INAUGURATION OF ENTREPRENEURSHIP LAB

The Entrepreneurship Development Cell of Dronacharya College of Engineering, Gurgaon inaugurated Entrepreneurship Lab in collaboration with Department of Science and Technology (DST), Government of India and Acharya Narender Dev College, Delhi University on 29 October 2015.

The Ministry of Micro, Small, Medium Enterprises (MSME) has sanctioned a Business Incubator- “UDGAM-ANDC-BI” to Indian Institutes of Technology (IITs), National Institutes of Technology (NITs), Engineering Colleges, Technology Development Centres, University of Delhi under the scheme "Support for Entrepreneurial and Managerial Development of SMEs through Incubators". Under the scheme, there is a provision to fund up to ten innovative ideas in the range of Rs. 4 lakh to 8 lakh in a public private partnership (PPP) mode. UDGAM-ANDC-BI invites proposals (Business Plan) from potential entrepreneurs to translate their innovative ideas into marketable product. Students can also submit their proposals to nurture their creativity and entrepreneurial ideas into innovative ventures.

The purpose of this scheme is to support students of science and technology and entrepreneurs try out their innovative ideas at the laboratory or workshop stage and to carry forward the idea from its mere conception to ‘know-how ‘and then to ‘do how’ stage.

Mr. Sanjay Vohra, head of Innovation and Entrepreneurship Development Centre along with entrepreneur Mr. Ravi Gupta, inaugurated the Entrepreneurship Lab. The purpose of establishing this Lab was to make students self-reliable and boost confidence amongst them so that they could take risk to have their own start-ups and manage businesses.

The event started with a motivational speech by Mr. Sanjay Vohra. He inspired the participants to be a part of the entrepreneurship lab and explained how this could bring difference to their lives. He quoted several examples from real life people who followed their interests and passion and are now making it big in their careers. He said that success is the sum of small efforts, repeated day in and day out. All it takes to be an entrepreneur is to have the courage to stand up for one’s own dream.

Mr. Ravi Gupta in his interaction with the students motivated them to make their career choices and follow their dreams. He emphasized that they should take calculative risks to realize dreams and passions of being a successful entrepreneur.

Under this lab a group of selected students will be guided to set up a small start-up within the college itself with some seed amount. This will give them an insight about how a real business is conducted and what all practical hurdles could come up and how to deal with those. It will be an excellent opportunity for them to face challenges of real world.

The students were selected considering five main criteria

1. Entrepreneurial spirit,

2. Strategic direction,

3. Innovation,

4. Personal integrity/influence and

5. Business potential.

39 students from different braches participated in the interview and top 18 out of them were shortlisted to be active members of this Entrepreneurship Lab.