Innovation and entrepreneurship education is in the limelight. Ritesh Goyal lists trending changes that will shape the industry
Over the last two decades, the study of entrepreneurship has expanded from just the study of entrepreneurs and market research to a much broader subject. Now, the study also incorporates entrepreneurial behavior patterns of an individual, a company and the market, start-ups, and scale-ups, the different business partnerships, societal and economic development, and others. Students are showing immense interest in becoming entrepreneurs than working for someone else.
India has become the third-largest start-up ecosystem and numerous start-ups are emerging every day with the hope of rising to the top. Universities are making an effort to bring the right infrastructure in place to enhance entrepreneurship education. The number of universities now offering the entrepreneurship course is slowly rising and soon we will be looking at more reformed programs that also help second-third generation entrepreneurs to help scale their business.
Let us look at the five trending changes that promise to uplift the innovation and entrepreneurial ecosystem:
Incorporate entrepreneurial eco-system and learning: The universities and colleges have started acknowledging and providing entrepreneurial courses, and are now focusing on building an advanced curriculum that will form the heart of this unique program. More experiential learning, implementation of innovative ideas, live projects, building business models, facing real-world challenges, outside classroom learning, is what will encourage and prepare the students for what the market has to offer.
Inclusiveness and mass reach: Institutions have started marketing the benefits and learning of entrepreneurial education. Since, when it comes to business, we see more male candidates and also people who have money to invest, the whole marketing strategy is based out on the awareness of investors available for financial support and how women can benefit and make this career choice their own. The whole start-up scenario needs diversity and inclusion, which is now being worked upon and is open to all those who has a mind for business.
Building innovation labs and creative workspace: The next thing institutes are looking forward to is building innovation labs and workspace where the students have the tools, materials, and training they need to create prototypes and play around with innovation. A few colleges have already established such spaces inside their campus for the betterment of the students. We are looking at more communities coming forward and building such an innovative space where the students get to nurture their innovation potential.
Boot camps and competitions: A budding entrepreneur needs the push to do his best. Rigorous training programmes should be conducted frequently that enrich the students with new ideas, techniques, resources, networks, investors, tools, infrastructure, and the right mentor is what will drive them launch their start-ups and make it a flourishing business. Competitions with other budding entrepreneurs over innovative products and services will give them the boost they need to ideate and strategise. The boot camps will help the students grow a business sense, talk to investors and grow their network on a national and global platform.
Going global: Global problems need global solutions. Institutions and Governments have started collaborating on using young minds to think and act globally. Budding entrepreneurs now think of problems from a global angle and are coming up with solutions that may eradicate some major global issues like pollution, global warming, and the availability of clean water. The Government has started grants and is investing in such projects so that entrepreneurs can present them in front of a Global forum.
The writer is Managing Director and CEO, GIBS Business School, Bangalore
