Creating Ecosystem of Innovation & Entrepreneurship in New Engineering Colleges

Abstract

India is a developing nation growing with average GDP of 5-6% in last few years. There are around 30 million students graduating from our institutions and searching for jobs. For catering to this huge demand for job creation, policy planners need to focus on innovation and create an ecosystem conducive for commercialisation of student’s innovative projects. There is emergent need to bring different stakeholders at a common platform and integrate their efforts to accelerate the process of new venture creation. The paper attempts to come out with effective support system needed by a new engineering institute for creating an ecosystem of innovation and entrepreneurship. There is a need to formalise the complete process of engineering education for innovation and entrepreneurship. In this paper, an attempt has been made to come out with ways and methods, through which an Engineering College can create a self-sustainable culture of innovation by the help of little capital grant by public and private bodies. The process and methods in this paper are based on experience of two colleges in the state of Rajasthan that have taken a plunge to create an ecosystem of innovation and entrepreneurial education.