On May 15, 2021, the SRM University-AP Technology Innovation Incubator launched the very first venture cohort with 36 chosen start-up ventures in the presence of a special guest of honour from industrial sector, Prof Ramesh Loganathan, Chief of Co-innovation and Outreach at IIIT Hyderabad and Ex-Chief Platform of the Telangana Innovation Cell (TSIC).
“From the beginning, SRM University-AP has been focused on developing entrepreneurs who will be tomorrow’s leaders. In his welcome speech, Prof V S Rao, Vice-Chancellor, SRM University-AP, stated, “The University signed an MOU with the University of California, Berkeley to design the curriculum to promote entrepreneurship.”
Continuing the event’s proceedings, the guest of honour, Prof Ramesh Loganathan, provided a brief overview of the scope and future of entrepreneurship in India and the global scenario.
“The entrepreneurial journey should begin with identifying the ecosystem’s problems. A good example is face recognition software, which began with the goal of tracking student attendance in colleges.
Similarly, aspiring entrepreneurs should identify similar problems, conduct extensive market research, and then develop a business plan. The price of the product/idea should be the last consideration.”
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SRM University-AP, Andhra Pradesh, established the ‘Innovation, Design, and Entrepreneurship Academy (IDEA)’ as part of a strategic alliance with UC Berkeley to create an academy combining their Sutardja Center for Entrepreneurship and Jacob Center of Design and Innovation to foster a culture of innovation, design, and entrepreneurship among students from all disciplines, including engineering, law, and medicine.
“It is exciting to see so many students submitting their business ideas in the first business cohort,” said Dr Prakash Jadav, Associate Professor and Head of IDEA. I am confident that with our guidance and mentorship, they will all be able to reach new heights in establishing their ventures in the industry.”
62 teams totaling 192 students applied for the opportunity. 36 teams/ventures were chosen to be a part of the SRM TBI’s first cohort after rigorous screening and evaluation on various parameters such as innovation, scalability, and commercialization.
The selected ventures will be mentored and supported for at least a year, with infrastructure support, mentoring and networking support, seed fund and innovation fund support, hardware and software support, industry connectivity, learning resources, market exposure, and other benefits.