Introduction to Innovation

and Entrepreneurship
Course Code: EP21201

Offered by Rajendra Mishra School of Engineering Entrepreneurship

(A course to expose you to the processes required in Entrepreneurship)

 What is Innovation?
• Innovation is the practical implementation of ideas that result in the introduction of
new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO
56000:2020 defines innovation as "a new or changed entity realizing or redistributing value".
It has a focus on newness, improvement, and spread of ideas or technologies.
• Innovation often takes place through the development of more-effective products,
processes, services, technologies, art works or business models that innovators make available
to markets, governments and society.
Innovation is related to, but not the same as, invention.
• Innovation is more apt to involve the practical implementation of an invention (i.e. new / improved
ability) to make a meaningful impact in a market or society, and not all innovations require a new
invention.
• Technical innovation often manifests itself via the engineering process when the problem being solved
is of a technical or scientific nature. The opposite of innovation is exnovation.

Source : Wikipedia
 Innovation versus Invention
Invention Innovation
• Marked by discovery or state of • Marked by first use, in manufacturing or in market
new existence, usually at the lab • Innovation is composed of two parts :
or bench (1)The generation of an idea or invention and
(2) the conversion of that invention into a
business or other useful application
• Innovation = Invention(1) + Exploitation(2)

The term “creative” refers to the ability to think and act in novel ways.
Invention requires creativity in the sense that it depends on the inventor’s ability to create a vision
of what they think they are able to build, and to make something happen that no one else has ever
done before.
An inventor’s creative vision is constrained by the framework of reality by figuring out how to do
something in a novel way, working within the constraints of what is possible through science.
Historic Innovators
• Leonardo Da Vinci
• James Watt
• Thomas Alva Edison
• Alexander Graham Bell
 Historic Inventions
Source : History.com Source: Britannica
Printing Press (Gutenberg’s Machine, Mainz, 1440) Stone Tools (Homo habilis)
The Magnetic Compass (China 14th Century) Dagguerreotype (1830s)
Paper Currency (China 9th Century) Saxophone (1846)
Steel (Bessemmer Process 1850s) Bessemmer Process (Bessemmer and Kelly) 1840s
Electric Light (Thomas Edison, 1879 patent) Celluloid (Hyatt 1860s)
Domestication of Horses Edison Cylinder phonograph 1857
Transistors (1947, Bell Laboratories) Wright flyer 1903
Magnifying Lenses Iconoscope television camera and kinescope receiver (1923)
The Telegraph (Samuel Morse) Integrated Circuit jack Kilby 1958
Antibiotics (Penicillin by Alexander Fleming 1928) Apple Personal Computer
The Steam Engine (2698, 1700s by James Watt) Space travel
Self Driving cars, Lab grown meat, wearable Electronics,
Virtual Superstars, Private space flight, mind controlled
prosthesis
Historic Indian Innovations
Source: Indiatimes Article (26 Jan 2018)
• Ancient Dentistry (7000 BC)
• Ayurveda (5000 BC)
• Ancient flush toilet systems (2500 BC)
• Ruler (scale) – 2400 BC
• Weighing scale – 2400 BC
• Plastic surgery (Sushruta 600 BC)
• Pythagorean Theorem (700 BC - Baudhayana Sulba Sutra)
• Crucible steel (200 BC)
• Cataract Surgery (200 AD / different from Greek method 200 BC)
• Spinning Wheel (Charkha) 500 AD
Inventions can be by chance (accident)
• Microwave Oven
• Penicillin
• Anaesthesia
• Artificial Sweeteners / Botox
• Potato Chips
• Implantable pacemaker
• Popsicles / corn flakes / chewing gum / play doh
• Radioactivity
• Stainless steel
• PTFE (Teflon)
 Innovation as a process

