The higher education has been concentrating almost on manpower development, as after independence our country required trained manpower in several fields of science and technology. The growth of technology manpower is reflected in the intake of engineering studies. The intake capacity is still low when compared to rise of our population. We can observe a paradox here. This is due to the fact that the job opportunities have not caught up with the increase in the population. The problem is accentuated by the reduction of job due to automation, globalization, productivity enhancement and process improvements. The scenario is the same in higher education, in science and humanities. We find a large number of our highly trained and skilled manpower settling in jobs, which hardly require their specialized knowledge and expertise. As mentioned in the tenth plan, if present access level of six percent to higher is increased by 10%, we will have to create opportunities for more than 10 million graduates annually. The present education system is designed with a focus on skilled manpower development. Our education system is not capable of meeting the type of manpower our country needs now, missing in the present educational system is the synergy between knowledge and creation of wealth. We are exposing the students to knowledge even perhaps at the cutting edge of science and technology. Though we do not teach our students how to create wealth from the knowledge for their own benefit. At least students should be able to think as to how they can use this knowledge profitably. An exposure to a course in a classroom should motivate the students to research on advancement on the current product and or process technologies at least in higher classes. This approach is built in engineering and service education in many advanced universities in the west. It is right time that we do the same in our universities also.
Once the universities become a fertile ground for experimenting new ideas and techniques, entrepreneurship will not lag behind. Many of these ideas could be converted into technology based start ups. Innovation of students and faculty could be nurtured into viable business ventures and every university should have around it several business ventures created out of the ideas generated within the university. This is a scenario which will have a cascading effect. When a student enters a university, he/she should be made aware of the fact that the education that he/she receives from the university is not a passport for a job, but the beginning of an exciting phase of life in which he/she could better himself of herself by leveraging the knowledge effectively. University should make a conscious effort to reach out potential users through technology transfer mechanisms. There is need of transformation of university graduates. Universities should lay emphasis on leveraging the knowledge i.e., to convert knowledge into wealth. Essentially, what is to be attempted is to generate innovations, and to convert these innovations in to business concepts. Every year hundred of such innovative ideas are tried out in a university. Even if some of them perish in the course of time the rest will transform the university as a whole. There has to be additional inputs in the curriculum of the students i.e., personal characteristics, capability to devote to exhaustive technical preparatory work. Capacity to utilize available resources, possessing entrepreneurial vision, capacity to appreciate social impact of business, once such individuals are identified, they can be put through a program to transform them into leaders in technology ventures. There is need for knowledge in several other areas other than products and processes to startup ventures.
Another most important factor leading to the success of start up business is confidence. Fear of failure deters many potential start up enthusiasts in confidence building. An issue which confronts new start up enthusiasts, is the lack of adequate support mechanisms for the initial years. Except in the case of a few. Parents and relatives do not encourage the youngsters with financial support for setting up their ventures. A dialogue between the parents and the universities, at least in a limited number of cases of students may be helpful. University should have a mechanism to support a limited number of promising youngsters with financial support, at least at subsistence level, for two or three years after their graduation. Lack of exposure to carrying out business is one reason, why many youngsters are reluctant to jump in to business ventures.
A couple of success stories, no doubt, will motivate hundred of others. An entrepreneurship stream can be thought of in all educational programs. The multidisciplinary teams in addition to the normal education should get additional inputs in technology innovation, intellectual property rights and industry internship. A group approach is advocated, as the risk of failure is generally is less in a group effort. This is because of many reasons, the most important issue is the increase in the confidence level. It is not necessary that all members in the group should have the same background and inter disciplinary groups often seen to perform well. What are required is a meeting of minds from academia, govt. and industry. Universities and industries should come together to identify viable projects, which can go a long way to boost the confidence of the start up ventures. Such a system of industry sponsored projects are in a vogue in other countries. Another advantage is that the students will get real world topics rather than what they themselves could think of. It is very important that Govt. also has to pitch in with more support. Since the universities are to use their existing facilities for incubation to a large extent.
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