A culture of innovation: How TAPMI is fostering creativity and entrepreneurship in its student body

The story will explore how TAPMI, a business school in India, is cultivating a culture of innovation among its student body. Through various programs and initiatives, TAPMI is encouraging its students to think creatively, take risks, and develop entrepreneurial skills. The article will highlight some of the success stories of TAPMI alumni who have launched successful startups and made a mark in the business world. It also delves into the strategies and techniques used by TAPMI to foster a spirit of innovation and entrepreneurship among its students, Shruthi J Mayur, Associate Professor,  Chairperson- MBA-HRM Program and Co-Chair – HR, Organizational Behaviour & Communications Area, T A Pai Management Institute (TAPMI), Manipal, A Constituent Unit of MAHE, share more insights on the same.

What are some of the programs and initiatives that TAPMI has implemented to cultivate a culture of innovation among its students?

The basis for a culture of innovation is to provide the students an environment where they can share creative ideas; a platform to brainstorm, dissent, discuss and solve problems or leverage opportunities. Taking this as the foundation to develop an entrepreneurial culture, TAPMI has strategically embedded courses in each of its programs to achieve this. To mention a few:

• Case discussions form an integral part of every course at TAPMI. Students are also encouraged to write cases and are guided/co-authored with faculty.
• The MBA-BKFS Program gives students a hands-on experience in the Bloomberg Lab. They are also given real money to trade with. This not only gives them the real experience of the financial world but also gives them an opportunity to apply their learnings in real time..
• SAMNIDHY is a mutual fund run by the students for the students in the same professional manner as other mutual funds are run.
• The SEVA course is one where all students of the first-year work with local artisans and SME’s to understand the challenges they face and come up with original solutions to overcome those challenges.
• Students also work on short-term live projects with companies to aid in solving problems by providing innovative solutions.
• BRANDSCAN is another course wherein students conduct market research for companies through disguised games. Many solutions are actually implemented by the organizations to promote their products.
• Design thinking as a course is taken very seriously at TAPMI and students are encouraged to apply their knowledge and skills in the work that they do.
• Simulations that are adopted by many courses enable students think out-of-the-box in coming up with decisions.

How does TAPMI teach its students to take risks and develop entrepreneurial skills? How does TAPMI balance business education with a focus on innovation and entrepreneurship?

TAPMI aims at creating an environment where students are allowed to develop their entrepreneurial skills by imparting the skills needed to be an innovator and a risk-taker. The rigorous curriculum combines theoretical expertise and practical experiences, to help students build a mindset that is needed to navigate the challenges of entrepreneurship.

The institute offers specialized courses covering themes such as entrepreneurship development, financial management and business communication, which are of utmost importance in today’s dynamic business world. By inviting successful entrepreneurs and industry practitioners to the campus, the students gain an insight into the world of entrepreneurship by being able to hear the real-life narratives from experts themselves regarding the challenges and opportunities involved in starting and managing their own business.

As part of their program, students are required to undertake internships with a firm of their choice, which might include a startup/new venture. This allows students to acquire a hands-on entrepreneurial experience through shadowing decision-makers and comprehending how to make informed decisions, perform in an uncertain environment and develop the right mindset.

TAPMI provides mentoring and networking opportunities to interested students through their vast alumini network and corporate engagement activities.

Students are encouraged to participate in business plan competitions that enable them to develop and showcase innovative business ideas. These competitions also provide a base for them to receive feedback from industry experts. Partaking in such competitions improves students’ risk-taking abilities, critical thinking, and presentation skills.

Can you provide examples of successful startups launched by TAPMI alumni, and how did TAPMI contribute to their success?

TAPMI leverages its strong alumni network, many of whom have become successful entrepreneurs, to mentor and guide current students. Over the years TAPMI has seen around 125 entrepreneurs and 25 start-ups. TAPMI alumni are invited for guest lectures and mentorship programs across institutes to share their experiences, challenges, and insights.

Mohan Ramaswamy, from the PGDM 1996-98 batch, co-founded Rubix Data Sciences in 2018. The award winning Rubix platform and its suite of offerings are based on its extensive B2B database of structured and unstructured data aggregated from over 120 sources, customized predictive analytics and proprietary technology.

