How wealth creation can be reconciled with universities’ traditional roles so everyone wins
Why does the India Institute of Technology in Madras succeed at UniVenture? Because it takes an inclusive, holistic approach.
The authors tell us that this success required interaction with a wide range of stakeholders, each with their set of expectations:
- Current students –want more practical venture education
- Faculty and staff – want the capacity to engage in venture
- Corporations – want more collaboration
- Alumni – want to contribute expertise and capital
- The government – provides tax incentives and expects outcomes that support national needs
- Last but not least, society at large –increasingly demands access to IITM’s expertise
Recognizing the importance of engaging with all these stakeholders, the institutional infrastructure that supports venture creation and nurturing should have multiple strands that cater to the needs of these different segments.
The authors illustrate this point with detailed cases of value creation and nurturing, and lessons learned. They identify the different components of the venture creation and nurturing process, and illustrate how they contribute to deepen the engagement with different stakeholders. Various initiatives at IIT Madras are described, highlighting the results of the venture creation initiatives across different stakeholders.
The authors’ findings will benefit readers in other universities venturing into univenture.
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About the Authors:
|Thillai Rajan A. – Professor, Department of Management Studies at the Indian Institute of Technology Madras|
|Ashok Jhunjhunwala – Professor, Department of Electrical Engineering at the Indian Institute of Technology Madras|