Last updated: 15 Jun 2020
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Innovation and Entrepreneurship are two closely related words used in the business world. Some may think they mean the same, but using them interchangeably would be making a big mistake. While they revolve around the same idea, it is crucial to understand the difference. Innovation is applying one’s creativity to come up with a unique idea or solution. It is a technological invention that lets the people do what was not possible previously.
Entrepreneurship by contrast is applying the innovation to bring the ideas to life. It’s a social innovation, which lets people do what they could not do previously. Entrepreneurs grasp the opportunity to cash in on the innovation. They build business and propel the innovation forward to reach global heights. The progress depends on entrepreneurship and great entrepreneurs get even richer than great innovators.
M.Sc Innovation and Entrepreneurship is a 2-year full time post graduate course that is divided into 4 semesters. The course imparts the knowledge to students on how to become successful entrepreneurs by developing innovative ideas. The course is designed to equip students with requisite skills, knowledge and networks needed to become entrepreneurs and innovators. The programme also builds the ability to create business ideas and develop these ideas into products among the students.
The M.Sc Innovation & Entrepreneurship students are aided in developing knowledge in important areas of entrepreneurship and innovation, that includes learning to commercialise the business ideas, how to seek venture capital, financing for their ventures and how to develop commercial business organisations.
The students who are interested in the course can take admission via two modes (1) merit admissions and (2) direct admissions.
There are many top colleges and universities that conduct institution-based entrance exams for the course. The students who are interested in merit seats are required to apply for these entrance exams and clear them with high marks. The motto of the entrance exam is to select the right and deserving candidates from the group of non-serious students. The qualified students are then selected for merit seats. The fees for merit seats are nominal.
The students have another option to join the M.Sc Innovation & Entrepreneurship course. This mode is known as direct admission mode. The students can get direct admission under management quota without any entrance exams under this mode. The direct admission students are given special status and they are exempted from appearing for any entrance exams. The benefit of getting admission under direct mode, is that the students have the opportunity to choose their desired colleges for study. They can also book their seats and get confirmed admissions even before the commencement of academic year. The interested students can contact the government registered educational guidance centres like Galaxy Educational Services to get more details about the direct admission procedures. The fees are slightly higher for direct admissions.
The students of M.Sc Innovation & Entrepreneurship course will be studying the following subjects:
The M.Sc Innovation and Entrepreneurship students can become entrepreneurs by setting up their own ventures. They can work as consultants for budding entrepreneurs. They can further join PhD in Management to take up research in the field of entrepreneurship and innovations. They can also join M.Phil programmes in management to have an in-depth study of the subject.
There are many roles available for M.Sc Innovation & Entrepreneurship students they are:
Although the students doing this course are mainly interested to become entrepreneurs and set up their own ventures. But still there are some companies who look for candidates with such skill set, they are:
As the name itself indicates, the M.Sc Innovation & Entrepreneurship basically trains the students who have the urge to become entrepreneurs and create an impact on the lives of the consumers. The course gives all the technicalities and expertise to become an entrepreneur. Along with this there are many companies who hire students who have the above skillset. So, they can get jobs easily in companies at managerial positions with the best salary package in the industry. The students who have the urge and passion to become an entrepreneur can join this course and fulfil his/her dream of becoming a budding entrepreneur.