Why should universities support their students in building businesses?

It’s no secret that some of the most successful companies were born on #university campuses. Students around the world have good ideas, are exposed to high-quality education, are more than competent with the #technology and tools necessary to build a business, and have access to like-minded peers that could be the perfect co-founder. So why aren’t universities putting more emphasis on #entrepreneurship?

As an environment, universities play a crucial role in underpinning innovation and entrepreneurial activities. They provide the conditions, facilities and talent that foster the emergence of breakthrough ideas. Not only is entrepreneurship education important as it presents students with a possible career choice, but it acts as a general advocate for the development of the mindset and creativity that traditional academic settings may lack.

Learning about entrepreneurship encourages analytical, organisational and interpersonal skills, and develops leadership and networking abilities. Learning to identify and solve problems, work in teams, and effectively communicate with others in very different domains, not only prepares them for pitching to investors if they pursue their own startup, but it simply helps them prepare for the unpredictable world they will enter post-graduation.

In general, traditional business education may be too theoretical for today’s dynamic ecosystem. As a Forbes article outlined, universities should put more weight on case studies, entrepreneurial contests, industry or professional experience, global exchange programs, and even more frequent guest lecturers.

Although this requires time and resources spent redesigning curricula, the benefits for universities are numerous as well. Teaching through case studies or by engaging students with volunteer consulting for small local businesses forms connections and taps into the network of the professors. Contests can also be framed to solve real-world problems in the community. Industry and professional experiences reflect well on the school, especially since recruiters look to academic institutions often for post-graduate and internship jobs. Global exchange programs can act as free advertising and marketing for the participating universities, bolstering their enrolment and application numbers.

In general, the effort professors and institutions put in on the front end towards the entrepreneurial teaching standards and raising the visibility of various networks pays off in the long run, promoting all the parties involved: from individual students, professors, alumni, local businesses, to the reputation and quality of the university itself as it fosters and attracts diverse, innovative, and top talent.