In today’s economic environment, where jobs are riddled with unpredictability, more and more people want to start something of their own. However, what eludes most people is how to start something of their own or how to become an entrepreneur. Are entrepreneurs born entrepreneurs, or is entrepreneurship a skill that can be acquired?
Research says that most of the Gen Z generation is entrepreneurial and risk-taking by nature. They do not want to simply work from nine to five but want to start something of their own.
In order to develop the entrepreneurial skills of the students, Asian School of Business organised an Entrepreneurship Development and Incubation Centre activity on January 4, 2023, “Patent Integration: An Innovation Challenge.” The activity was divided into two stages: in stage 1, students in groups of 2-4 were to come up with an innovative product that was patentable and register for the activity, and in stage 2, the teams were to present their product idea to a panel of judges who evaluated the teams based on the idea, market opportunity, road to profitability, and feasibility.
There were 12 teams representing 80 participants who competed on the final day of the activity with their unique ideas. The most wonderful part of the activity included participants with a non-technical background coming up with the idea of bottles that can be used to control the temperature of liquids and have the unique feature of displaying minerals on the screens of the bottles, innovation with a new game, etc.
The students participated with a lot of zeal and enthusiasm and came up with various innovative ideas and their prototypes. The basic objective behind the activity was to generate critical thinking skills in students, which was evident in the marvellous presentations by the students to the panel of judges on the day of the activity.