Creating Entrepreneurial Ecosystem in Higher Education Institutes: A Case Study

As of late, technological innovation and entrepreneurship have been underlined in engineering education. There is a need to all the more likely comprehend which individual and contextual level factors are identified with engineering students' innovative goals. The Innovation and Entrepreneurship Development Centre (IEDC) at Kalasalingam Academy of Research and Education was established as an initiative of the National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST), New Delhi to create an entrepreneurial culture and foster growth of innovation and entrepreneurship amongst the faculty and students. This centre has designed innovative and systematic strategies to train the students from the beginning and take them through the journey of becoming a confident and successful entrepreneur. Every year this centre is providing financial support to several students to the tune of 15 lakhs per project for developing innovative products supported under the various schemes of the Government of India such as DST start-up, MSME, and so on. Apart from the financial support, mentoring and infrastructural support for these projects are also extended. The centre also arranges various activities and awareness camps related to Entrepreneurship, Technology-based Innovation, and Idea to Product contests for the students throughout as they move from the first year to the fourth year of their study. As an outcome of all these the students have started 10 start-up companies in the last three years and started generating revenue income. Moreover, these companies have created job opportunities for various job seekers. IEDC has also supported Start-up companies by providing the proper office set-up with the necessary infrastructure. Therefore, the students become entrepreneurs and give a job to another Student. Apart from the Financial Grants from the Government of India, the IEDC centre helps in getting loans from banks to establish their companies in a large set-up. And also, this Centre with students and entrepreneurs for their better living. The proposed framework reacts adequately to the rising difficulties and openings both at national and worldwide dimensions identifying with Small and Medium-sized Enterprises (SMEs). It will be accomplished by checking out the design challenge, orientation and awareness programs, workshops, and transient courses to support undergraduate students to progress toward becoming trendsetters and business visionaries.