University-Industry Linkage with Teaching-Research Nexus: Creativity & Innovations-Path Forward for Young Entrepreneurs

According to the Global Entrepreneurship Monitor 2022/23 global report titled “Adapting to a New Normal”, India, with a 6.1 score, ranked 4th in the top 5 economies to start a business. The UAE, Saudi Arabia, Taiwan, and The Netherlands are other countries on the list.

Business-friendly policies of Government, University-industry collaboration for research-based education, an impressive talent pool, etc., have improved India’s ranking on the global entrepreneurial scene. 

(Global Entrepreneurship Monitor (GEM) considers 13 distinct conditions known as Entrepreneurship Framework Conditions of a particular economy to define the entrepreneurial ecosystem. National Entrepreneurship Context Index (NECI) results are an outcome of the framework conditions for each of the 51 economies.)

Universities are facilitators of quality education and are crucial in encouraging entrepreneurial spirit through university-industry collaboration and teaching-research nexus. 

University-Industry Linkage with Teaching-Research Nexus: Creativity & Innovations-Path Forward for Young Entrepreneurs

In an exclusive chat with Dr Dinesh Kumar Saini, Director, Directorate of E-Cell, Manipal University Jaipur, he said, “Industry-academia collaboration is the need of the hour. It helps students get industry exposure and provides organisations with a ready pool of human resources. 

Being a premier university for providing an environment that stimulates innovative and creative mindset, we at Manipal University, Jaipur, offer an extensive range of industry collaborations, experiential activities and a dedicated E-Cell to encourage young entrepreneurs to tickle their grey cells and build innovative business solutions.”

A nexus of research-based teaching and industry-academia collaboration stimulates innovation and creativity. Here are key reasons why we consider this partnership to be the ultimate booster for a thriving entrepreneurial environment in India.

• Academia-industry collaboration is on the rise because of its positive influence on generating a skilled workforce and preparing a pool of young entrepreneurs with sufficient knowledge of industry trends and necessary skills.
• Universities utilise industry support to fund research and innovation projects. According to the Organisation for Economic Co-Operation and Development (OECD), the industry conducts around two-thirds of R&D in science and technology studies. Universities carry out the remaining 20% of R&D work, while the government carries out 10%.
• The World’s top-ranking universities attract industry funding for their projects and innovations. The pharma industry is among the top investors in universities for building an entrepreneurial environment.
• The IT industry has also started investing in academies because it has concluded that spending on students and academia is beneficial. 
• According to statistical data from a survey covering 26,355 universities worldwide, university-academia collaboration is on the rise. It promotes research-based education and encourages an entrepreneurial mindset.  
• Research at the university level paves the way for effective knowledge dissemination and provides access to real-time, factually correct data. Assimilation of industry and university helps prepare tech-savvy professionals to begin their entrepreneurial journey with classroom and practical exposure.

Dr Dinesh Kumar Saini said, “An entrepreneur should master a balanced bouquet of skills including business management, people skills, curiosity and continuous learning, strategic thinking, resilience, efficient, and must have a vision. Our industry-aligned program and research-based teaching impart vital skills to develop India’s next unicorns.

Prof. (Dr.) Dinesh Kumar Saini, Director, Directorate of E-Cell, Manipal University Jaipur

Our expert faculty focuses on developing risk-taking, decision-making, critical thinking, and analytical skills and provides ample scope to build an excellent network of investors, mentors and fellow entrepreneurs through industry tie-ups.”

Universities should take the following steps to ensure the best university-industry linkage and research-based teaching for generating bright young entrepreneurs to fuel the Indian economy’s growth.

• Industry-aligned courses and consider incorporating external industry members in the Board of Studies and specific Departments
• Expose students to industry operations through field trips, internships, training, etc. Universities can nurture talent pipelines through practical industry experience.
• Educational institutions can sign agreements and maintain healthy relationships to ensure better placements, mentorship for students interested in beginning their business and providing networking opportunities.
• Custom-build programs for entrepreneurship and help with raising funds or meeting investors

These are popular and effective ways universities can apply to develop industry relations, build world-class educational infrastructure, and groom skilled and sustainable future business leaders. Let’s wrap the discussion with the wise words of Elon Musk, one of the most successful entrepreneurs of our times, “I think it is possible for ordinary people to choose to be extraordinary.” This transformation from ordinary to extraordinary is possible with research-based teaching methods facilitated by industry-university nexus.