Friday, October 15, 2021

Engineering Colleges: Fostering World-Class Startup And Adding New Dimension To Entrepreneurship Model

According to inc42, the supply gap in job opportunities, entrepreneurship has now become need of the hour

We measure the success of a startup based on the amount of investment they raise which is not the case in all the startups

Many engineering institutions have to look beyond apps and tech-based startups to invest more in real issues of society to create more impact than just looking for more investment.

The ongoing coronavirus pandemic and the subsequent lockdowns have widened the demand and supply gap in the world. And, the gap can be filled only with technical expertise and soft skills. This demand has been making engineering institutions a hotbed for developing and nurturing entrepreneurship among their students, who want to build a self-dependent sustainable lifestyle for the ‘new normal’ world.

Though entrepreneurship and startups started as a major lifestyle choice in these colleges, with the unprecedented times it has now become a need to have quality which allows students to test themselves before going in the real world outside these colleges.

Role Of Incubation Model

Incubators play a key role in managing and providing a safe space for students to test their ideas and fail safely to try again. The iteration rate may be around 60-70% as of now, where these many students are not pursuing the startups post-graduation. However, this exposes them to the possibilities and also gives them the taste of amount of possibility they can have, if this is done right. However,  there are still 30% of students, who stick to entrepreneurship and 1% of them lead a successful startup in coming times.

Engineering institutions provide various resources through incubators to their students to build a success startups which are not limited to access to labs, research set-ups, servers for IT-based solutions, also a huge audience as students and staff to test and pilot any product or service you build.

These institutions provide highly educated and trained faculty as mentors to these startups, working space, and sometime incalculable resources to them to build what may change their lives. Due to the supply gap in job opportunities, entrepreneurship has now become need of hour. The knowledge of entrepreneurship has opened many new avenues for the graduate students, who probably have spent their family’s fortune in earning this degree.

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