akistan, with more than 182 million inhabitants, has a remarkably
young population with more than two-thirds under the age of 30. While
facing the current challenges in the economic development of the country
and planning for the future, higher education institutions and the
society must work closely together to establish public-private and
education-industry partnerships to create opportunities for the youth
entering the workforce.
There is only a narrow window of opportunity to equip the youth with
necessary skills to ensure a sustainable future for the nation. A great
emphasis on the path to the future must include training and encouraging
students to develop new ideas of entrepreneurship and facilitating
putting the meritorious ideas in practice.
Successful entrepreneurs can improve their local communities by
addressing their immediate needs, transform industries with innovations,
and alleviate financial burdens by creating new jobs and markets.
Innovation hubs
Universities are ideally positioned to host student start-ups business
centres (see “Student entrepreneurs: Student start-up business centres”,
Dawn, Sept 2, 2012).
They offer an environment that is inherently inductive to creativity and
knowledge. In today’s knowledge and practice-oriented market only those
institutions of higher learning that offer practical courses and are
sensitive to the current needs of the society are competitive and
desirable.
Establishing Student Start-Up Business Centres (SSBCs) in these
institutions offers a great incentive for students and faculty to gain
insight into the current needs of the society and respond to them
accordingly.
A centre can foster increased interaction and a close working
relationship between
students and the faculty. Furthermore, it can attract a large pool of
investors and interest from the business world that might seek solutions
to its industries. While
supporting students’ innovations and start-ups, both the faculty and the
institutions gain a reputation for their work and increase their
values.
Students need guidance, knowledge and financial support to transform
their start-ups into successful businesses. A Student Start-Up Business
Centre may serve as a resourceful hub for many of their questions and
needs. It may offer advice on how to create a business plan, templates
for project proposals, and most importantly link their business ideas
with potential investors. The centre may serve as a functioning
public-private partnership, applying for funds from the private industry
and government. The centre may direct students to the appropriate local
authority, assist them navigate regulations and legal requirements for
start-up businesses and undertake calculated entrepreneurial risk with
well-planned business proposals.
Due process
A Student Start-Up Business Centre may offer guidance and knowledge at
all times while accepting proposals for funding at a certain time of the
year. These proposals may be reviewed by a select committee with the
best ones winning financial support for their first stage of
development. While entrepreneurial career opportunities are not very
often considered by young professionals, students will have a great
chance to experiment with their best breakthrough ideas.
Their businesses will have a chance to start small and try to grow
into bigger and more profitable enterprises. This unique opportunity to
undertake careers as students offers great benefits to them. In the best
case scenario the student’ entrepreneurial business might take off.
Even if proven not very viable, the experience itself is very valuable
for the student’s future. It is a window on how the world of business
works, what is needed for the ideas to be realised and it provides with
connections to the business world.
For the centres to attract investors and funds to support students’
business start-ups, they must be transparent and accountable for the
funds they receive and spend. Thus, it is important that a development
strategy, including transparent financial reports, is in place at each
centre.
A Student Start-Up Business Centre may offer many opportunities to
local and international businesses interested in local investments.
These businesses can invest a small amount of money for great ideas,
product development and new applications that, in turn, can grow into
manifold profits.
Many small businesses lack the capacity, financial means and
expertise to have their own in-house research and development
department. A student start-up business centre in a higher education
institution that has an affiliated academic training is a very close
match to the business R&D needs for a fraction of the expenses.
Depending on their investments and the contracts, businesses may see
financial profit from such investments.
Higher education must empower and enable students to compete in a
highly competitive and interconnected world through supporting student
entrepreneurship and innovation as drivers of new ideas, businesses and
economic growth.
The writers work for the Promotion for Education in Pakistan Foundation, Inc., USA.
info@pepfoundation.org
Friday 22 November 2013
Windows of opportunity: Putting our brains into business
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment