Student to founder: How Universities Can Foster a Culture of Innovation and Entrepreneurship

Entrepreneurs have long been recognized as risk taking forces behind social progress, technological development, and economic prosperity. Apple’s famous ‘think different’ commercial could probably have been an ode to entrepreneurs themselves as it accurately says, “the only thing you can’t do is ignore them because they change things…they push the human race forward.”

While the ‘change-maker’ mindset is ideal for a world that yearns for innovation, technological advancements and new ideas - encouraging this way of thinking takes more than what meets the eye. Entrepreneurial skills must be carefully nurtured and developed from an early age to help the youth successfully leverage their potential. Academic institutions are typically the perfect breeding ground for innovation to flourish, however, they can be presented with a few challenges along the way.

A new pedagogy for student entrepreneurs

Today, more than 50% of Gen-Z professionals wish to build and run their own ventures in the next decade, according to a survey conducted by EY Ripples and JA Worldwide in 2021. This puts universities in a pivotal position to prepare students for the next leg of their careers and lay the foundation for future generations of potential entrepreneurs. Institutions must be equipped with the facilities, environment, and opportunities necessary to encourage students to foster new ideas that could commercialise into billion-dollar startups. One of the major reasons Gen Z is motivated to launch their own business venture is their desire to make the world a better place. 76% of 14-25 year olds surveyed said they wanted to become entrepreneurs to ‘make a positive difference’ according to Octopus Group’s Future Founders report. 

Entrepreneurship can be positioned as a tool for young people to act as societal history makers and make a difference in the lives around them. World leaders are joining forces to achieve the United Nations’ Sustainable Development Goals to tackle global issues such as healthcare, education, and climate change. The support of private sector startups in achieving these milestones can completely change the game and turbocharge our societal progress. This can only be achieved once universities go beyond traditional education and embed entrepreneurship into their pedagogy.

Learning entrepreneurship by being an entrepreneur

Two standout approaches are helping students learn entrepreneurship and encouraging them to break away from linear thinking; project-based learning and experiential learning. The former requires students to work on team-based projects that often need them to apply what they have learned to identify a real-world problem and address it by creating a new product or service. The latter, experiential learning, emphasises practical experience and is a hands-on approach to learning and problem-solving. 

These techniques lie poles apart from the regular cookie-cutter approach that most universities adopt while teaching students how to think like entrepreneurs. It helps students engage with real-world issues, develop critical thinking capabilities and truly primes them to become the business builders that the world needs. Universities need the right support and knowledge to fully immerse students into the business world and that’s where key partnerships come in.

Success through collaboration

At the current rate of technological advancements and innovations, one might think that higher education institutions would be able to adapt at the same pace. This is not always the case. Then how can students stay relevant? How can they always have their finger on the pulse of current opportunities for innovations and looming threats?

The answer lies in cultivating university-industry partnerships. Universities can help provide students with experiential and practical learning with the support of industry partners and companies driving current socio-economic developments. To make sure that opportunity and potential are not lost in translation, and students indeed direct their entrepreneurial energies towards current gaps in the system, cross-collaboration is inevitable.

Universities are not the only ones to benefit as partnerships allow corporates to crowdsource new ideas and innovations through these collaborative approaches. It also gives them exposure to exceptional talent and allows them to source young professionals that fit right into their culture. When there’s such a sweet deal cut for both parties, everyone wins.

Designing programmes to fuel innovation

Several institutions and organisations are adopting this approach, including Futurize, which facilitates the union between corporates and universities to cultivate the entrepreneurs of tomorrow. Programmes designed by Futurize enable creative minds from business and academia to collaborate, learn, create, and execute together to fuel innovation for a brighter future. These programs have helped thousands of university students take a step closer to building their dream ventures, acting as a launch pad for breakthrough ideas. You can learn more about our student success stories and how you can facilitate this journey at www.futurize.studio.