It might be tempting fate to give one’s entrepreneurial idea a chance to turn into a business but if one dares to climb the ladder, one can reach unfathomable heights. Venturing into the business world not only provides one with the opportunity to attribute their existence to a cause and make a cut in this jam-packed world but also helps one in creating opportunities for others. The Entrepreneurship Development Cell of BIT Mesra conducted the Institution’s Innovation Council (IIC) Orientation Session which commenced at 5:00 P.M.on 13th April, 2021, through the video conferencing platform, Microsoft Teams, where the esteemed guests encouraged, inspired, and nurtured young students to systematically take entrepreneurial steps and to foster a culture of innovation in the college.
IP, IPR, and Technology Transfer
Professor SK Rout explained the types of IP and the definition of a patent. Intellectual property (IP) is a form of immaterial asset of the human mind. Intellectual Property Rights(IPR) are legal rights granted to creators of IP to give them protection over their immaterial and intangible assets. It grants the ownership of one’s creation. He also briefed on the importance and criteria of a patent. A patent cannot protect an idea; instead, the idea must be embodied. He enlightened the audience with numerous advantages of IPR but also enlisted a few of the disadvantages of which one cardinal drawback is that IPR products can seldom be expensive.
The topic was covered by Professor Vishal H Shah where he elaborated on the perils of starting an enterprise or investing in other startups. The one who sets up a business takes on financial risks in the hope of profits. He added that creativity, dedication, determination, flexibility, passion, leadership, and creativity are the consequential parameters to become a successful entrepreneur. As per him, there are two faces to entrepreneurship which are social and business. The purpose of social businesses is to create efficaciously significant social changes in the course of generating profits to sustain whereas business focuses on building a business and earning buoyant profits. He talked about the inspiring stories of the most widely known and revered Indian entrepreneurs of all time like Dhirubhai Ambani, Narayan Murthy, Kiran Majumdar, and many more who spearheaded and galvanized positive social changes in their respective fields. Furthermore, he mentioned some of the successful startups driven by the alumni of Birla Institute of Technology, Mesra, that includes Alcast, B-Factory, Ardubotics College Store, Lenskart, WhiteHat junior, and many more.
Obscurity in terms of equity versus debt options, untenable business plans, lack of patience, and imbalance between investments and operations are the four major pitfalls for entrepreneurs.
Pre-Incubation and Incubation Management
The objective of this program is to guide and equip the faculty to manage pre-incubation and incubation activities within their institutions. The chief goal is to provide support in building business models and business plans for new products. Dr Vijay Nath underscored the paramount importance of educating students about the program structure and the mechanism of e-village.
The financial arrangement of the incubator is essentially the key aspect of running an incubator as incubation is a cost centre.
For an incubator to run smoothly, it requires a fine management team which can handle the day-to-day activities of the incubator so here the focus is on how the management would manage the incubators bearing in mind the challenges faced in the daily operations of an incubator.
Design and thinking
This area was covered by Dr Manish Kumar who is an associate professor in BIT Mesra. Design thinking is a structured process for problem-solving. The purpose is to facilitate innovative solutions. The basic principles of design thinking include a structured process, focusing on users, scientific methods and diverse teams. It believes that the people who face problems are the ones who hold the key to their problem’s answer. It is a human-centered problem-solving tool that accentuates empathy collaboration co-creation and stakeholder feedback.
To encapsulate, this orientation programme gave a deep dive into the various aspects of entrepreneurship and it wrapped up by 7:00 P.M. with the fundamental message that entrepreneurship cannot be taught and that it can just be developed and orientation sessions like these are the basic tools for such development.
Reporter: Pawan Agarwal
Editor: Aryan Raj