What can universities do to be a good place for start-ups? Essay

The above illustration gives an overview of available opportunities, resources, university network, information and knowledge accessing platforms and others factors from the university eco system. University-based entrepreneurship ecosystem: a multi- dimensional enterprise that supports entrepreneurship development through a variety of initiatives related to teaching, research and outreach. (Fetters, Greene, Rice, & Butler, 2010). Early stage start-ups are highly dependent on their surrounding ecosystem, and so if we can create a suitable and good start-up ecosystem in universities, we can generate more successful start-ups. With such energy and action, the ecosystem creates a great synergy, ensures entrepreneurs to get whatever they require before launching their start-ups. When they focus their energy on a common purpose, they become able to attract much more powerful resources than any other sector can do alone. But it does not recognize the importance of addressing these issues in the cultural context which blurs the connecting lines in such ecosystem.

The systems and processes developed should be attractive and create enthusiasm among students. Forcible implementation of such systems and processes will not have the necessary effect. In terms of entrepreneurial motivation, the results indicate that the student entrepreneurs were mostly motivated by pull- motivational factors, specifically improvement-driven factors. (Mikkonen, 2015). The specific factors were learning and personal growth, and desire for independence. Push-factors had only minimal effect, and against previous studies, these case-entrepreneurs did not regard earning a higher income as a motivational factor. (Mikkonen, 2015).

3.1 Knowledge transfer

The initial step is always loaded with a lot of confusion and always requires guidance. Significant number of students coming up with new start-up ideas are highly scared of confronting the real world difficulties and challenges. Infrastructural support is very crucial for every entrepreneur. One of the primary requirements can be office space where they can work and depending on the technical requirements of the start-up, laboratory facilities or a maker space may also be crucial. Some may not require maker space, for example a new application developers would only require some computer systems to work. Other crucial aspect is to fill in the knowledge gaps that they may have, especially young people. One way the universities can help in filling the knowledge gaps is by offering courses and classroom training. A tailor made courses which cover wide range of issues of entrepreneurship, management, design thinking",


finance and other technical courses related to the area of operations of these start-ups would give them a strong foundational platform. What would be more advantageous is that, if such courses offered by the university carry some credits, which can in some ways motivate them intrinsically. But some short term courses without the credit requirement may also get other interested people in the university involved in them who seek knowledge. The knowledge offered should be focused on identifying the practical problem of the societies and guide them in the way of identifying practical and viable solutions to such problems.

3.2 Nurturing entrepreneurial spirit

In reality there is an entrepreneur in every individual. People do many things in their daily without being aware of their entrepreneurial spirit. When they take up new tasks of getting knowledge and training they are investing their time without knowing what opportunities that knowledge would bring to them, also for example in searching or changing jobs there is question of unknown and many other such examples. Universities may find some comfort in the fact that they do not have to start from scratch in nurturing the entrepreneurial spirit. Understanding the many differences in terms of taking risk, cultures they grew up in, gathering courage to move out of the comfort zone, giving up safer and steady sources of income to take up new opportunities, different attitudes, lack of funding support, fear of failure and various other issues would give universities better picture. Encouragement or nourishment should be focused on such crucial areas where there is a requirement. Addressing such vital issues is a way in which a university can become a suitable place for entrepreneurial activity.

3.3 Motivation and self confidence

Another key aspect is to motivate enthusiastic people to pursue their dreams and put efforts to make their dreams to reality. Many individual have dreams and goals regarding their careers.

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