Fostering entrepreneurial dreams; strategies for universities to empower students

By Sucheta Kolekar

In today’s rapidly evolving world, entrepreneurship and innovation have become crucial drivers for economic growth and societal progress. Universities are slowly recognizing the significance of nurturing entrepreneurial talent and fostering a culture of innovation within their ecosystems. Especially the current Indian ecosystem has been extremely supportive and encouraging to build the trend of entrepreneurship. The visions such as “Atmanirbhar Bharat” is an example of where the future is headed, and to make this vision successful, there is a desperate need for universities to nurture and build this mindset in students. But the real question is how can universities do this?

Universities play a vital role in nurturing these ideas by providing educational opportunities, mentorship, networking, and access to funding. Universities can implement various strategies to improve start-ups and foster entrepreneurship within their ecosystem. Here are 10 tips to help achieve this.

Creating Collaborative and Productive Space: 

Universities should offer open physical space to encourage collaboration and innovation that can provide a vibrant ecosystem where students, faculty, researchers, and industry professionals can connect, exchange ideas, and collaborate on innovative projects. The open layout, co-working spaces, and dedicated meeting rooms foster a spirit of collaboration, enabling individuals from diverse backgrounds to work together towards a common goal.

Awareness and Employing Competitive Environment: 

Universities must organize a range of events, workshops, and competitions/hackathons, entrepreneurship awareness campaigns, and success story sessions to promote innovation and entrepreneurship. These activities provide opportunities for students, researchers, and entrepreneurs to enhance their skills, learn from experts, network with peers, and showcase their innovative ideas. 

Networking and Mentoring: 

University should have a pool of experienced mentors and industry experts who provide guidance and support to aspiring entrepreneurs. Mentors share their knowledge, insights, and real-world experience, helping entrepreneurs navigate challenges, refine their strategies, and make informed decisions. Create a very strong network of various innovation/entrepreneurship cells across institutions to connect students’ groups with mentors and industry professionals. Successful entrepreneurs and industry experts interact with students through mentoring sessions, guest lectures, and workshops that provide opportunities for students to network, seek advice, and establish connections. 

Access to Funding Opportunities and Investor World: 

Recognising the crucial role of funding in turning innovative ideas into successful businesses, universities must connect entrepreneurs with potential investors. Such events assist in navigating funding opportunities, including grants, angel investors, venture capital firms, and government funding initiatives.

Acceleration Platforms in Incubation Centres: 

Having common platforms is essential to support early-stage ventures as it provides mentorship, guidance, and access to resources that are essential for the development and growth of start-ups. From business planning and market research to funding assistance and networking opportunities, the platforms provide a comprehensive support system for entrepreneurs to refine their ideas, develop sustainable business models, and secure investments.

Collaboration with Industry and Research Institutions: 

Universities should have an adaptive environment to actively collaborate with industry partners, research institutions, and government bodies to bridge the gap between academia and industry. Having various multidisciplinary institutions is indeed advantageous to execute collaborative projects, research initiatives, and knowledge exchange programs for entrepreneurs with the access to industry expertise, market insights, and technological advancements. These collaborations foster an entrepreneurial mindset and enable entrepreneurs to develop solutions that address real-world challenges.

Entrepreneurship-based Curriculum and Specializations: 

Universities must offer specialized entrepreneurship programs and courses that provide students with the necessary knowledge, skills, and mindset for starting and managing a business. Taking an initiative to develop a comprehensive curriculum that covers various aspects of entrepreneurship, including business planning, marketing, finance, innovation, and leadership as specializations will provide practical learning experiences through internships, experiential projects, and partnerships with industry professionals.

Intellectual Property (IP) Protection and Commercialisation Support: 

There is a need to educate start-ups on the importance of intellectual property and provide support in patent filings, copyright protection, and licensing agreements in the university. Establish comprehensive mechanisms/policy to help start-ups to commercialize their innovations and to connect them with industry partners or licensing opportunities.

Strong Alumni Engagement:

University must identify and engage with successful alumni who have ventured into entrepreneurship to serve as mentors and advisors for current start-ups and aspiring entrepreneurs. It is a good idea to bring all the alumni on the same platform and to create mentorship groups that can pair experienced entrepreneurs with aspiring ones for sharing guidance, advice, and support throughout the entrepreneurial journey.

Local Market and Community Engagement: 

There is a need to establish partnerships with local businesses, communities, and organizations to create opportunities for collaboration and knowledge sharing. Many start-ups look forward to the local community as their potential markets. Build a strong connection with associations of local industries to facilitate networking events and forums such as conclaves, summits, and conferences where student entrepreneurs can meet and interact with local business leaders and potential customers. 

Realisation and execution of these strategies creates a supportive and conducive environment for start-ups to thrive in the university. These initiatives help to foster a culture of entrepreneurship, to provide the necessary resources, and support, and to connect start-ups with key stakeholders, ultimately improving the success rate and impact of start-ups emerging from the university ecosystem. The combination of a stimulating academic environment, access to resources and expertise, and the energy and drive of young entrepreneurs can lead to the birth of innovative ventures. Universities play a vital role in nurturing these ideas by providing educational opportunities, mentorship, networking, and access to funding. Finally, it takes dedicated time and resources to focus on key activities such as incubation, R&D, market validation, regulatory compliance, networking, and skill development, and by ultimately strengthening the start-up ecosystem and contributing to the country’s innovation-driven economic growth.

The author is assistant director (innovation and incubation) at Manipal Institute of Technology, Manipal Academy of Higher Education. Views are personal.