"Innovation is the multi-stage process whereby organizations transform ideas into

new/improved products, service or processes, in order to advance, compete and
differentiate themselves successfully in their marketplace"
• Idea Generation and Mobilization
• Advocacy and Screening
• Experimentation
• Commercialization
• Diffusion and Implementation
Innovation is the specific function of entrepreneurship, whether in an existing
business, a public service institution, or a new venture started by a lone individual
in the family kitchen. It is the means by which the entrepreneur either creates new
wealth-producing resources or endows existing resources with enhanced potential
for creating wealth. – Peter Drucker
What is Entrepreneurship?
• entrepreneurship /ɒntrəprəˈnəːʃɪp/
• noun
the activity of setting up a business or businesses, taking on financial
risks in the hope of profit.
"the new business opportunities have encouraged entrepreneurship on
a grand scale“ [Oxford Languages]
Entrepreneurship is the creation or extraction of value. With this
definition, entrepreneurship is viewed as change, generally entailing
risk beyond what is normally encountered in starting a business, which
may include other values than simply economic ones. [Wikipedia]
 Entrepreneurship as process
1. Idea generation 1. Self Discovery - is to learn what a person enjoys doing and examining
their strengths and weaknesses
2. Decision making and business
planning 2. Identifying opportunities - relates to looking for needs ,wants,
problems and challenges that are not yet being met or dealt
3. Project Creation effectively.
4. Management and Control 3. Generating and evaluating ideas : concerned with using creativity and
past experience to devise new and innovative ways to solve a problem
or meet a need.
4. Planning - the plan phase which involves researching and identifying
resources needed to turn the idea into a viable venture.
5. Arranging startup capital - Attracting new investors , venture
capitalists and partners to arrange sufficient funds to start an
enterprise.
6. Start up - Launching the venture ,developing a customer base and
adjusting marketing and operational plans as required.
7. Growth - Make the enterprise growing by adapting to new
circumstances.
8. Harvest - Sell the product in the market and earn the revenue to grow
further.
Some Entrepreneurs (from Wikipedia)
• Global • Indian
• https://en.wikipedia.org/wiki/Lis • https://en.wikipedia.org/wiki/Lis
t_of_entrepreneurs t_of_Indian_entrepreneurs
 Rajendra Mishra
School of Engineering Entrepreneurship
 History of Entrepreneurship Education in India

1960 -1970 1980 1990

 Entrepreneurship  Entry of entrepreneurship  Liberalization brought focus on

education focused on education into technology entrepreneurship as a means
entrepreneur training and and management of wealth creation.
creating self-employment institutions.
ventures
 Success stories, especially in
 Participants
 Government initiatives set the IT sector and service
 Training and counselling up Science and sector.
institutions (NISIET, SISI, TCOs, Technology Parks (STEPs)
EDI) and incubation centers at
 Entry of industry associations,
 Financial institutions like SBI, a few reputed technical
NGOs, consultants and
IDBI, TDICI, RCTC, etc. institutions, including IIT
voluntary organizations into
 Development boards (STEPs, Kharagpur
the entrepreneurship
EDCs, TBIs) education space.
 Inspiration of Engineering and Management from IIT Kharagpur faculty

• Prof. Rajendra Mishra joined IIT-Kharagpur in August 1952 as a lecturer in

Mechanical Engineering and was among the founding faculty of the
Department with the assistance of Dr. R. A. Kraus, a UNESCO professor.

• He had a meteoric rise to become Assistant Professor of Mechanical

Engineering and Industrial Engineering, and Production Engineering, and
Senior Professor, within two years.

• He taught undergraduate, post graduate courses, also short term executive

development programs at the Institute and outside.

• He facilitated development of Management education over and above

Engineering core in the IIT System during his tenure with multiple courses,
activities and bringing in expertise.
Our Patrons
Devendra Mishra Amarendra Mishra

• B.Tech Mechanical 1966, IIT Kharagpur. B. C. Roy • B.Tech. Metallurgy, 1969, IIT Kharagpur
Gold Medalist (1966), VP of the Technology
Students’ Gymkhana (1965) and the President
and/or CEO four Fortune 500 companies of the • President, Innovative Materials and
USA, several Billion $ in revenue. Processes
• Adjunct Professor, Decision Science and
marketing, Graziadio School of Business & • Retired Director, Aero-space and R&D, PPG
Management, California Industries- a Fortune 200 Company
• Founder and Chief Strategist of Media and
Entertainment Alliance (MESA), Hollywood IT
Society (HITS), and Bio-tech Supply Chain
Management Alliance (BSMA)
Timeline of the Entrepreneurship Development Ecosystem

M N F aruqui innovation center

IIT KGP (1951)

