Educational Institutions are emerging as a savior to the startups in India. GOA Institute of Management has started Center for Innovation which is helping the entrepreneurs to sustain their Businesses. Students are the major beneficiaries of this venture. See how the whole model is functioning.
In India, there are various challenges faced by the entrepreneurs at the initial stages of the Business. It is an established fact that over 40% startups set up in the last two years have died. Many factors contribute to the shutting down of the startups, but one of the primary factors involves the lack of innovation and new business models.
According to the study by the IBM Institute of Business Value and Oxford Economics, 90% of Business startups fail in the first 5 years due to the lack of mentioned factors. The failure of the new business is also fostered by the inadequate formal monitoring. What the new business does is to replicate the western business models that do not fit the local market conditions. Copying the existing models make the existing business model too rigid for the market.
Filling the Gaps-
India does not invest in the R&D through international cooperation between different countries and multinationals. Therefore, it is imperative to fill the gaps through other means. The educational institutions can play a vital role in establishing the linkages to give a proper direction to the startups. This would be a win-win situation for both as the startups would be able to sustain & grow, and the educational institutions will get the practical exposure of the real-time problems faced by the startups.
An Initiative by GIM-
GIM (Goa Institute of Management) has taken a tremendous step towards improvising the startup culture in India. With the declaration of the Goa Startup Policy 2017 by the Government, the GIM has decided to bring together the student community and faulty to deliberate on the innovation challenges faced by the startups. GIM has started a flagship event to bring together the entrepreneurs and academicians to explore the critical areas where inputs from the academicians and experts can be given.
Problem Detection and Solving-
Professors of the GIM with their year-long experience can scrutinize the problems faced by the entrepreneurs and can find the solution to the issues. In many cases, the GIM professors have addressed the problems faced by the startups and given the appropriate solutions by which the entrepreneurs can improve and analyze the productivity of the company. There are various faculties available with expertise in specific areas which guide the entrepreneurs with the relevant inputs.
Learning Opportunity For Students-
There is no match with the practical knowledge that a student gets through these practices. The activities by the faculties become the case studies for the students. GIM students are learning are growing their knowledge to become the leaders of tomorrow in the corporate world. Many students will get the inspiration and will itself become the successful entrepreneurs using the practical knowledge they learn from the Centre for Innovation.
GIM has given the opportunities to many other academicians and practitioners by providing this platform to get associated with a lot of term association with the local businesses. A long roadmap has been laid by the GIM to provide the best mentorships to the firms in the long run.
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