Entrepreneurship Development Cell

Introduction

India would be the third largest economy in the world, behind only China and the US by 2050(PWC Report, 2017). India has the largest youth population in the world with around 66 per cent of the total population under the age of 35 (United Nations World Youth Report, 2018). This phenomenon is called, “Demographic Dividend” which will contribute to India’s economy. In 2019, the estimated youth unemployment rate in India was at 23.01 percent . For the past decade, India’s youth unemployment rate has been hovering around the 22 percent (ILO Report, 2019). India’s current population of 1.2 billion is an opportunity. According to a PWC Report (2014), India’s US US$10tr economy in 2034, 40% of this would be contributed by entrepreneurs.

As the government takes steps to promote a culture of enterprise, Academic Institutes have an important role to play in promoting entrepreneurialism in India. Hon’ble Prime Minister of India launched the Startup India Initiative in the year 2016. The idea is to increase wealth and employability by giving wings to entrepreneurial spirits . Skill development and creating job opportunities go hand in hand to enhance the country economically and technically. Developing entrepreneurship opportunities meet the required demand of economic landscape of India. The aim of the E Cell is to develop young entrepreneurs by providing them necessary skills, trainings, proper guidance and motivation to be entrepreneurs.

Vision:

Creating a sustainable and diverse entrepreneurial ecosystem to develop, support and deliver the entrepreneurial spirit amongst students whichenables them to create andproliferate theirbusiness .

Mission:

1. To nurture innovativeness and fostering entrepreneurial culture among students.
2. To create, develop and impart the ability to devise solutions for the problems
of society and industry.
3. To work with industry in pursuit of knowledge and research, leading to the development of cutting
edge and commercially-viable technologies.

Objectives:

The Entrepreneurship Development Cell is solely responsible for incubating entrepreneurial ventures within the campus and providing them with necessary assistance and resources for their expansion .

1. To create awareness on Entrepreneurship among students.
2. To inculcate Entrepreneurial Spirit and Culture among students.
3. To kindle the sparks of students to develop their own start-ups.
4. To prepare the students to run family businesses, and manage new ventures within established organizations.

Policies and Guidelines / Framework

To fulfill the objectives of EDC of NMITD, the framework includes 5 major standards;

1. Formal Education and Training
2. Facility
3. Quality
4. Technology Transfer
5. Social Entrepreneurship

1. Formal Education and Training

Most of the students are not moving towards the entrepreneurship due to lack of knowledge, how to convert their idea or innovation into product . However, through the EDC we-

  • Provide the training to the students as per the requirement of the industry and market. These formal training and guidance will provide the appropriate way to lead to the success.
  • Encourage the students to become self-employed through various hands-on Workshops.
  • Invite the well-known trainers and entrepreneurs from various institutes to train the students.
  • Support to entrepreneurs, including coordinated delivery of national and state government entrepreneurship programs and access to enabling resources, a National Network of Entrepreneurship.

2. Facility

  • We will provide infrastructural facilities to the students.
  • Faculties are introducing the domain related industries to the interested students, as well as helping them in the initial stages of the enterprise. Special focus will be on early-stage ideas and innovations which can be definitely converted to the products.
  • Government schemes for funding are introduced to the students by the trainers and necessary advocacy is been provided. To arrange interaction with entrepreneurs and create a mentorship scheme for student entrepreneurs.

3.Quality

National standards for the skills and enterprise must be maintained as per norms of Quality Assurance framework of India. To maintain and enhance the quality following guidelines are followed

  • Quality of trainings as well as students’ innovations is checked with the peer reviewers, necessary action is taken to improve the weak areas.
  • Students are introduced with the various government standards for the quality assurance.
  • Quality of projects is checked as per the market studies and demand.

4. Technology Transfer

The entrepreneurs should get familiar with the industrial scenario that is the new techniques, business requirement and market demand. Special efforts will be provided to streamline the innovations into products.

  • Key-note speakers from the industry are involved into the training sessions for the students, so as the market conditions will be discussed with the students.
  • Make student approach to the industry very easy through technology business incubation cell.
  • Industries should concentrate on these young aspirations for the development of small business which in turn creates new job opportunities.
  • We are going to connect our incubation cell to the national network of incubators so as to provide them support.

5. Social Entrepreneurship

  • Introducing students with the social entrepreneurship, this deals with issues of poverty, unemployment and inequity in society.
  • ED cell includes the students from all the departments.
  • Women entrepreneurs are also promoted and motivated to form an enterprise.
  • Managing the Family business and start a new venture within established organizations are also promoted.

Organizational Structure of EDC:

Chairman: Dr. SamadhanKhamkar( Director)
Convener: Mr. Girish Jadhav (Assistant Professor, MMS)
EDC Member:
Dr. Anita Bobade (Professor, HOD-MMS)
Ms. Apeksha Gaje

Functions of EDC:
1. To organize Entrepreneurship Awareness Camps, Entrepreneurship Development Programs, Faculty Development Programs and Management Development Programs.
2. To guide and assist prospective entrepreneurs on various aspects such as preparing project reports, obtaining project approvals, loans and facilities from agencies of support system, information on technologies, etc.
3. To organize guest lectures, seminars, etc. for promotion and growth of entrepreneurship.
4. To arrange visits to industries for prospective entrepreneurs.
5. To arrange interaction with entrepreneurs and create a mentorship scheme for student entrepreneurs.
6. To setup and operate an Incubation Cell – ATAL in association with RambhauMhalgiPratishthan andGarje Marathi Global.
7. To makeMoUs with different Entrepreneurial Institutes (Asian Institute of Family managed Business)

Standard operating Procedure (SOP):
1. Interested Studentswill register with the E-cell
2. Entrepreneurship training will be provided by theexpert
3. Studentswillmentor and come with the idea
4. An expert will help them to develop the idea at commercial level
5. Fully developed idea will be present in front of the Venture Capitalist (VC)
6. Students will get financial support from VCs
7. Other support has been provided to them from E-Cell
8. Successful students will guide and motivate other students to become an entrepreneur