Strategies and Policies for Promoting Students towards Innovations and Start-ups

Abstract

Entrepreneurship is the backbone of any economy. The more the number of successful enterprises, the higher is the gross domestic product (GDP) of the economy. However, the number of formal enterprises in our country is less than 1% of the population. Similarly, the extent of innovation is very less. Hence, there is a need to improve both the number of enterprises as well as the innovation spirit among the people. Start-up companies are a good solution in achieving this objective. It is a good strategy for educational institutions to involve students in working on innovations and start-ups as in the young age, they will have the required energy and attitude to experiment. The paper attempts to identify the various strategies and policies for promoting innovation and thereby start-ups among students. It is to study the practices followed by various institutions across the country and world towards achieving this end. It is to analyse and frame the best policies that can be followed. The methodology followed is to study a total of 30 articles about the policies followed by various institutions, to assess the outcomes achieved through the policies followed, and to analyse and interpret the practices from the secondary sources of data collected. The findings of the study will help in coming up with a set of best practices which can be followed by any institution. As through this study, there is a possibility of increasing the number of start-ups in the country in turn it would help in increasing our economic progress.