NMIT fosters entrepreneurship among engineering students: Success stories and initiatives

CXOToday has engaged in an exclusive interview with Dr. Sudheer Reddy J, Professor – Dept. of Mechanical Engineering, Dean – International Relations,, Nitte Meenakshi Institute of Technology, Bengaluru and Mr. Bharath V, Assistant Professor,  Department of Mechanical Engineering,  Nitte Meenakshi Institute of Technology, Bengaluru

1. What is the role of NMIT in promoting entrepreneurship among engineering students?

Nitte Meenakshi Institute of Technology (NMIT) takes immense pride in fostering entrepreneurship among its students as a viable career option. The institution provides students with structured guidance in understanding and experiencing innovation and entrepreneurship as part of their curriculum. NMIT offers various courses such as IDEA Lab, Innovation & Design thinking, Product Design & Development, Entrepreneurship & IPR, and Project Management to equip students with the necessary skills and knowledge. The institution also connects student innovators to the outside world through various workshops, interactions with technocrats, successful entrepreneurs, angel investors, funding agencies, incubators, and startups. Moreover, NMIT conducts awareness camps for the parents of budding entrepreneurs and collaborates with institutes and agencies in public and private domains that promote entrepreneurship. The institution implements entrepreneurial schemes from both central and state governments such as MSME Business Incubator, Innovation & Entrepreneurship Development Centre, and Atal Community Innovation Centre. Additionally, NMIT provides exemptions that allow students to work on their entrepreneurial ideas.

2. What are the challenges that engineering students face after ideating their entrepreneurship ideas?

One of the significant challenges is developing a prototype that impresses investors and funding agencies. This requires technical expertise, resources, and funding. Another major challenge is balancing academic commitments with entrepreneurial pursuits. Engineering students must juggle coursework, exams, and assignments along with their entrepreneurial pursuits. Additionally, support from family can also be a challenge. Some families may not understand the entrepreneurial journey or may not support it. Technical and marketing mentoring is another challenge that engineering students may face. Developing a product or service requires both technical expertise and marketing skills. Finally, financial support is crucial for the success of any entrepreneurial venture, and securing funding can be a major challenge for engineering students. Overcoming these challenges requires determination, hard work, and a support system that can help engineering students navigate through the entrepreneurial journey.

3. What are the initiatives and programmes that NMIT is offering to cultivate entrepreneurship thoughts among students?

• The Entrepreneurship Cell of NMIT is dedicated to helping students interested in starting their own ventures by providing mentoring sessions and assistance with creating effective pitch decks. The Entrepreneurship Cell of NMIT has achieved an impressive All India ranking of 4 in the National Entrepreneurship Challenge 2022.
• NMIT has collaborated with K Tech Innovation Hub to provide students with access to funding, market validation, team building, legal compliance, and other resources needed to start a business.
• NMIT has been hosting a national-level Ideathon competition every year since 2020,this competition allows aspiring entrepreneurs to pitch their ideas to a panel of judges. The competition attracts 500 + enthusiastic entrepreneurs every year. The judges provide valuable feedback on the product, and cash prizes are awarded to help winners grow their business.
• In 2022, the entrepreneurship cell of NMIT organized its first E-Conclave. This event featured multiple activities, including a startup expo that showcased various startups in the market. The expo was intended to provide students with an understanding of the entrepreneurial landscape and to inspire them to pursue their own startup ideas..

4.What are the key skills and competencies that help engineering students to transform as entrepreneurs?

Creativity and innovation are essential skills for engineering students to transform as entrepreneurs as they need to come up with unique ideas and solutions to problems. Problem-solving skills are also important as entrepreneurs will inevitably face challenges and need to find solutions quickly. Leadership and management skills are crucial for managing a team and ensuring that the venture runs smoothly. Techno-functional expertise is necessary to develop and execute ideas, and managerial and business acumen is needed to run a successful business. Finally, networking and collaboration skills are crucial for building relationships with potential partners, customers, and investors. With these key skills and competencies, engineering students can transform into successful entrepreneurs and bring their ideas to life.

5. Tell us about a few students of NMIT who have turned successful entrepreneurs

NMIT has produced several successful entrepreneurs who have gone on to make a positive impact in their respective fields. Among these are Gauthami N, Devesh K Hegde, and Ravikumar Jagannath.

• Gauthami N is the founder of Aeronuts, a startup focused on aeromodelling. Aeronuts aims to inspire creativity and invention in the field of flying, from paper planes to RC aircraft. The startup encourages curious minds to start thinking, exploring, inventing, and doing, in order to achieve their most desired flights. Aeronuts believes in the future of flying and strives to become the prime movers for such minds, propelling them to great heights.
• Devesh K Hegde is the founder of Flycamp, a startup passionate about drone technologies. Flycamp aims to educate young minds about drones and inspire them to go beyond traditional classroom subjects. The startup wants to motivate the youth by introducing them to the evolving technology of drones, encouraging them to explore and innovate in this field.
• Ravikumar Jagannath is the CEO and co-founder of Starya Mobility, a mobility solution provider. Starya Mobility’s vision is to become the most preferred green mobility solution provider by developing affordable and reliable cutting-edge technology. The startup’s mission is to convert conventional mobility solutions to electric, facilitate seamless transition to clean energy, pioneer in indigenously built electric vehicles, and convert conventional mobility solutions to electric.

These successful entrepreneurs are all NMIT alumni, driven by a passion for innovation and a desire to make a positive impact in their respective fields. Their startups are a testament to the quality education and nurturing environment provided by NMIT, encouraging students to think beyond the conventional and to strive for excellence.