Cluster Centric Business Incubation:Inculcating Engineering Students on Entrepreneurial Path

Abstract

In response to the changing economic scenario due to Liberalization, Privatization and Globalization, developing nations like India has encouraged for expansion to the engineering education. Developing countries such as India are in a state of transition. They are striving to be outward looking global economies rather than inward looking local economies, which will be possible only if small and medium-scale enterprises are encouraged. If technical institutions are to carry out their dual function of education and developing an entrepreneurial workforce for the sustainable development of MSMEs, then it is important that its students should be involved in solving real problems of practical importance to industry as a part of their professional training.

This paper discusses the strategies for developing entrepreneurial vision amongst engineers by following cluster centric business approach, the significance of industry/institute interaction, the role of engineering education and the impact of engineering education in the growth of small and medium enterprises.

Today almost all students prefer wage employment as a career option. This has been aggravated by our education system, which promotes wage-employment for students rather than self employment. An engineer, through technical entrepreneurship, can bring a technical revolution that can meet the challenges of the emerging scenario of globalization and liberalization with key elements of competition rather than protection.

The paper discuss over the case study, wherein typical problem of textile industry's knitting unit in local area was taken up by the student under project. They have undergone the in plant study and addressed the problem by designing, developing and implementing a system. The impact of the efforts is assessed from the point of view of entrepreneurship development of the student as well as from technology business incubation.