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The Massachusetts Institute of Technology or MIT’s business plan competition for $100 was unique and brought forth innumerable talents. One of the business plans was developed by students for the company, uProdigy where American and South Asian tutors offer affordable English Speaking courses for US students. This business plan which led the company to prosperity was the winner of the competition.

This competition was an excellent opportunity for student entrepreneurs and faculty members to showcase their talent and saw participation from many US Universities and Colleges. Students who developed some of the most attractive plans were given prizes in cash or in the form of business services.

According to the Stanford Technology Ventures Program’s executive director Tina Seelig, technical training is not sufficient and competitions like this are essential to bring out potent ideas of scientists and engineers from the lab to the marketplace.  This changing trend is highly encouraging as in the past only the students from MBA courses were given an opportunity to develop entrepreneurship programs.

MIT Entrepreneurship Center’s chairman Edward Roberts says that even MIT had to change in keeping with the demand for enterprising graduates who can be aggressive, push, negotiate and lead new products, ideas and innovations in the market. This center was started in the year 1996 by Roberts in order to rope in management skills and technical expertise from different schools and departments within MIT.

Roberts started the center in 1996 to couple technical expertise with management skills across different departments and schools within MIT. MIT has a strong reputation for encouraging entrepreneurship skills and is one of the reasons why it attracts a lot of aspiring entrepreneurs. According to Robert, the last few years has seen a rapid development in MIT related entrepreneurship ventures.

Another institute that saw a transformation and a strong leaning towards entrepreneurship development is the Stanford University, which is the most popular technology hub in the world. The Stanford Technology Ventures Program offers a structured and cross-campus approach to entrepreneurship laying a strong foundation for aspiring entrepreneurs. The high tech business environment in the college fosters financial, entrepreneurial and intellectual ideas and innovations.

Stanford University program’s entrepreneurship week holds an innovation tournament at its international centre, providing networking opportunities for students.

Both MIT and Stanford maintain intense relationship with high tech companies and researchers. Both institutes foster the entrepreneurial spirit in their students and faculty. International round tables are held by Stanford on various topics in Asia, Europe, South and North America. They also run entrepreneurship programs for educators from across the world. Every year, this university hosts a workshop in various countries. Contests similar to the $100 in MIT are held in these countries to encourage students.

As we visit the website of these two institutes, we can come across podcasts and lectures by prominent leaders from the stream of finance and business. This encouraging trend can be incorporated in more universities and schools to give a push to the entrepreneurial talents of students.