Kolkata Research Park

E-Cell (2007) RMSOEE (2010)
STEP (1986) TIETS (2005)

STEP –TIETS 2015

1980 1991 1992 2001 2008 2012 2017

HEI with Engg & Sc Management Education Formal Academics in Entreprenership

Student Activities in
Entrepreneurship Evolved Infrastructure

TIETS: Technology Innovation and Entrepreneurship Training Society

Focus on Entrepreneurship Education and Research

To build Entrepreneurship on Engineering Core

- Teaching and Research
- Innovation and Product Development
- Startup creation
Appropriate mix of faculty in Engineering Sciences, Management Sciences
and to provide encouragement to students
Capabilities of our faculty

Well trained Engineers and Scientists with hands on product development

experience
Proficient management school trained researchers
Associate faculty from other Academic Units (ME, VGSoM, Metallurgy, CSE,
ISE, RGSoIPL, ECE, SMST, ...) in teaching and research
Guest Faculty from other institutes in academics
 Research Areas of Faculty

Entrepreneurship & Venture Service Innovation: Energy/

Development: Business Dr. Bhaskar Healthcare/ Interdisciplinary
Bhowmick, Dr. RamBabu Roy
Modelling/ Finance/ Analytics/
Dr. Prabha Bhola,
Marketing/ Venture Creation
Dr. Titas
Bhattacharjee

Dr. Mrigank S,
Dr. Mamoni
Banerjeee Dr. Basab Chakraborty

Dr. P.K.Dan,

Product Innovation: Bio/ Dr. Manoj Mondal Product Innovation: Mechanical/

Agriculture/ Multidisciplinary Electrical/ AI/ IoT/ Digital/
Multidisciplinary
Academic Programs offered
•Interdisciplinary DD BTech(Parent Department) and MTech (Engineering
Entrepreneurship)
6 compulsory + 4 out of 14 electives

•Research – MS and PhD

•Micro Specialization in Entrepreneurship and Innovation (Started from Spring

2014-15)
1 compulsory + 3 electives (11 courses)

Students in formal program ~ 100 Dual Degree and ~ 100 Micro

Specialisation
Teaching UG and Dual Degree students

QM RJ AE AG AR BT
PH0% R 1% 1%6% 7% 3% CE
4%
3%
NA CH
MT3% 7%
3%
Other Courses: MI CS
Management of Growth Venture MF4% 7%
Techno-Entrepreneurial Leadership 3%
ME CY
Innovation Management 2%
5%
Entrepreneurship in Social Sector MA EC
Engineering Business Plan 1 & 2 5% IP IM IE HS GG 8%
EX EE
Special Topics in Entrepreneurship
0% 5%3% 3% 3% 4% 9%
 DD/ Micro-Spl. Students Statistics
Dual Degree
Students
Graduated till 2019 47
Graduating in 2020-21 9
Currently enrolled (including those graduating in 48
2020-21):
Micro-Spl.
Students Year of Course Completion No. Of Students
2017 16
2018 18
2019 30
2020 33
 Dual Degree Program: Curriculum
Semester : 3
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP21201 INRODUCTION TO INNOVATION AND ENTREPRENEURSHIP 3-0-0 3
Semester : 4
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP21201 INRODUCTION TO INNOVATION AND ENTREPRENEURSHIP 3-0-0 3
Semester : 5
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP60002 MARKETING AND MARKET RESEARCH 2-1-0 3
DEPTH EP67003 PROJECT 0-0-3 1
Semester : 6
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP60004 MANUFACTURING MANAGEMENT 2-1-0 3
DEPTH EP67004 PROJECT 0-0-3 1
Semester : 7
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP60005 FINANCIAL AND LEGAL ASPECTS OF BUSINESS 2-1-0 3
Semester : 8
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP60006 MANAGEMENT OF GROWTH VENTURES 3-0-0 3
ELECTIVE I (SOEE)
Semester : 9
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP67005 PROJECT INNOVATION 0-0-0 12
ELECTIVE III (SOEE)
ELECTIVE II (SOEE)
Semester :10
Subject Type Subject No Subject Name L-T-P Credit
DEPTH EP67006 PROJECT PRODUCT 0-0-0 13
ELECTIVE IV (SOEE)
 Dual Degree Program: Core Courses

