Venture Development Center
|International Institute of Entrepreneurship Development
|Northeastern University, Boston, USA
"Failure is an option here. If things are not failing, you are not innovating
enough" – Elon Musk
"Chase the vision, not the money, the money will end up following you” –
Tony Hsieh, Co-founder, Zappos"
15 US based start-ups that did not exist 5 years back are worth billions
today” – Business Insider
A study by CBI Insights showed that 9 out of 10 new startups fail, mostly because they have not done market research before they launch their product or service. In fact, 42% in a poll listed the reason for failure as no market demand for their business. Others listed self-destruction in the form of mediocre or subpar management. And, 72% found that their intellectual property was not a competitive advantage after they started operating as a business. Most startups also need between 2 and 3 times longer to validate their market than most founders expect. If you are thinking of starting a business, you can combat this issue by spending extra time on market research and validation. Even seeking out mentors through business seed programs, learning how to track performance metrics, and learning about growth in advance can help you to see as much as 3.5x the growth.
“No matter how smart you are, or how brilliant or disruptive your business
concept might be, every entrepreneur needs a good mentor” – Richard
“The magnitude of difference between the performance of companies with successful mentors and companies that lack them suggests that the value of effective mentors for startups may be especially high” - TechCrunch
“Entrepreneurs who learn from helpful mentors and learn from startup thought leaders raise 7x more money and have 3.5x better user growth”-MaRS
Being within the secure atmosphere of a college, experiencing a roller-coaster ride of entrepreneurship would be exciting for some. For those risk junkies who want to push their boundaries to convert their ideas into a venture,Vasireddy Venkatadri Institute of Technology (VVIT) is offering an opportunity through the introduction of the International Institute of Entrepreneurship Development (i2E) program. The pioneer initiative, a partnership between Govt. of Andhra Pradesh (APSSDC) and Northeastern University, USA, brings to the campus Northeastern University’s NU-IDEA, a proprietary and proven methodology, which combines academic instruction with experiential learning methods, to impart techniques and coaching essential to students and young entrepreneurs for the development of their ventures.
This program aims to foster entrepreneurship by guiding and supporting the students in creating and realizing their business ideas. In addition, the program also helps the students to improve their communication skills while fostering a spirit of team work as well as problem solving and decision making abilities in the young people.
In order to fulfil this need, Northeastern University, in collaboration with APSSDC is establishing a Venture Development Centre (VDC) in VVIT-CAMPUS in the region to run the i2E program to foster entrepreneurship.
The VDC will consist of student collaboration rooms, lounge area, IT lab, maker space etc., all connected with high-speed internet and will be supported by mentor and investor networks, e-clubs and a host of other catalytic incentives to create an entrepreneurial ecosystem at the campus.
Admissions to the i2E program have commenced. The entrepreneurship coaching is being offered in two phases, namely:
- Certificate in Basics of Entrepreneurship (Phase-I)
- Diploma in Venture Development (Phase-II)
Successful candidates are awarded a Diploma in Venture Development jointly by Northeastern University, Boston and APSSDC.
Interested students may register in the program by visiting i2E website:www.i2e.apssdc.in