AICRA have collaborated with lots of Global Aggregators to create, promote and sustain Technology Based Innovation Center in India. This Innovation Center will comprise of Innovation Lab, Incubation Center and Accelerator and lay down Innovation as an enabler for inclusive growth and entrepreneurial excellence with special emphasis on ethical business management practices for the students and entrepreneurs of the Country. With turbulence becoming the new normality, there is a sudden increased requirement for a greater amount of sophistication in entrepreneurial excellence to navigate the dynamic challenges in the market and hence a careful and planned strategic mentoring and patient capital support will provide tremendous scope and opportunity for sustainable development of small companies and first-generation entrepreneurs.
There has been a phenomenal inorganic growth in the emergence of new technologies and processes and hence it is becoming increasingly challenging for academic institutions to create and maintain the balance between information transfer mechanism and entrepreneurial outcomes. The deficiency in adopting the change management mechanism and timing constraint to bridge the gap between academics and practical is increasing. It is the Institutions who have a power of playing a motivational source of knowledge transmission. It is increasingly advocated that Institutions should not only generate knowledge and transformation but should also act as seedbeds for Innovation and new idea generation. Innovation and creativity will play an important role for making the project socially acceptable and will further help to create sustainable societal ecosystem.An Innovation Centre, consisting of an Innovation lab, an Incubation Centre and an Accelerator, is an integral part of such an ecosystem which will not only nurture and mentor ideas but will help them through all suitable means and mechanism to make things commercially viable and result in IP monetization. A Sustainable Innovation program which will be created, managed and operated by DTF-AICRA collaboration will aim to attract institutions/ entities with their upcoming talented, young, vibrant and dynamic Innovators who possess a business plan with path breaking ideas and concepts.
The collaborations will grow and scale -up maximum innovators and incubates to the extent that they can commercialize their innovation at the earliest possible time through possible support of patient capital, corporate mentoring, corporate ownership, corporate interface, corporate commitment, exposure to global innovation and ethical standards of business resulting in creation of a sustainable innovation set up. The First Global Innovation Center of AICRA has just been initiated at Mangalore, Karnataka with SMVITM College.