Top IITs, IIMs launch consortium to boost entrepreneurship

Mumbai: Leading Indian Institute of Technologies (IITs) and Indian Institute of Managements (IIMs) have come together to launch a consortium to boost Indian entrepreneurship ecosystem through high quality research in innovation, venturing and entrepreneurship, according to a joint press statement.
The joint initiative, which has been named ‘Innovation-Venturing and Entrepreneurship in India Network (iVEIN),’ includes as its founding members faculty at IIT Madras, IIT Bombay, IIM Bangalore, IIM Calcutta and IIM Kozhikode.

The network of institutions will leverage strengths of the partners and would work with other stakeholders such as incubators, government and investors to generate and disseminate knowledge, according to the statement released on Monday.

“This initiative of launching a consortium is a pioneering concept being offered by world class Indian institutions possessing the richest legacy in the field of technology and management,” said Debashis Chatterjee, director, IIM Kozhikode. “Forging a close linkage between academic and R&D institutions on one hand and industry on the other hand will not only enable and empower the future entrepreneurs but also open up previously un-explored avenues for resource sharing,” he said.

Highlighting the salient features of the initiative, A. Thillai Rajan, professor at the department of management studies in IIT Madras said, “Innovation, venturing and entrepreneurship are getting increasing attention from policymakers. These three areas are expected to play a key role in the economic growth of the country in addition to strengthening India’s position as an innovation country.”

The iVEIN network will facilitate high-quality research among the academic fraternity in India and create avenues for dissemination of the relevant knowledge through conferences and journal publications.

B. Ravi, who heads the Desai Sethi School of Entrepreneurship at IIT Bombay, said, “Top educational institutions including IITs and IIMs have been active in nurturing innovation and entrepreneurship. The proposed network will create a strategic bridge between various stakeholders, strengthen the ecosystem and synthesize the knowledge that exist in silos among different groups.”

Venkatesh Panchapagesan, professor and chair, NSRCEL, the innovation and entrepreneurship cell of IIM Bangalore, added, “Academic incubators play a critical role and that iVEIN will help create a stronger platform for them to share best practices and take lead in promoting activities like research that are often neglected by the private ecosystem.”

The iVEIN network aims to create an interdisciplinary body of knowledge synthesizing multiple perspectives, which would meet the requirements of policy makers, academic researchers, students, innovators, entrepreneurs, investors and all those interested in innovation and ventures. It aims to help in effective policy formulation at multiple levels and develop thought leadership.

“The network would catalyse the much-needed work to document Indian experiences in areas of entrepreneurship and innovation,” said Vidyanand Jha, professor of organisational behaviour at IIM Calcutta. “It would also aid in creation of data-based knowledge and dissemination of such knowledge. This would give a fillip to entrepreneurship in the country by aiding both policy formulation and implementation regarding innovation as well as by helping managerial practice.”