The AUA Overseas Study Program "Innovation, Incubation and Entrepreneurship" (I2E) was hosted at IIT Bombay from the 1st to 7th July 2019. The week long program was designed to not only provide firsthand exposure of the Indian business context, but also to introduce the students to the concepts of Innovation, Incubation and Entrepreneurship through a series of interactive sessions, activities and field trips.
A diverse set of 18 student participants from nine universities across Asia took part in the program - Nazarbayev University, University of Colombo, Seoul National University, The University of Tokyo, Universitas Indonesia, United Arab Emirates University, University of Malaya, University of Yangon and Indian Institute of Technology Bombay.
Group picture of all I2E participants
During the program the students were taken through a curated set of classes delivered by subject experts from IIT Bombay and external experts. Some of the topics covered included discussions on the innovation trail, business fundamentals, new product development, business model canvas, marketing, creativity, communication and business plan pitching.
Students during a lecture
A major highlight of the program were the visits to other IIT Bombay centers which play an active role in the entrepreneurship ecosystem: SINE (Society for Innovation and Entrepreneurship – the business incubator at IIT Bombay), the Proof-of-Concept Studio (that supports early stage efforts for product development), Tata Centre for Technology and Design (innovation for societal impact) and the Tinkerers' Lab (students' space for tinkering).
Participants visiting the Proof-of-Concept Studio
During the action-packed week, the participants worked in teams of three for their assignment. They were required to develop business plans on a product idea, applying the knowledge gained from the classroom sessions.
On the fifth day of the program the participants had a field visit to one large MNC and a start-up to understand differences in the scale and methods of operations. They visited the Thane branch of Tata Consultancy Services (TCS), an Indian IT company with a global footprint, and a startup from IIT Bombay - Drona Aviation Pvt. Ltd., a hobby drone company that operates out of an apartment. On the last day of the program the students went on a city tour.
Based on the experience and feedback of the participants, the program was well-received, and advanced the AUA's objectives of fostering entrepreneurship through a multi-cultural learning environment and promoting cultural exchanges among the students. In the long run, such programs develop a deeper understanding of Asia's different cultures among the students and help them evolve into responsible global citizens.
I2E participants with faculty from IIT Bombay at the Gala Dinner
