How educational institutions can foster entrepreneurial skills, and mindset among students
Both Indian and international institutions often establish incubation centers to nurture startups.
Given the dynamic environment that we live in these days, high expectations are placed on educational institutions at the graduate or post-graduate level to deliver well beyond their traditional outcomes, viz. graduation and research. One of the additional expectations now taken as a given, especially from the top-level institutions, is placement. In addition to this, over the last decade or so, providing entrepreneurship support has also emerged as an important expectation.
Here we look into the kind of support currently provided by the top-level institutes in the country in the fields of Management and Engineering to see if enough is being done and how this support can be improved and expanded to other schools across levels and fields.
Let us first compare the entrepreneurship support provided by Indian Institutes of Management (IIMs) and Indian Institutes of Technology (IITs) with that offered by schools abroad, highlighting both similarities and differences. It's important to note that the comparison may vary among different international educational institutions, but we can draw useful general observations.
Incubation Centers: Both Indian and international institutions often establish incubation centers to nurture startups. These centers provide physical space, mentorship, and resources to help young entrepreneurs develop their ideas into viable businesses.
Mentorship Programs: Both types of institutions recognise the importance of mentorship. Mentorship programs connect aspiring entrepreneurs with experienced professionals who can offer guidance, insights, and industry knowledge, fostering a supportive environment.
Networking Opportunities: Creating networks is crucial for budding entrepreneurs. Both IIMs/IITs and international schools organise events, seminars, and networking sessions that bring students, alumni, industry experts, and potential investors together to facilitate collaboration and knowledge exchange.
Global Exposure: International schools and leading Indian institutions alike emphasise the significance of global exposure. They may collaborate with global partners, facilitate exchange programs, and encourage students to participate in international competitions, broadening their perspectives and preparing them for a globalised business environment.
DifferencesAccess to Funding: One notable difference is often the access to funding. While IIMs and IITs have made strides in connecting students with investors, top-schools abroad have more established connections with robust funding ecosystems, including venture capitalists and angel investors, providing students with more extensive financial support.
Integration into Curriculum: Some international institutions seamlessly integrate entrepreneurship into their academic curriculum, offering specialised courses or majors in entrepreneurship. This might be more structured compared to certain Indian institutions where entrepreneurship education may be pursued as electives or extracurricular activities.
Entrepreneurial Culture: In certain international schools, especially in regions with a strong startup culture like the Bay Area, the overall environment is more conducive to entrepreneurship. This could be due to a higher tolerance for risk, a greater emphasis on creativity and innovation, and a cultural acceptance of failure as part of the entrepreneurial journey.
We have seen that while IIMs and IITs share common ground with international schools in fostering entrepreneurship, differences arise in the level of financial support, integration into academic curricula, and the prevailing entrepreneurial culture.
Adopting these for the Indian Institutions could help in two ways – providing a stronger platform for the success of startups right from the institute level, benefitting both the entrepreneur and the institute, and giving confidence for the wanna-be-entrepreneurs-down-the-line that they can turn to their alma mater for assistance if, and when, needed.
Now that we have seen what the top-institutes in the country need to do, let us look at how the best practices from these can be used by the other institutes in the country. Let me point out that a good proportion of the other institutes have been very actively working on this front, closely adopting the necessary best practices not only from the top-level schools in India, but also from those abroad.
However, the biggest handicap that most of them face is the lack of successful alumni who can directly mentor students. While some of them have a few, many cannot claim to have even those.
Cities like Bangalore/Mumbai are very happening on the entrepreneurship front along with the other metros. However, if we move to tier-2 cities, the help available is minimal, almost non-existent.
This problem could be addressed via university/city level collaboration centers can be set up so that the available resources can be pooled and used to help and guide students interested in starting on their own.
Source:
https://economictimes.indiatimes.com/small-biz/sme-sector/howhow-educational-institutions-can-foster-entrepreneurial-skills-mindsetamong-students/articleshow/106170784.cms
