PRIME83 Launch At IITK November 2, 2012 Sponsored by the Class of 1983
What is Technology?• Practice, description and terminology of any or all of applied sciences which have a practical value and/or industrial use• Study or knowledge of the practical, especially industrial, use of scientific discoveries• Application of scientific knowledge for practical purposes• Use of mechanical arts and applied sciences, e.g., engineering, application of this to practical tasks in industry, etc. PRIME83 is a means for the alumni of the 1983 batch to improve “Technology” at IIT-K 2
Students Make Great Entrepreneurs by Dharmesh Shah, co-founder Hubspot Source: OnStartups.com Starry-Eyed Optimism: Let’s face it, starting a company takes a fair amount of optimism Trusted Peer Network: Likely to meet and work with a lots of different sort of people Higher Risk Tolerance: Opportunity cost is likely lower than at most other times in life Abstract Thinking and Applied Learning: Engineers/Scientists know how to deal with abstract conceptsStarting a company is really easy…surviving and growing is hard Dharmesh Shah, 2004 3
Indian Entrepreneurs in the U.S.A. By: Vivek Wadhwa, Duke Univ. Source: Kauffman Foundation and Univ. of California, Berkeley Nearly half of Fortune-500 companies and 1/4th of all new small businesses in the US were founded by immigrants, generating trillions of dollars annually, employing millions around the World 25% of US Engineering and Technology companies founded 2006 – 2011 had at least one key foreign-born founder; 40% in California (Silicon Valley) Indians* founded 33% of the those companies, more than all other immigrants groups combined (Even higher % of them are IITians) Our Challenge If IITians do so well as entrepreneurs in the US, why can’t we facilitate this process in India? 5*Only 12% of the US population is foreign-born, Indians are < 5% of foreign-born immigrants
Lessons in Entrepreneurship (for Ashok) by Scott Adams, Creator of “Dilbert” Source: Wall Street Journal, Apr, 20111) Combine Skills If you can’t do one skill especially well, try to do many different ones fairly well2) Fail Forward: Students should be taught that failure is a process, not an obstacle3) Find the Action: Move to where the action is. Distance is your enemy4) Attract Luck: To succeed, first you must do something. Luck finds the doers5) Conquer Fear: People can be trained to replace fear and shyness with enthusiasm6) Write Simply: Simplicity makes ideas powerful7) Learn Persuasion: Understand psychology, sales, marketing, negotiating, statistics, design…8) Money Matters: Entrepreneur would benefit from taking classes in finance and management 6
Connecting the Dots PRIME83 Approach Encouraging student ideation and incubation with Grants, Scholarship, Mentoring, Advisory… IITK Alumni Network IITK Community Global Market Ideas Industry Leaders Research VC Angel GrantsStudents Faculty Business Incubators Industry-Academia Collaboration Teams Innovation Incubation Center, Industry Support Mentoring Finance, Structured support Entrepreneurship Technology Initiatives 7
PRIME83 Approach• PRIME 83 will promote Research, Innovation, Mentoring and Entrepreneurship for any students at IIT-Kanpur (UG or PG)• Innovation and Entrepreneurship often come with uncertainty and risk• Simulate innovation in real life situation while safeguarding for risks• Link innovation to IITK Curriculum, you can innovate in your projects! PRIME83 is YOUR program; we will be happy to give it the shape you want! 8
Student Expectations - What Next? 1. Get a Job 2. Research Internship – Need Right Skills – Industry Relevance – Right Opportunity – Academic Relevance 3. Become an Entrepreneur Factors that encourage Risk Taking – Mentoring • Bigger rewards for success • Less ‘punishment for failure’ – Guidance • Better chance of success • Ability to hedgeThree harmful addictions: heroin, carbohydrates, monthly salary Nicholas Taleb 9
PRIME83 – Bridging The Gap Students Want? What can we Offer? Bigger Rewards Awards, Sponsorship Less Punishment Scholarships Better Success Mentoring Lower Risks Academic CurriculumIITK Students and Institute have to shape and lead this initiative using the Initial Corpus setup for PRIME83 IITK Btech, Class of 1983 10
Starting Point : Innovate Your Project Standard or Innovative Projects? Dare to be different. Only the best ideas will win: Contest to be judged by the Faculty and the Alumni Support to build a prototype: Financial (Scholarship), Structural (Mentors, contacts) Success depends on many factors: Idea, Approach, Effort are as important as SuccessOnly those who dare to fail greatly can achieve greatly Robert F Kennedy 11
Innovator to Entrepreneur Continue Innovating? Incubate your idea at IIT-K PRIME83 will support: Handholding through Mentoring, Seed Capital, Industry contacts From idea to a market: Branch out on your own Continue the Legacy: Pay-it-Forward, mentor someone @IIT-KLack of money is no obstacle. Lack of an idea is an obstacle. Ken Hakuta 12
Students Logo Design Competition (Nov, 2012)Trivia: 83 is the 23rd Prime number, 1983 batch was the 23rd batch to graduate from IITK. 23 is the 9th prime number (an auspicious number in India). Coincidentally, it also took 9 years to launch PRIME83 from concept in 2003.
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