Dual Degree Engineering Entrepreneurship

Sr. Course
No. Code Core Course Year Semester
Autumn/Sprin
1 EP60020 Foundations of Entrepreneurship 2nd g
2 EP60002 Marketing and marketing Research (Restricted to DD) 2nd Spring
3 EP60003 Product Development 3rd Autumn
4 EP60004 Manufacturing Management (Restricted to DD) 3rd Spring
5 EP60005 Financial and legal Aspect of Business 4th Autumn
6 EP60006 Management of Growth Venture (Restricted to DD) 4th Spring
 Dual Degree Program: Electives

Sr.
No. Elective I
Sr. Course
No. Code Core Course Year Semester
New
1 Course Venture Valuation Methods 4th Spring
2 EP60010 Financing New Ventures 4th Spring
3 EP60018 Innovation Management 4th Spring
4 EP60024 Growing and Managing Entrepreneurial Firm 4th Spring
Entrepreneurship in Developed Countries and Emerging
5 EP60026 Nations 4th Spring
6 EP60028 Global Entrepreneurship Labs- Emerging Markets 4th Spring
7 EP60030 Entrepreneurship with Established Organization 4th Spring

Sr.
No. Elective II
1 EP60021 Engineering B-Plan Development- I (New Syllabus) 5th Autumn
2 EP60007 Techno Entrepreneurial Leadership 5th Autumn
3 EP60023 Micro-Financing the Grassroots Sector 5th Autumn
4 EP60025 Special Topics in Entrepreneurship 5th Autumn
 Dual Degree Program: Electives

Elective III
Sr. Course
No. Code Core Course Year Semester
1 EP60031 Entrepreneurial Exit Strategy 5th Autumn
2 EP60022 Technology Entrepreneurship 4th Autumn
3 EP60027 Institutional Aspect of Entrepreneurship 5th Autumn
4 EP60029 Small Business Development 5th Autumn

Sr.
No. Elective IV
1 EP60032 Costing and Accounting for Entrepreneurs (New Syllabus) 5th Spring
2 EP60042 Engineering Design Process 5th Spring
3 EP60008 Economics of Entrepreneurship 5th Spring
4 EP60034 Asian Culture Values and traits Business 5th Spring
Launching and Growing Professional Practice or Service
5 EP60036 Business 5th Spring
6 EP60038 Entrepreneurship in Social Sector 5th Spring
7 EP60040 Engineering B-Plan Development-II 5th Spring
Academic Outreach
PGDBA Program
Curriculum Design

Admissions Process

Teaching Courses

NPTEL Course
Name: Entrepreneurship Essentials

Course length: 60 Sessions

Offered during: January every year (Started in: 2018)

To be offered during: 2019, 2020, 2021, 2022

Registered students: 13,500 (roughly) during 2018 & 2019 (total)

Entrepreneurship Promotion Activities

Entrepreneurship Education

Workshops, Special Lecture Series, Startup Talks, Training, BPlan

Networking : Inreach

Faculty mentors/entrepreneurs, Student entrepreneurs, Centers, Schools and Departments, Incubators (STEP),
SRIC (Lab to Market Cell)

Networking : Outreach

Networking with stakeholders in Startup Ecosystem: Alumni, Accelerators, Investors, Statups, Institutes,
Incubators, Entrepreneurship Parks

Startup Support: Screening and Selection, mentorship, team-building, funding opportunities for entrepreneurs
inside and outside institute.
E-Cell Activities of E-cell, which functions under the aegis of RMSoEE
● Empresario: Business Model competition (Annual in association with International Business Model
Competition (IBMC).

● Global Entrepreneurship Summit: Annual corporate summit

● Entrepreneurship Awareness Drive / Local Startups Meet: Awareness Drive focused towards the early stage
startups.

● Startup Bootcamp: A weekend long pitching competition for IIT kharagpur students.

● Kharagpur Angel Network: A pool of angel investors for PAN IIT startups.

● KGP Startup Community Portal: One stop platform for the IIT Kharagpur Startup community, facilitating the
needs of a startup.
HeadStart
A Faculty Led Activity Cell of RMSoEE

● A platform driven by RMSoEE Faculty for Entrepreneurship related events and

activities aligned with the School’s objectives.

