IIT Kanpur forms Students Entrepreneurship Policy to foster innovation and entrepreneurship

Kanpur: Indian Institute of Technology, Kanpur today announced that its Academic Senate has approved a comprehensive Students Entrepreneurship Policy. The policy recognizes the importance of fostering innovation and entrepreneurial spirit amongst the students in line with the National Education Policy (NEP) and National Innovation and Start-up Policy (NISP).

The policy introduces the path-breaking concept of “Innovation and Entrepreneurship Credit” which will enable students to pursue their innovation and entrepreneurial aspirations as part of their academic journey while pursuing their degrees. The policy allows undergraduate students in 3rd year and the postgraduate students immediately after completion of the minimum course work to gain academic credit while pursuing entrepreneurial activities. The students can also avail semester leave to pursue their ideas by using facilities both inside and outside the campus. It empowers all the stakeholders, with a clear goal of promoting entrepreneurial spirit, and yet not diluting the academic standards and pedagogical goals. The policy provides tremendous impetus to the vibrant entrepreneurship eco-system which already exists at
the institute.

Policy Highlights:
• Part of academic curricula
• Open to all eligible students
• Minor in Innovation & Entrepreneurship
• Semester leave to pursue Innovation & Entrepreneurship
• Academic credit in Innovation & Entrepreneurship
• Found and register their own companies
• Industry mentoring & funding
• Patenting and IP management
• Deferred placement
IIT Kanpur has been at the forefront of Innovation and Entrepreneurship housing the largest ecosystem within the Asian region comprising of 11 Incubators, 5 State-of-the-Art Prototype, and Tinkering Laboratories, and an advanced Science & Technology Park. This ecosystem currently supports and nurtures more than 100 start-ups and has been successful in graduating more than 50 start-ups including a few unicorns. This ecosystem will play a significant role in accelerating and implementing the current policy and benefiting the student and research community on campus.
Prof. Abhay Karandikar, Director, IIT Kanpur said, “The challenges of modern industry require students to evolve from passive learners to creators and innovators. This requires universities to be venues where entrepreneurship is fostered in young people, a place where creative ideas spark that can lead to innovations of the future, contributing to realizing India’s real innovation and entrepreneurship potential.

“Many of the recommendations of the National Innovation and Start-up Policy for Students and Faculty 2019 are already in place and actively operating at IIT Kanpur. The Institute also has a Faculty Entrepreneurship Policy under which faculty members of the Institute can start a company while continuing as regular employees of the Institute.

“A robust Students’ Entrepreneurship Policy will allow our students to keep pace with the demands of a rapidly developing world. We are one of the first Central Funded Technical Institute to frame such a comprehensive policy.).”

Given the definitive rise in the number of technology start-ups in India in the recent past, especially by young entrepreneurs, with a background in professional and technical fields, several promotional initiatives in this direction are slowly but surely making a visible impact on society. The new policy adopted by the Academic Senate of IIT Kanpur will be transformative and will pave the way for a vibrant eco-system where students can take up innovation and entrepreneurship activity in a systematic manner during their tenure at the institute.