Entrepreneurship Development in Engineering Education Thanikachalam Vedhathiri email@example.com
Engineering Students have Ample Opportunities to become Entrepreneurs
Need for Research • Knowledge based economy needs more competent entrepreneurs • 1.6 million students enter into engineering colleges per annum • Substantial number of graduates are underemployed/ underemployed • Most of the curricula do not focus on the entrepreneurship development
Instructional design ?
Status of the Entrepreneurs â€˘ Most of the entrepreneurs started working on their ventures without adequate knowledge. â€˘ While they eventually learned by trial and error, many false starts and redirection could have been avoided with a complete understanding of the start-up dynamics.
Objectives â€˘ Identify the best global practices in entrepreneurship development in engineering education. â€˘ Assess the entrepreneurial development efforts in well performing Indian Institutes and Universities. â€˘ Suggest appropriate transformation processes to incorporate entrepreneurial development in the engineering curricula.
Deepak Khazanchi (2016) â€˘ Engineering students have to translate skills into abilities to solve practical business/ research problems.
Selected Global Programs in Entrepreneurship • Aalborg University’s Entrepreneurial Engineering Program • Dartmouth’s Engineering Entrepreneurship Program (DEEP) • University of Michigan’s Interdisciplinary Graduates Programs • University of Notre Dame’s Engineering Science and Technology Entrepreneurship Excellence Master’s Program (ESTEEM) • Georgia Tech Industry Collaboration • MIT –Boston’s initiatives
International Programs in Entrepreneurship Development â€˘ Aalborg Universityâ€™s Entrepreneurial Engineering Program -Develops mindset and skills -Students are trained to bring technical competencies into the program and creatively combine with business savvy in order to create new values with a foothold in their background. -Students learn to generate, develop, and realize ideas
Dartmouth’s Engineering Entrepreneurship Program (DEEP) • Integrates entrepreneurship with leadership training • Students are immersed in the interdisciplinary team project • Provides project opportunities • Immerses them in hands-on innovation and technical entrepreneurship • Student teams develop project ideas out of a general area, brainstorm a solution, build and test a prototype, develop a business plan and present their idea to review board of potential funders.
Interdisciplinary Graduates Programs of University of Michigan • Master of Entrepreneurship • Students discover how science and innovation create value in the market place • Create customer-ready prototypes • Provides hands on experience to budding entrepreneurs
Georgia Tech’s Industry Collaboration • • • • •
Engage and Recruit Top Students Access Research and Development Office of Industry Collaboration (OIC) Enterprise Innovation Institute Development of Workforce
MIT Boston’s Initiatives • • • • •
Learning by Doing Martin Trust Center for Entrepreneurship Deshpande Center for Technology Innovation Venture Mentoring Service Bernard M Gordon-MIT Engineering Leadership Program • Legatum Center for Development and Entrepreneurship
Selected Indian Initiatives • IIT Madras’ Incubation Cell • IIT Indore’s Innovation and Entrepreneurship Development Center (IEDC) • IIT Gandhi Nagar’s Entrepreneurial Development Efforts • NIT Trichy’s Center for Entrepreneurship Development (CEDP)
Engineering curriculum has to focus on what?
Suggested Transformation Process • • • • • • • • • • • • •
Assessment of the Curriculum Curriculum Improvement Faculty Development Analysis of Current Needs of the MSMEs Planning and Design Assessment of Market Cost of the Components Risk Analysis Business Plan Registration Sources of Funds Financial Management Taxation HRM
Idea Generation and Validation • Idea generation would yield the most important products • Validate the idea through MSMEs • Out of the Box thinking would provide many innovative substitutes
Less than 2% of the Engineers are Entrepreneurs !
Proto Type Development • • • • • • •
Analyze the Needs Plan, Design, Produce, Test, and Improve Assess the Market Potential Check the Key Success Factors Incubate Get Funds from the Venture Capitalists Mass Produce and Market Successfully
Incubation Process Relate incubation process to the curriculum and instructional planning .
Lessons • Develop Educational Policy to Encourage Innovative Entrepreneurship Development Programs • Develop Interdisciplinary and Multidisciplinary Curricula • Focus on the Resources, Infrastructure, Culture of the Institute, and the Key Skills of the Faculty • Measure the Achievement of the Students • Evaluate the Program Achievement Continuously and Bring Improvements • No Shortcuts
Are you planning to add 1% of the focus on entrepreneurship development?
Thank you YOUR QUESTIONS, PLEASE