NIT Andhra Pradesh is working to encourage its students to become entrepreneurs and contribute their efforts towards realising the vision of making India a US $ 5 trillion economy by 2024.
In that direction, NIT Andhra Pradesh organised a five-day online workshop on ‘Business Success Stories from Entrepreneurs’ between 21 to 25 June.
Recognizing the key role of innovation and entrepreneurship in this process, NIT Andhra Pradesh organized this event for their students to learn from Business Success Stories from Entrepreneurs.
The coordinators for the workshop are Dr. Sankar Peddapati, Associate Dean (Research and Consultancy), NIT Andhra Pradesh and Dr. V. Sandeep, Associate Dean (Industry Outreach), NIT Andhra Pradesh.
NIT Andhra Pradesh gives a big boost to great entrepreneurship
The event would nurture and encourage entrepreneurship among students and young faculty to benefit from ‘Startup India’ ‘Make in India’ and ‘Atmanirbhar Bharat’
Moment turned special when Professor R.R. Sonde delivered a lecture on ‘Triple Helix Model to fast-track research and development into business: The fundamentals’
The special lecture was delivered during the inauguration of the five day event on 21 June.
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Innovation and incubation should be part of the curriculum, said Professor Sonde.
Innovation is creating a new enterprise…Science must be used largely to solve the problems facing the society and planet today, which are existential – climate change, nuclear terrorism, and Artificial Intelligence, said Professor S.S. Sonde delivering the lecture at the event at NIT Andhra Pradesh.
It is interesting to note that Professor Sonde developed India’s first fuel cell prototype in less than 24 months.
Professor Sonde further said they have got a lot of collaborations for that project.
‘Globe is the field that we need to look at. Build a product for the Indian environment and if it can work in India, it will definitely work across the globe.’
We worked with 12 Institutions and several academic institutions including IIT Delhi for this project, he said while delivering the lecture at NIT Andhra Pradesh.
If we want to create a core ecosystem for enterprise, we have to work collaboratively. Even during our work in Atomic Energy Commission of India, every system we were working were first-of-its-kind, with no precedence. We worked collaboratively with many industries, said Professor Sonde.
Professor Sonde also said India is largely self-reliant on complex technology of Nuclear, Space, and missiles because these high technologies were denied to us.
But when it comes to many commercial-scale developments, our performance has been far from satisfactory.
We need to bring about this change and start building technology platforms in many areas.
How do we allow ourselves not to miss these scientific revolutions? We are doing well in IT Sector and generic pharma sector but are we doing well in complex technology platforms like AI, robots, sensors and so many things, we are still importing 80 per cent of the components, said Professor Sonde at the event at NIT Andhra Pradesh.
What are the outcomes of this five-day workshop organised by NIT Andhra Pradesh? They are:
Ø The students develop understanding in application of an entrepreneurial way of thinking that will allow them to identify and create business opportunities that may be commercialized successfully.
Ø Students develop understanding in in drafting business plan
Ø Understanding the business ecosystem, avenues of funding and startup sustainability.
NIT Andhra Pradesh director Professor C.S.P. Rao said it has been the motive of the Government of India to do a lot in the innovation and incubation of technologies.
Although we occupy third positions in publications, but at 21st position in terms of patents, NIT Andhra Pradesh director.
The government has been encouraging young students and young faculty members to nurture technologies and innovate new products, based on which new startups can come out.
The objective of NIT Andhra Pradesh’s Centre for Research Innovation Incubation and Consultancy (CRIIC) is to encourage students to become entrepreneurs by way of start-ups, he said.
Professor C.S.P. Rao further said common among success stories is innovation. A novel solution to an existing problem can be a motivating idea for a startup.
A survey found that the startups had a success rate of 10 per cent. If this is the case, how to have a start-up? who is going to fund start-ups?
The recent pandemic has given a lot of opportunities for India to become strong in pharma, medical equipment design and supply, said Professor C.S.P. Rao.
Youngsters have to capture such opportunities given by the environment and the Government of India, he said.
NIT Andhra Pradesh is planning to initiate the following measures following the workshop:
1. Formation of Entrepreneurship-startup Advisory Committee to NIT-AP’s existing Centre for Research Innovation Incubation and Consultancy (CRIIC)
2. Inclusion of Department faculty coordinators in CRIIC
3. Implementation of Triple-helix model
The Five day event was organised by the NIT Andhra Pradesh’s Centre for Research Innovation Incubation and Consultancy (CRIIC), which works to create a self-sustainable business incubation facility and innovative eco-system to promote advancement in science and technology.