The rapid expansion and evolution of India’s position as a global leader in the realm of start-ups is an undeniable reality. Under the guidance of the Hon’ble Prime Minister, Shri Narendra Modi, the nation has earned the esteemed distinction of being the third-largest start-up ecosystem worldwide. This remarkable achievement can be attributed to a combination of factors, including government support, access to funding, and a population that is highly adept in technology.
The journey of India’s start-up growth has been undeniably revolutionary, with the number of recognized start-ups skyrocketing from a mere 300 in 2016 to over 1.19 lakh start-ups and more than 100 unicorns in 2024. This meteoric rise has firmly established India as a prominent hub for start-ups across various sectors.
In order to sustain and further advance this trajectory of growth, it is imperative to cultivate a culture of innovation within our academic institutions and beyond. The National Education Policy (NEP) 2020 is a testament to this commitment, aimed at fostering an entrepreneurial mindset among students and creating a conducive ecosystem for research and innovation in Higher Education Institutions (HEIs).
In alignment with the NEP 2020, the All India Council for Technical Education (AICTE) has initiated various programmes to foster innovation, start-ups, and entrepreneurship among students and faculty members in technical institutions. These initiatives include partnering with entities such as the NITI Aayog to adopt Atal Tinkering Labs (ATLs) in schools and establishing Institution Innovation Councils (IICs) in HEIs. The ATLs offer students the opportunity to conceive and work on innovative projects, while the IICs engage students and faculties in entrepreneurship activities, providing them with the opportunity to innovate and become entrepreneurs.
Furthermore, AICTE has introduced the concept of Indovation Centres to facilitate technology transfer, IP commercialization, and entrepreneurship development in higher educational institutions. The Smart India Hackathon stands as one of the largest hackathons globally, offering a platform for students to demonstrate their problem-solving skills and innovative solutions.
Additionally, AICTE has underscored its commitment to promoting student-driven innovations and start-ups by introducing the Student Start-up Policy in 2016. This policy, along with other initiatives, aims to strengthen the entrepreneurship ecosystem by promoting inter-institutional partnerships and offering mentorship and guidance to technical institutions. AICTE also conducts Faculty Development Programs focused on innovation, start-ups, and entrepreneurship, equipping faculty members with the knowledge and skills to support student entrepreneurs.
In addition to these initiatives, AICTE has established the Ministry of Education – AICTE Investor Network, with the aim of providing crucial financial support, mentoring, and strategic guidance to early-stage start-ups led by students or faculty members. This initiative, endorsed by the Hon’ble Prime Minister Shri Narendra Modi, is a collaborative approach to nurturing talent and empowering aspiring entrepreneurs to realise their dreams.
The overarching goal of these initiatives is to cultivate a culture of innovation, entrepreneurship, and start-up ecosystem in technical education institutions across India. This will not only empower students and faculty members but also contribute to the socio-economic development of the country through their innovative ideas and ventures.
In conclusion, the initiatives undertaken by AICTE are paving the way for a future where innovation and entrepreneurship are at the forefront, and where aspiring entrepreneurs have the support and resources needed to turn their ideas into reality. As we look towards the future, these efforts will undoubtedly play a pivotal role in realising the vision of a thriving start-up ecosystem and a vibrant culture of innovation in India’s academic institutions and beyond.
(The Author is Chairman, AICTE)
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