The state-run Visvesvaraya Technological University (VTU) is establishing a startup park on its eight-acre Davangere campus to assist engineering graduates in becoming entrepreneurs.
The facility will be built through a public-private partnership (PPP) and is expected to cost around Rs 40 crore. VTU has already approached several potential project investors. If everything goes according to plan, the startup park could be ready in six months with a basic ecosystem in place.
"The park will have everything a startup needs. A few investors have expressed interest. We must complete our work "S Vidyashankar, Vice-Chancellor of VTU told.
The startup park will most likely serve as an incubator for people other than VTU students. The university intends to grant students from other universities in the state access. "A team of experts will be assembled to select the best. We will issue a notification inviting ideas once the investors are finalised "Vidyashankar explained.
VTU will also set up an entrepreneurship cell where students who want to start their own businesses can register. "We want to create job providers rather than job seekers. That is the concept behind the startup park "Vidyashankar explained.
An Idea Lab will also be housed in the proposed startup park. "Some students will come up with brilliant ideas. However, they may be unaware of how to develop them. This is where the Idea Lab will come into play "said the vice-chancellor.
Once a startup park idea makes it to market, VTU is likely to seek a cut of the profits to fund the facility.
Meanwhile, VTU has formed a partnership with a private company to train teachers in entrepreneurial pedagogy. This measure is being implemented because teachers typically have less industry exposure. The VTU also intends to introduce an entrepreneurship course in the fourth or fifth semester, for which faculty members will be trained.
