To come up with an idea requires innovative thinking, to implement that idea requires a strategic approach and for execution a visionary leadership and guidance takes priority. Similarly, right knowledge, valuable support, adequate funding and ability to take risks is most important for a successful start-up or entrepreneurial venture.
Under the leadership of Hon’ble PM Shri Narendra Modi, India has rapidly emerged as a global powerhouse and ranked third largest start-up ecosystem in the world. The country’s start-up journey has witnessed an unprecedented surge, making India a global start-up hub. Various key factors like government support, access to funding, evolving tech landscape and a young tech-savvy population has propelled India’s growth to new heights.
In recent years, with a vibrant entrepreneurial spirit, a massive pool of skilled professionals and a growing appetite for innovation, India has transformed into a hub for start-ups across various sectors. With the sustained efforts of the government, India has seen an exponential increase in the number of recognized start-ups from over 300 in 2016 to over 1.19 lakh start-ups and more than 100 unicorns in 2024. To continue the journey towards fostering innovation, entrepreneurship, and the development of a robust start-up ecosystem, it is vital to cultivate a culture of innovation within our academic institutions and beyond. The National Education policy (NEP) 2020, encourages the development of an entrepreneurial mind-set among students. It aims at creating a conducive ecosystem to catalyse and energize research and innovation in Higher Education Institutions (HEIs).
Aligning with NEP 2020, AICTE has undertaken various initiatives to foster innovation, start-ups, and entrepreneurship among students and faculty members across technical institutions in India. In order to bridge the gap between schools and higher educational institutions, Atal Innovation Mission of NITI Aayog partnered with AICTE in 2021 to adopt Atal Tinkering Labs (ATLs) and empower, mentor school student innovators across the country through AICTE Institution Innovation councils (IICs). ATLs in schools are equipped with facilities and provide tinkering opportunities to school students to ideate and work on innovative projects and improve their innovation abilities. Whereas IICs in HEIs take the institution’s innovation capability and facility to engage students and faculties in innovation and entrepreneurship activities and provide opportunity to ideate, innovate and become entrepreneurs. Both ATL and IIC models have proved as efficient and effective institutional mechanisms to unleash the creative potential of youth and engage in entrepreneurial manifestations.
Establishment of AICTE’s Indovation Centres is another major initiative taken to integrate institute-industry start-ups. Recently, AICTE Training and Learning (ATAL) Academy and Indovation Centre was virtually inaugurated by Hon’ble PM Narendra Modi in Jaipur. 11 such Indovation centers in different regions are in pipeline to facilitate technology transfer, IP commercialization, innovation, and entrepreneurship development in higher educational institutions across the country.
Beside this, Smart India Hackathon, one of the world’s largest hackathons, is organised by AICTE and Ministry of Education’s Innovation Cell (MIC) since 2017 to encourage students to solve real-world problems. The hackathon provides a platform for students to showcase their problem-solving skills and innovative solutions. AICTE regularly organizes such hackathons, competitions, and challenges to encourage students to showcase their innovative ideas and solutions. These events provide students with opportunities to collaborate, learn from experts, and gain recognition for their creative endeavours.
AICTE also launched a Student Start-up Policy in 2016 to guide and promote student driven innovations & start-ups in more than 10,000 AICTE approved institutions across the country. AICTE’s Start-up policy has incorporated various initiatives focused on overall student development to strengthen the entrepreneurship ecosystem by promoting strong inter-institutional partnerships among technical institutions. Moreover, the AICTE’s Margdarshan Scheme provides mentorship and guidance to technical institutions to improve their overall quality and foster a culture of innovation and entrepreneurship. The scheme assists institutions in implementing best practices, developing innovative teaching methodologies, and promoting research and development activities. AICTE even conducts Faculty Development Programs (FDPs) focused on innovation, start-ups, and entrepreneurship to equip faculty members with the knowledge, skills, and resources needed to mentor and support student entrepreneurs. These programs cover various aspects of entrepreneurship development, including ideation, business model canvas, funding, and marketing.
The initiatives mentioned majorly focused on fostering entrepreneurial quality among students, however, the creation of a vibrant start-up ecosystem requires a concerted effort from all stakeholders – educators, students, investors, industry partners, accelerators, mentors, incubators, policymakers etc. Also, it requires a platform that can attract investors, venture capitalists, and angel funders to support the ventures of budding entrepreneurs.
In view of the same, The All India Council for Technical Education launched ‘Ministry of Education – AICTE Investor Network’, a meticulously designed platform jointly established by AICTE and the Ministry of Education’s Innovation Cell (MIC) with a vision to boost innovation and entrepreneurship in the education sector. The network aims to provide crucial financial support, mentoring, and strategic guidance to early-stage student or faculty-led start-ups. The platform aligns with the vision of Hon’ble Prime Minister Shri Narendra to create a vibrant ecosystem for innovation and entrepreneurship. The initiative is the collaborative approach to foster creativity, nurture talent, and empower aspiring entrepreneurs to realize their dreams.
Through this network, we aim to strengthen the all-round support ecosystem to dynamic innovators—right from idea generation to successful graduation as a commercially-viable start-up, paving the way to accomplish the goal of Viksit Bharat @2047. The initiative is an attempt to bridge the gap between Investors and Innovators by promoting funding in innovative and promising start-ups in the Education sector, fueling the growth and empowerment of entrepreneurs to think big and scale their ventures.
Through these initiatives, AICTE aims to nurture a culture of innovation, entrepreneurship, and startup ecosystem in technical education institutions across India, thereby empowering students and faculty members to contribute to the country’s socio-economic development through their innovative ideas and ventures.
(The Author is Chairman, AICTE)