● Coordinates Entrepreneurship Workshops and Hackathons conducted by RMSoEE,

including Sector Specific events in association with other centers/schools of IIT

● Networks with stakeholders in Startup Ecosystem (startups, accelerators, mentors,

alumni, investors, educational institutes)

● 3 Major events conducted since May 2019, with 3000+ participants.

● Long term mentorship and training program for 50 selected student startup
teams, leading to final selection of 10+ teams for long term mentorship and
Events Conducted by RMSoEE in last six months

Upcoming ..Pan-India Agritech

Hackathon (Jan to Marh 2021)

Entrepreneurship in Post Covid Scenario

Event ( June-2020)

Social Entrepreneurship
Event (150th Gandhi Jayanti) Startup mentoring, Training and Evaluation
Program (June- August 2020)
Products Developed by RMSoEE Faculty

Low Cost, modular Cold storage

BMS Li ion battery Computer vision based Tea Leaf
based on Digitally controlled
for four
packwheeler
Quality Assessment Machine
Airconditioner
EV

IOT Based Hand-held

monitoring of photospectrometer for
Food instant quality assessment of
food products IOT and AI based pest
processing units
Monitoring Device
Products Developed by RMSoEE Faculty
Leg-driven Ambar Charkha
being evaluated by Director,
KVIC and by actual users,
respectively

Low-cost sanitary napkin using

jute fiber as adsorbent.

Low-cost drip emitters with unique novelties for

application in Indian contexts.
Products Developed by RMSoEE Faculty

Kit for activity detection

and Mobile App for 3D Scene Reconstruction
behavioural health
monitoring
Recent Startups Mentored by RMSoEE (Selected list)

Name of the Startup Product/Service Status

Ecozen Solar Refrigeration Commercialized - highly successful

AgNext Technologies Digital Technology in Agriculture Commercialized

Infinity Box Sustainable Food Value chain Commercialized

Aspen Bower 4 wheeler electric vehicle In the process of acquisition

Mrittika Technologies Digital Platform for Organic Farming Commercialized

Aurolingo Edtech Software Application Piloted

Small Paw Platform for Pet Care Commercialized

eSaathi Technology for assisting App use Piloted

GrowthMart Platform for aggregating Freelancers Commercialized

Auro Robotics Autonomous vehicle Acquisition by Ridecell, USA

Current Infrastructure
All are located in the built-up extension of the New STEP building - part of
ground floor and whole of first floor (IIT Kgp investment for RMSoEE)
Faculty rooms (Extension of new STEP Bldg +iLab) 8+1

Head’s office (Extension of new STEP Bldg) 01

Laboratories (Extension of new STEP Bldg + iLab) 06

Workshop (iLab) 01

Faculty cubicles (iLab Shed) 04

Large seminar Hall (iLab Shed) 01

Classrooms (extension of STEP Building) - (capacity: 40 each) 02

Office (extension of new STEP building) 01

Research scholars’ room (extension of new STEP building) 01

Laboratories with facilities
Rapid Prototyping Lab 3D Printer, Machine shop tools and equipment; Data acquisition & logger system;
Workstation for simulation work

Energy Lab Battery Life Cycle Tester; Cyclic voltameter with impedance measurement device, Gas
sorptometer, Microwave synthesizer, Tubular furnace, Muffle furnace

Bio Lab High Performance Liquid Chromatography (HPLC); Gas Chromatography (GC); Microwave
Assisted Phytochemical Extractor; Ultrasound Assisted Probe;
Phytochemical Extractor; Advanced Biological Research Microscope

Product Analytic & Modelling (PAM) FARO EdgeArm Portable CMM with laser line probe; Stratasys 3D printing machine
Lab

Analytics Lab Experimental and computational facility for data analytics

Innovation and Entrepreneurship Databases, Qualitative and Quantitative Software/ Tools, Workstations for high end
Modelling Lab computing/ analysis, Networking and Storage Devices, Sophisticated Video Conferencing
equipment and infrastructure
Course Content

