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Why universities need to focus on an entrepreneurial mindset, not just new ideas
- Many universities have embraced the concept of "innovation" in their strategic plans, however fewer embrace "entrepreneurship" similarly, despite it being the critical bridge between innovation and real-world impact.
- Entrepreneurship requires the skills to manage people and resources, identify viable pathways to adoption, understand the environment, and be comfortable with uncertainty and resilient in the face of failure and change.
- Fostering an entrepreneurial mindset among students and staff is important and can be especially helpful for researchers and PhD students who have spent years developing an idea but not a way to get it into the real world.
- Globally, there is a growing gap between the number of doctoral graduates and academic jobs. Programs that teach how to navigate resource constraints can help identify opportunities and create ventures out of research projects.
- Universities have been slow to prioritize developing an entrepreneurial mindset among students and staff. Resistance to entrepreneurship can come from those who equate it with commercialism and fail to recognize its value in most career paths and sectors.
- Developing entrepreneurial skills can ensure research has broader impact and can create more opportunities for these researchers once they graduate.
- To truly contribute to solving societal problems and prepare students to make a difference, universities must do more than foster innovation. They must prioritize and develop an entrepreneurial mindset and competencies.
- Entrepreneurship transforms creative ideas into tangible outcomes, making it an essential bridge between innovation and real-world impact.
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