Changes

Priorities:V R Siddhartha Engineering College Student Priorities

11,972 bytes added, 7 years ago

no edit summary

#Interaction with people of different backgrounds helps in development of interpersonal skills of students

Our college has seen continuous progress when it comes to innovation and entrepreneurship. What used to be an alien concept is now of very high priority because the only way forward in today’s world is through innovation. Since there has been a steep increase in the number of innovators in our college we deem it imperative to constitute an innovation coordination committee whose mission will be to provide a channel for innovators to share ideas, challenges and aid them with support in five different key aspects of entrepreneurship. The five units comprising the ICC are: #Students innovators#Research guides#Legal counsel and communication team#Leader and visionary alumni#Finance and business experts '''Student innovators'''  The student innovators form the crux of the ICC and the entire team has been developed to help them in every way possible. Within ICC, it will be the responsibility of student innovators to actively participate in meetups and help each other in overcoming the challenges. They can share ideas on how to make business model better or some insights into the competition. They will be provided with a platform to share their ideas effectively.   '''Research guides''' Research is key to building a sustainable start up. It isn’t just the idea behind the venture that needs research, but whole lot of other things that are interlinked. There should be ample research on business demand, competition, technological advancements, new software applications and the current trends in the sector. It is almost impossible for one student innovator to research all these elements effectively and that is where our research guides (college faculty with a knack for innovation) step in and help the students. They also research sectors and give the innovators insights based on the analysis of the information that they have collected. This helps student innovators get a new perspective on their ideas and they can come up with new solutions to challenges after due deliberation and exhaustive talks. '''Legal counsel and communication team ''' The turning point of any idea into a venture is after the finishing of the entire legal process of registration. Student innovators generally have a very minute idea about the legal procedures and they definitely need help in this aspect.  We have a law college beside our college which also happens to be a sister college. The students in their final year of law can be a part of the team and help innovators through the legal procedures and inform them about the requirements to be met.  Additionally, there are students who would want to file patents for their software or application or just a new idea that has high potential. The law students can help innovators in this way too.  Together they can sail through the process of registration and legal processes entailing it.  Leader and visionary alumni  Our principal sir is an indispensable part of our college because he is the only one who can grant the required support from the college's end. Additionally, he can give the students a broader perspective and help innovators hunt for out of the box solutions to their problems  Also, the alumni can lend a hand in connecting the students to industry. Being a very old college, we boast of prominent alumni and they can help innovators get contacts in the industry by recommending them to the right people and potential funders or clients. They have already been working since a long time and nobody can judge the situation better than them. So, they can give real time constructive feedback to the innovators.  '''Finance and business experts ''' A profitable, sustainable business model is the link which bridges the gap between a great idea and a successful venture. Hence, we deem it as an indispensable part of the entrepreneurship journey. Students from management and economics can be grouped together into teams and each team can be tagged to one innovator. Roger her they can discuss and come up with a business model which will work wonders for the idea. This will be a win-win situation as both innovators and students will benefit from it.  = = '''STRATEGY 2: PARTNER BANK AND FINANCIAL SOLUTIONS''' == In our college, most of us undergraduate students and the one major problem that all under graduation innovators face is funding. We have come up with an idea of a partner bank. Our college conducts all of its transactions through a particular bank and owing to the large amount of inflow and outflow the bank benefits considerably from partnering with our college. Our idea is to exploit the quid pro quo angle of this partnership. We can have an MOU with the bank which facilitates the following:  1.50-75% funding through loans meant for small scale enterprises for 5 ventures each year.  2. Low interest rates for the loans provided to innovators. 3. A nodal officer who will serve as the contact point for all the students  4. Easy and quick approval of loans for ventures recommended by the college.  In addition to all of this the bank employees can take initiative and conduct seminars to help innovators understand complex concepts like credit limit and GST which are related to banking. This will help them get an idea about accounts, financing and budgeting.  In addition, the bank can help in constituting a revolving fund which will be sponsored by the alumni of the college. The revolving fund will basically be a corpus fund, through which the alumni review committee can fund ideas which they see potential in. Once the ventures have been established, they can give back the money taken from the fund out of their profits. This money can again be used to fund another idea.  This is a very pragmatic idea because there is a lot for the bank in this. Apart from additional benefits they also get publicity as the funding bank for all the ventures coming out from our college.  