Topic Hours* Faculty

1. Entrepreneurial motivation/ Introduction 1+2 CSK, MKM
2. Introduction to B Plan 1+1 RBR
Module A 12
3. Design Thinking and Affordable Innovation 2+2
PKD
4. Product Innovation 2+2
BC
5. Digital Technology for Entrepreneurship 2+1
MS
6. Analytics-based opportunities 1 RBR
Module B 14
7. Going to market Strategy 2+2
BB
8. Startup Economics 2+2
PB
9. Market considerations for startups 2+2
MB
Module C: 6
10. Factors influencing success of a business 1+2
MKM
11. Funding options of your business 1+2
TB
 Contents of the course
Topic Description
1. Entrepreneurial motivation/ Introduction
Why should one choose to become an entrepreneur (1hr), Entrepreneurial mindset (1hr), Intrapreneurship (1hr)
2. Design Thinking and Affordable Innovation
Introduction to engineering design process and the concept of frugal engineereing for developing innovative affordable products
3. Product Innovation
Introduction to the bottle necks of new product innovation process (2h), Case/Project (2h)
user interface(to be evaluated at the end)

4. Startup Economics
Economic consideration for starting a venture (1hr), Understanding Feasibility analysis (2hr), Project/ Case discussion (1hr)
5. Going to market Strategy Understanding and delivering Value (1 hour), Product- Market Matrix (1 hour), Delivery Strategy with a Difference (1 hour)
Aligning Projects (1 hour)
6. Market considerations for startups Understanding market, targetinmg customer and positioning product (3 hour) Case Study / project discussion on product for
market( 1 hours)
7. Funding options of your business
Bootstrapping (1 hr), angel investors (1hr), incubation and acceleration (1hr), concept of break-even point (1hr)
8. Factors influencing success of a business Business model innovation (1 hr), Business process management (1 hr), competitive advantages (1 hr), Business model canvas
(2 hr)
9. B Plan and Analytics-based opportunities Overview of Business Plan Development (1 hr), Preparing Business Concept Document(1 Hr), Entrepreneurship in Data
Analytics (1 hr)
10. Digital Technology Entrepreneurship Industry 4.0 landscape and innovations using digital technologies like AI, IOT, Web and Android Applications (2 hr). The basic
technology framework and development platforms (1 hr), along with few examples (1 hr).
Introduction to Our Faculty
Engineering Design Process

Manufacturing Strategy

Product Analytics

Technology Entrepreneurship

Project Management
Energy Management & Renewable Energy Integration

Energy Storage Technology

Heterogeneous Catalysis & New Materials

Start-up Environment & Leadership

Appropriate Technology & Grass roots Innovation

Entrepreneurship Ecosystem in Emerging country

Healthcare Analytics

Digital Entrepreneurship

Signal Processing and Computer Vision

Technology Entrepreneurship, Firm Performance and SMEs,
Energy Policy and Economics Sustainability and

Circular Economy
Entrepreneurial Finance & SME Finance

Corporate Governance & Corporate Disclosure

Corporate Social Responsibility

Multidisciplinary product development

Renewable energy & Waste management

Micro-irrigation
Herbal Product Development ( Herbal drug & bio-pesticide using pytochemical)

Agricultural supply chain Management

Rural Marketing
Dr. Mrigank Sharad

IOT and AI based Digital Products and Solutions

VLSI and Signal Processing

Social Entrepreneurship
Your journey through the course
Topic Hours* Faculty Dates
1. Entrepreneurial motivation/ Introduction 1+2 CSK, MKM 17/8 (2), 23 (1)
2. Introduction to Bplan 1+1 RBR 24/8 (2)
Module A 12
3. Design Thinking and Affordable Innovation 2+1 PKD 30/8 , 31/8(1)
4. Product Innovation 2+1 BC 31/8(1), 6/9, 7/9(1)
7/9 (1) Assessment Week -1 (6/9- 10/9)
5. Digital Technology Entrepreneurship 2+1 MS 13/9, 14/9(2)
6. Analytics- based opportunities 1 RBR 20/9
Module B 14

7. Going to market Strategy 2+1 BB 21/9(2), 27/9

8. Startup Economics 2+1 PB 28/9 (2) , 4/10
5/10(1)
9. Market considerations for startups 2+1 MB 5/10(1), 11/10, 18/10

Module C: 6
26/10(2)
10. Factors influencing success of a business 1+2 MKM 25/10, 1/11, 2/11(1)
11. Funding options of your business 1+2 TB 2/11(1), 8/11, 9/11(1)
15/11
16/11(2)
Engineering Entrepreneurship : Creating Value from Tech

