Following in the footsteps of the Indian Institute of Management Bangalore and other institutes that support fledgling entrepreneurs, Visvesvaraya Technological University (VTU) has instructed all colleges affiliated to it to incubate startups. Colleges will have to provide well-equipped space, impart relevant information to students and even help with funds.
Vice-Chancellor of VTU Karisiddappa said that the university directed college principals last month to ensure that student startups are nurtured. “It is the responsibility of colleges to provide the necessary infrastructure and financial assistance so that startups in colleges work like a mini-industry,” he said.
Colleges have also been asked to conduct monthly meetings with student startups and submit a report to the varsity. “It is mandatory for all 220 affiliated engineering colleges to initiate these measures. Colleges can also invite industry experts to share their experience with students who have come up with products, software or services for their startups. Students should be given tips on how to improve their product as well as marketing and sales strategies,” he said.
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On infrastructure, Prof. Karisiddappa suggested e-lounges with comfortable seating for students, computer or laptop facilities and high speed Wi-Fi. This space will not be limited to students of that particular college in which it is built. According to the Vice-Chancellor, students from different colleges should be encouraged to brainstorm in these e-lounges.
However, apart from funding, even proving required infrastructure and teaching guides to nurture young startups will require hefty investment from colleges.
Entrepreneur Girish S. Kumar said that the investment will depend on the nature of work. “If computers and seating space are already available on campus, investment required can range from ₹1 lakh to ₹5 lakh. Once they take off, startups can generate their own revenue and use the money to expand,” he said.
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A principal of a Bengaluru college welcomed the idea but was worried about funding. “Engineering colleges are finding it difficult to sustain. We can provide the space and technical expertise, but funds may be a challenge. Students could instead be asked to crowdsource funds for their venture,” he said.