ENTREPRENEURSHIP INCUBATION CELL
BIITM formally established an Entrepreneurship Incubation Cell (EIC). EIC was established with the specific objective of cultivating entrepreneurs from all over the state, from amongst its student’s community (including Alumni) and from any person in Odisha who wishes to start a new venture.
Mr. Kamesh Chivukula Assistant Professor (Marketing & Soft Skills)
Entrepreneurs fall into 2 broad categories
- Traditional Entrepreneurs
- Start-Up Entrepreneurs
Traditional entrepreneurs may or may not come with new ideas. More often than not they rely on time-tested ideas. They typically scan the market for opportunities and after having found an opportunity start a new venture to get steady profits over a period of time.
In today’s challenging business scenario, it is incumbent for entrepreneurs to examine the dynamic landscape and employ technological tools to create a customer value proposition through a product or a service. Given the ever-demanding customers who are experiencing good quality products and services over the last decade any entrepreneur worth his salt must offer a unique value proposition to get the attention of the customer.
BIITM recognizes and deeply appreciates the new market dynamics and is geared up to provide consultancy, advice and collaboration with traditional entrepreneurs from amongst its student’s community and from pan Odisha.
When Prime Minister Shri Narendra Modi gave a clarion call for India’s GDP to touch $5 trillion from the present $2.8 trillion in 2019, he was putting all his eggs in the START-UP's basket. He was highly optimistic about the startup community and had faith in them to realize his vision and those of the people of India.
Start-Ups by definition are radically different from traditional entrepreneurs as they set up ventures in nascent unexplored areas. The primary focus of a Start-Up is to identify problems in the society and come out with unique solutions. Their ideas are radical and unique which has not been tried before and hence the risk of failure is higher and so is their need for creating a sustainable Start-Up ecosystem that includes suppliers, networking, funding, mentoring, etc.
Start-Up entrepreneurs have a greater need for understanding the startup ecosystem and making connections with critical institutions which would enable them to flourish and become unicorns within a relatively short period of time. Flipkart, Paytm, Nykaa, CRED, etc. are some of the examples from the Indian landscape.
The focus of startups is high revenues, customer retention and high profits. Typically, startups after gaining traction go in for an IPO or sell their company to a bigger player.
MEMORANDUM OF UNDERSTANDING (MOU)
In its endeavour to foster a dynamic entrepreneurial ecosystem, BIITM has signed MOUs with leading institutions such as
- Atal Incubation Centre (AIC) of CV Raman Global University and
- Juggernaut Association of Entrepreneurs (JAE)
BIITM signed an MOU with AIC-CVRCE Foundation on the 25th of October 2021 to foster the development of entrepreneurship in its campus. A roadmap was created to take up the cause of EIC. In its agenda for the coming days, the team from AIC shall conduct student’s sensitization workshops on developing an Entrepreneurial Mindset.
BIITM signed an MOU with JAE to create awareness among the people of Odisha about BIITM’s Entrepreneurial outreach and identify potential entrepreneurs who can be mentored and taken through the steps to gain more traction for their ventures.
Pics of the MOU signing to be displayed
These MOUs are expected to provide BIITM with the wherewithal to not only source promising entrepreneurs pan Odisha but also provide greater visibility to BIITM’s EIC by getting recognition from Start-Up Odisha and Start-Up India.
A few sectors where EIC shall be focusing are Agricultural Distribution Logistics, Marine Cultivation and Logistics, Retailing, Mining, Cloud Kitchens, etc.
BIITM as part of the 6 days induction programme for newly joined MBA and IMBA students organized a seminar for sensitizing students regarding entrepreneurship as a viable career option. Mr. BP. Pattnaik, CEO AIC-CVRCE Foundation shared his experience on this occassion.