…Tech and Business : Hand-in-Hand

Core R & D
Tech Development Business Development
Product vision
Patents, Publication! B-Plan
Technology Stack: Market Research
Hardware Competition
Analytics Revenue Model
Software Funding/Bootstrapping
Scalability

Execution

Prototyping
Pilot
Client Interaction
Scaling
Hiring/Skilling
Finance, Funds, Audits
Marketing
Is Entrepreneurship Education for you?

Leverage our Tech Corporations

Research
platform
MBA
Administration

Business
Connect with the .. Connect with top
best univ research teams Get mentoring B-Schools
Link with top industry
in your chosen product area and finance supported Startup to boost your GMAT
For long term collaboration.. for your product platforms for exciting and CAT prospects..
& business ideas job prospects
 Steps towards Startup
 Identify a problem

 Study the sector and the industry

 Explore solutions

 Get ideas reviewed and improve solution

 Search for Competition and improve solution

 Get seed grant

 Develop prototype product and Test

 Develop Bplan and raise money

 Scale your startup

Course Evaluation

Continuous Evaluation:
Module-wise Report Preparation of Team Project (20%)

Class Tests (3) : Based on topics covered in theory classes (50%)

Project Presentation (2) : 15 mins per team (30%)

(Interim & Final Presentation)

Design Thinking & Product Innovation (Full Team)

Competition Research and Positioning -(1)
Marketing Strategy -(2)
Revenue Model and Pricing Strategy –(3)
Operation Strategy and Management – (4)
Financial Projections- (5)
Entrepreneurial Motivation
Prof. Manoj K Mondal
Why Learn Entrepreneurship?
• The corporate world needs executives with entrepreneurial qualities
to meet the challenges faced due to the rapidly changing
Technologies and business models.
• Entrepreneurship education teaches a person to have a preemptive
360 degree view of the challenges and opportunities around an
enterprise and to dynamically formulate winning proactive measures.
• Entrepreneurship education provides a person the tools necessary to
independently lead teams to commercially exploit radical innovations,
the hallmark of CORPORATE ENTREPRENEURSHIP.
 Why to Become an Entrepreneur

• Entrepreneurs are the drivers of any economy.

• They create jobs, increase government income, innovate new
technologies, bring in foreign exchange, provide competitive edge to
a nation in all front.
• Thanks to great entrepreneurs, a country can have world-class
infrastructure, healthcare, defense, and food security.
• They enhance the quality of lives of the citizens and thus higher life
expectancy.
• Entrepreneurship offers the opportunity to create enormous wealth
for themselves and people around them.
Design Thinking and Affordable Innovation’
Prof.. Pranab K Dan
Design Thinking and Affordable Innovation’
Prof.. Pranab K Dan

A new paradigm in ‘Innovation and Entrepreneurship’ for economies both emerging and
matured, calls for addressing the issue of affordability with quality as the fulcrum.

Emerging economies are becoming the drivers of economy as five billion consumers are
present there constituting 65% of world population.

The need is for affordable products, created based on the approach of Frugal Engineering
and Innovation.

Whether it is a global corporation or a new entrepreneur starting up is expected to get lean, 63

that is to do better with less and here design thinking becomes handy.
‘Design Thinking and Affordable Innovation’
Prof.. Pranab K Dan

Design Thinking provides the tools needed to grow as innovative thinker and
undertake projects for successful realization.

Also, from startup point of view, the funding is much easier with frugal engineering
based projects involving smaller budget, especially in crisis period, due to risk aversion
tendencies among ‘angels and VCs’ for high ticket investment.

