Recently, the Government announced that it will create a separate Ministry for promoting entrepreneurship and skill development. With nearly 65% of the population below 35, this move will provide plenty of job opportunities in the business sector to the unemployed youth, says Gaurav Bagaria
Amidst the debate whether the growing number of higher education institutes are proving to be detrimental to quality education or are creating more job seekers, there are certain institutes and universities that are more concerned with creating entrepreneurs. These institutions have been silently working as centres where not only education is nurtured with quality. They also lay down a lot of emphasis is laid on how quality education can be transformed into business reality. This helps pave way to industrialisation and economic development. For those with an innovative bent of mind, whether technically or entrepreneurially, it can prove beneficial to seek admission in an institute that has entrepreneurship development.
lauching Pad
These centres are an entrepreneur launching springboard. One can take an idea, build a prototype, test its validity, develop a product out of it, and can then successfully launch it into the market. The centre provides all the required resources and support including mentors, advisory council, infrastructure, seed fund and regulatory compliance support.
Accelerate support: The centre helps one polish the idea in the first place. It’s more like a boot-camp, where ideas are accelerated in a fast forward mode, and fine tune it as per market scenario. The centres, often referred to as incubation centres, provide budding entrepreneurs with access to mentors cutting across sectors. Mentors share their expertise that helps the business venture quickly become efficient.
Bring in money: The focus should be on building the product prototype and the centre handles your financial hassles. The centre first help with seed fund to build the product prototype and then help one to raise funds for subsequent operations.
Provide infrastructure: The centres have efficiently designed adequate infrastructure with work spaces with lAN/Wi-fi zone, telephone lines, printers, scanners, and all basic amenities needed for hassle free smooth functioning.
Access to service providers: More often than not start-ups falter because they don’t have access to high-quality service-providers in the area of HR, IT, management and operations. The centre acts as a handy hand for all shared services support.
Connect with alumni: Alumni network not only helps prevent pitfalls but also inspire one with their experience and success story. Alumni also help connect with their industry network.
Compliance guidance: Centres also help in dealing with regulatory compliances, provide legal advisory in managing intellectual property rights, and guide on accessing funds from various sources.
Eligibility
Usually student get advantage under three prime considerations.
Skills needed
After having established that the business idea is worth investing time, money and expertise, members of the centre want one to ably demonstrate certain qualities.
(The writer is centre head, CIED, Vivekananda Global University, Jaipur)