Although a vague principle, there is a solution for funding students who cannot show any collateral to the bank. The college can step in and act as the guarantee committee in such cases and help facilitate the grant of loans to innovators who have no collateral.  But this can only be possible after due deliberation with bankers and college administration.   == '''STRATEGY 3: REQUIREMENT WALL''' == This is probably the simplest of ideas but it can supremely effective, if implemented well. The requirement wall is just a plain wall in a '''prime spot'''within the campus. To develop any idea, it requires inputs from experts in various fields and it isn’t necessary that student innovators have a grip on all the facets of a particular idea. It is more often than not that they need help of students from other departments or branches.  But reaching out to students from other branches is practically a tough job owing to that large magnitude of students present in our campus. Instead, the better option will be to '''post their request'''along with their contact details and a brief description of the work profile. Interested students will contact then and in this way, they can start '''building a team'''. A great core team goes a very long way in a startup and the requirement wall can be the first step towards the making of a splendid team. The concept is better understood with the help of an example. E.g. An innovator majoring in electronics is extremely interested in robotics and wants to design a robot which can act both as a line follower and a drone. He does research on the required circuitry but then isn’t sure about the exact working of a particular IC and is also confused about the physical structure and design of the robot. So, he walks up to the requirement and pastes a post it asking for an electrical engineer and a mechanical engineer with interest in robotics. He also leaves his contact details. An electrical engineer walks up to the requirement wall and sees this request. He is reminded of his classmate who is currently doing an online course in robotics. He takes a picture of the post it and sends it to his friend. His friend is excited about the idea and contacts the innovator. Together, they form a team and work hard over the next few months along with the mechanical engineer who showed after his sir saw the request on the wall and recommended it to him. Finally, they design a working prototype and impress the judges in an innovation fair and receive enough funding to test commercially. Although in the initial stages it can just be a wall or a notice board, more sophisticated versions can be designed. We can put up '''digital wireless LED bulletin boards''', which will display information at '''more than one prime spots'''in college and also show success stories of associations through the requirement wall. It isn’t necessary for all students to have a potential idea and to be innovators or entrepreneurs. There are many students who are extremely good in certain areas of subject and a chance to research and work in this area will do wonders to their knowledge and enrich them. This will serve as a '''learning and working experience'''for them. If all turns out well and the idea is transformed in to a successful team, then these people will have started working long before their fellow students attend interviews for campus placements.   == '''STRATEGY 4: HUNT FOR INNOVATION''' ==   The need of the hour in our college is to extract the ideas which are locked away behind inhibitions and fear. For this we have designed an exhaustive process which will test students for various qualities. The entire competition is works just like simulation, and finally after five stages of filtering their idea is polished enough to start research and work on transforming it to reality. 1.The first step in the competition will involve the floating of a google form, through which shy students can submit their ideas in a written format along with their vison, mission and plan of action. 2. All the entries will be shown on our college’s website and a poll will be conducted wherein all students can vote for the ideas that they loved the most from the entire list displayed. 3.Once the voting is done the top 15 students will be selected and they will be tested for their creativity and leadership skills. In this stage each one of them will be given a unique problem and they will have to think of practical solutions within 15 minutes. The situations given to them will range from disturbances in HR to financial turbulence in the international market. They will have to use their logical capability and find the most effective solutions to these situations. This will help us assess the innovator as an entrepreneur. 4. The next step will be asking these students to present a letter with all facilities that they would need to transform their idea into reality. This will reflect how judiciously they use resources and how they can cut costs. Once this exercise is done, we will give them a set of standard facilities and they will have to figure out a way to work within those boundaries This will reflect how well they respond and overcome adversity. 5. The final step will be the presentation of their idea and the entire business model in the form of PPT, in front of a panel of judges constituting of experts from different areas. They will ask the innovators logical questions or point out flaws and assess the replies they get. All innovators with clarity of thought and possessing ideas with good potential will be declared winners.   Once they pass all these steps they will develop high levels of confidence which is extremely necessary to go ahead with the actual research , prototyping and commercial testing of their idea. =  Related Links: =

[http://universityinnovation.org/wiki/V_R_Siddhartha_Engineering_College Campus Overview]

Nikitaguduru

66

edits