In this module ‘Design Thinking and Affordable Innovation’, an overview of design

thinking and its steps will be provided including discussion on example cases of ‘frugal
engineering’ based affordable products as well as creative brainstorming assignments.
‘Design Thinking and Affordable Innovation’
Prof.. Pranab K Dan
Digital Technology Entrepreneurship
Prof. Mrigank Sharad
Digital Technology Entrepreneurship
Prof. Mrigank Sharad
Digital Technology Entrepreneurship
Prof. Mrigank Sharad

 Basics of Digital Economy

 Digital Tech Stack for Industry 4.0 Paradigm:

AI, IOT, AR, Software Application Stack,
Block Chain, Data, Cloud

 Innovations driven by
Digital Technology Stack

 Development Platforms

 Case Studies
Product Development & its Bottle Necks
Prof. Basab Chakraborty

Key Steps involved in a systematic Product Development

process

A few major constrains:

 Customer expectation vs. satisfaction

 Maintaining consistent product quality
 After sales service
 PDCA cycle

Examples
 Entrepreneurship in Data Analytics
Prof. Ram Babu Roy

• Value creation by data analytics

• Role of data analytics in the context of entrepreneurship
• Various opportunities in data analytics
• Critical success factors for analytics based startups
• Case studies on analytics based startups
Preparing Business Concept
Document
Prof. Ram Babu Roy

• Recognizing business opportunities and generating

ideas
• Evaluation opportunities and selection of a business
idea
• Writing a business concept document
• Defining the problem
• Proposing the solution
• Justification for availability of market for the proposed
solution
Business Plan Development
Prof. Ram Babu Roy

• Understanding the role of Business Plan

• Introduction to necessary steps in preparing a

successful business plan for a new venture

• Key elements of a business plan

• Develop analytical skills for scrutinizing a business

plan

• How to pitch your B-plan to stakeholders

 Module: Go to Market
Teacher: Prof. Bhaskar Bhowmick

• Understanding the Market need

• Product – Market fit

• Customer Engagement

• Continued Innovation

• Timing of product
 Startup Economics
Prof. Prabha Bhola

Economic considerations Understanding Feasibility Analysis

• Startups may be small companies but play • However, founders often overlook to
a significant role in economic growth. establish strong economic and financial
They create more jobs and improve principles with regard to the business.
economy.
• Often, the misplaced component in their
• Startups contribute to economic business plan, a rather significant one is the
dynamism by spurring innovation and concept of Feasibility analysis.
injecting competition.
Economic feasibility is a cost-benefit analysis which
• Startups have direct-impact on the cities assesses implementation of a business idea i.e., to
that they make their homes by providing analyze business's potential to support the decision-
job opportunities to both experienced and making process, the resources that will be needed to
young professionals. implement, and an assessment of its chances of
success.
• Startups launch new technology and
createinitiatives,
Govt. new industries over time.
massive funding, ever
Examples/ Project Discussion on Economic
flourishing domestic market, have played Feasibility
significantly in shaping Startup ecosystem in India
in recent years
Factors Influencing Success of a
Business
Prof. Manoj Mondal

• You will learn how an organization creates and delivers superior value in
economic, social, cultural or other contexts to succeed in the long run.

• Success depends not only on radical innovations, but also on complex

business process management to deliver the products and services in the
most agile, economic, affordable, and convenient way.

• You can acquire and retain customers for a sustainable profitable business
by defining and delivering better value proposition.

• The competitive advantage landscape of a business can be easily viewed

through the Business Model Canvas and it will be exemplified.
 An Overview of New Venture Financing
Prof. Titas Bhattacharya

• New venture financing terminology

• Recognise the distinguishing characteristics of the various stages of new venture

development

• Identify the financing sources available to a new venture and the factors favouring one
over another

• Know the sequence of new venture financing according to the various stages of new
venture development

• Learn the structuring of fund – Type, Timing and Amount of fund needed

• Learn the Start-up pitfalls

• Understand what do investors look for while investing in new ventures and how should
entrepreneurs check out the investors?
Projects and Groups
• All students are expected to form groups of 4 members each
• Tentative division will be provided today
• Groups will work on projects / ideas to see how something can go
through the journey of Innovation to Entrepreneurship
• Evaluation is based on the process followed and not on the outcome
• Attendance is therefore mandatory in all classes

• Evaluation of theory is based on tests

Thank You

• Wishing you all an enjoyable experience in this course

• Feel free to contact me for any issues

• Feel free to contact faculty (Email on Website https://see.iitkgp.ac.in)

• head@see.iitkgp.ac.in
• kumar@mech.iitkgp.ac.in