Ritu Srivatsava from the PGDM  2000-2002 batch, co-founded is a venture-funded health-tech startup specialising in virtual health & weight loss coaching, it was acquired by Round Glass in 2017. Obino touched over a million lives, saw lakhs of kilos of weight lost & enjoyed a 4.4 plus rating on Google Play in its time. In 2020, she co-founded TheLightbulb.Ai, a  full-stack emotion ai platform which uses a combination of visual ai technologies & conversational ai technologies to generate real-time emotion & engagement analytics for live or async digital interactions, with 4+ patents in the pipeline and over 14 Mn faces scanned globally.

The need for futuristic skills to cope with the challenges in the business world. How can B-schools impart them?

In today’s rapidly evolving business landscape, as new technologies and global challenges emerge, the need for futuristic skills to cope with the challenges in the business world has become imperative. Responsible B-schools play an integral part in preparing future leaders by imparting and honing these skills. Imparting these skills can be achieved through:

• Revise and renovate curriculum to include emerging industry needs. To name a few – courses on artificial intelligence (AI), data analytics, blockchain technology, cybersecurity, digital marketing, sustainable business practices, and innovation management.
• B-schools should emphasize experiential learning practices to bridge the gap between theory and practice. Giving students a hands-on approach through live projects enables them to develop problem-solving abilities, critical thinking, and adaptability.
• Corporate engagement through partnerships with industry partners is enables B-schools to stay updated with the latest trends and demands of the industry. Guest lectures, internships, and mentorship programs provide students with a practical understanding of the skills needed to succeed in the business world.
• Students must instill in their students that Continuous Learning and Adaptation is the mantra for success. By nurturing such a mindset, B-schools empower students to stay updated with futuristic skills throughout their careers.
• As businesses become increasingly interconnected, students need to understand diverse markets, cultural nuances, and global trends. Courses that impart knowledge on global perspectives and cross-cultural management must be included in the curriculum.

In conclusion, B-schools are obligated to prime future business leaders with the skills needed to cope with the challenges of the future. This can be achieved only by updating their curriculum, integrating experiential learning, fostering healthy corporate engagement practices, accentuating continuous learning, and developing global perspectives.

How does TAPMI measure the success of its programs and initiatives in fostering a culture of innovation among its students?

TAPMI is known for its focus on fostering a culture of innovation among its students. To measure the success of its programs and initiatives in this regard, TAPMI employs several key evaluation methods:

• TAPMI is AACSB and AMBA accredited, thus adhering to very strict parameters when it concerns courses being taught. Every course outlines its course learning outcomes which are mapped against prescribed program learning goals.
• TAPMI organizes various innovation competitions to encourage students to apply their knowledge and skills in solving real-world problems. The success of these initiatives is measured by the number of participants, the quality of ideas generated, and the impact of the winning projects on the industry or society.
• TAPMI actively collaborates with industry partners to provide students with exposure to real-world challenges and opportunities. The success of these collaborations is assessed through feedback from industry partners, internships and placements secured by students, and the relevance of the skills acquired by students in addressing industry needs.
• TAPMI tracks the career progression of its alumni to assess the impact of its programs in fostering a culture of innovation. Alumni who have achieved success in innovative roles or have launched their ventures serve as role models for current students. Their success stories provide tangible evidence of the effectiveness of TAPMI’s initiatives.
• Faculty and students are encouraged to engage in research and publish their findings in reputed journals. Research outputs related to innovation and its impact on various sectors contribute to the measurement of success.
• TAPMI regularly collects feedback from students regarding their experience with innovation-focused programs and initiatives. Surveys and structured feedback mechanisms help assess the effectiveness of these initiatives in terms of student engagement, satisfaction, and perceived learning outcomes.

These evaluation methods help the institute to assess the success of its programs and initiatives. Continuous monitoring and feedback enable TAPMI to improve and upgrade its methods and develop new strategies to boost the innovative skills of its students in order to align them with the demands of the dynamic business landscape.