NIT Andhra Pradesh Brings Business Success Stories to its Students to encourage them to become Entrepreneurs

New Delhi: National Institute of Technology Andhra Pradesh is working to encourage its students to become entrepreneurs and contribute their efforts towards realising the vision of making India a US$ 5 Trillion Economy by the year 2024. In this direction, the Institute organised a five-day Online Workshop on ‘Business Success Stories from Entrepreneurs’ between 21st and 25th June 2021.

Recognizing the key role of innovation and entrepreneurship in this process, NIT Andhra Pradesh organized this event for their students to learn from Business Success Stories from Entrepreneurs.

This will serve to nurture and encourage entrepreneurship among students and young faculty to benefit from the Government of India’s ‘Start-up India,’ ‘Make in India’ and ‘Atmanirbhar Bharat’ Programs. The coordinators for the workshop are Dr. Sankar Peddapati, Associate Dean (Research and Consultancy), NIT Andhra Pradesh, and Dr. V. Sandeep, Associate Dean (Industry Outreach), NIT Andhra Pradesh.

Delivering a lecture on ‘Triple Helix Model to fast-track R&D to Business: The Fundamentals’ during the inaugural session held on 21st June 2021, Prof. R R Sonde, Department of Chemical Engineering, IIT Delhi, said, “Innovation and incubation should be part of the curriculum. Innovation is creating a new enterprise…Science must be used largely to solve the problems facing the society and planet today, which are existential – climate change, nuclear terrorism, and Artificial Intelligence. My advice to young, budding entrepreneurs is to look at the science, look at the problems and see how the science can fit in and solve the problem. When one wants to create this ecosystem of innovation in any university, always look out for collaboration to grow.”

Further, Prof. R R Sonde, who developed India’s first indigenous fuel cell prototype in less than 24 months, said, “We have got a lot of collaborations for this project. Globe is the field that we need to look at. Build a product for the Indian environment and if it can work in India, it will definitely work across the globe. We worked with 12 Institutions and several academic institutions including IIT Delhi for this project. If we want to create a core ecosystem for enterprise, we have to work collaboratively. Even during our work in the Atomic Energy Commission of India, every system we were working were first-of-its-kind, with no precedence. We worked collaboratively with many industries.”

“India is largely self-reliant on complex technology of Nuclear, Space, and missiles because these high technologies were denied to us. But when it comes to many commercial-scale developments, our performance has been far from satisfactory. We need to bring about this change and start building technology platforms in many areas. How do we allow ourselves not to miss these scientific revolutions? We are doing well in IT Sector and generic pharma sector but are we doing well in complex technology platforms like AI, robots, sensors and so many things, we are still importing 80 per cent of the components,” said Prof. Sonde, who was formerly a Scientist with the Atomic Energy Commission of India.

The Top Outcomes from this five-day Online Workshop include:

Ø  The students develop understanding in application of an entrepreneurial way of thinking that will allow them to identify and create business opportunities that may be commercialized successfully.

Ø  Students develop understanding in in drafting business plan

Ø  Understanding the business ecosystem, avenues of funding and startup sustainability.

Delivering the Presidential Address, Prof. C.S.P. Rao, Director, NIT Andhra Pradesh, said, “It has been the motive of the Government of India to do a lot in the innovation and incubation of technologies. Although we occupy third position in publications, but at 21st position in terms of patents. The Government has been encouraging young students and young faculty members to nurture technologies and innovate new products, based on which new startups can come out. The objective of NIT-AP’s Centre for Research Innovation Incubation and Consultancy (CRIIC) is to encourage students to become entrepreneurs by way of start-ups.”

Prof. C.S.P. Rao added, “What is common among success stories is innovation. A novel solution to an existing problem can be a motivating idea for a startup. A survey found that the startups had a success rate of 10 per cent. If this is the case, how to have a start-up? Who is going to fund start-ups? The recent pandemic has given a lot of opportunities for India to become strong in pharma, medical equipment design and supply. Youngsters have to capture such opportunities given by the environment and the Government of India.”

Following the workshop, the NIT Andhra Pradesh is planning to initiate the following measures:

1. Formation of Entrepreneurship-startup Advisory Committee to NIT-AP’s existing Centre for Research Innovation Incubation and Consultancy (CRIIC)
2. Inclusion of Department faculty coordinators in CRIIC
3. Implementation of Triple-helix model

The Five day event was organised by the NIT-AP’s Centre for Research Innovation Incubation and Consultancy (CRIIC), which works to create a self-sustainable business incubation facility and innovative eco-system to promote advancement in Science and Technology.

The Centre has verticals in Research and Consultancy, Innovation, Incubation and Entrepreneurship with the aim of strengthening the research profile of the institute. It also acts as an interface for all the research projects and consultancy works. Further, the cell targets to strengthen the Institute Innovation-entrepreneurship ecosystem.

Speaking earlier, Dr. P. Dinesh P Sankar Reddy, Registrar, NIT Andhra Pradesh, said, “NIT Andhra Pradesh, which is the latest and youngest among the NITs, has been progressing rapidly in recent days. The Institute has undertaken 23 Sponsored Research projects and has tie-ups with various top institutions across the Institute. NIT Andhra Pradesh has conducted 35 Faculty Development Programs for people not only in Andhra Pradesh but across the country.”

Delivering the vote of thanks, Dr. V. Sandeep, Associate Dean (Industry Outreach), NIT Andhra Pradesh, said, “Dr. Sonde has inspired the students to take up entrepreneurship. Our Students will definitely take your lessons forward.”

Other Top speakers at the event include:

Ø  Mr. Bhaskar Kakani, CEO at BITSILICA Private Limited, Hyderabad,

Ø  Ms. Monisha Reddy, CFO & Co-Founder, Seagrass Technologies, Chennai,

Ø  Mr. Sanjeeva Kumar Majumdar, Manager in StartUp Activities and Intellectual Property Division, National Research Development Corporation, New Delhi

Ø  Mr. Bharath Babu Ambati, Co-Founder, InstaSine Power Technologies Pvt. Ltd., Mumbai, India.