application, providing students with the skills and experience necessary to succeed as entrepreneurs.
2. Experienced entrepreneurs as mentors: When experienced entrepreneurs take time to mentor students, it’s like passing down a treasure trove of wisdom. They not just offer advice, but real-life experiences, connections, and tips that can’t be found in textbooks. This kind of mentorship isn’t just about learning entrepreneurship, but it’s about gaining confidence and how to navigate the unpredictable challenges of starting a business.
3. Industry collaboration: Industry collaboration exposes students to real-world challenges, trends, and opportunities, fostering practical skills, networks, and insights crucial for entrepreneurial success by bridging academia with current industry practices and demands. These collaborations can be sourced from industry partners, local businesses, or even university-driven initiatives.
Through mentorship, education, incubators, and various events, universities can help students hone their entrepreneurial skills and turn their ideas into reality. In doing so, they contribute to shaping the future by empowering the next wave of innovators and startup leaders.
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