An education system that highlights the importance of entrepreneurship should be created, former President A P J Abdul Kalam said here today.
“In the present context, the education system has to be designed to see that we generate a large number of employment generators and not employment seekers,” Kalam said, addressing students on the occasion of IIT-Bombay’s 54th Foundation Day.
To achieve this, Kalam listed a three-pronged strategy that will make education more attractive, skill imparting and simultaneously create employment potential.
Firstly, the education system should prepare students to get oriented towards setting up enterprises, which will provide them creativity, freedom and ability to generate wealth, he said.
Secondly, the banking system should provide venture capital to the graduates who have aptitude and keenness to create their own new enterprises.
Thirdly, entrepreneurs have to produce competitive products for becoming successful in their missions, Kalam said.
He asked IIT Bombay to take the lead by compiling success stories in the form of document highlighting venture capital funding and employment generation opportunities across the nation and the world, utilising the services of its placements cell.
The IIT curriculum should provide market research support for selection of right products and hold the hand of the entrepreneur during the incubation period till they can stand on their own legs, he said.
Kalam laid special emphasis on research as a vital tool for innovation and excellence. The teachers’ love for research and their experience in research are vital for the growth of the institution, he said.
“Experience of research leads to quality teaching, and quality teaching imparted to the young in turn enriches the research,” Kalam said.
Referring to the role of technology and its impact on society, Kalam said, “Technology is the non-linear tool available to humanity, which can affect fundamental changes in the ground rules of economic competitiveness.”
“Science is linked to technology through applications. Technology is linked to economy and environment through manufacture of knowledge products. Economy and environment are linked to technology, which promotes prosperity to the society. We have to use innovation to generate high value-added products for becoming a global player,” he said.
Earlier, the former President inaugurated the new building of Bio-Sciences and Bio-Engineering Department of IIT Bombay.
Convergence of technology and bio-sciences will lead to creation of products like nano-robots, which will lead to a disease-free and more intelligent human habitat with longevity and high human capabilities, he said.