Innovation is the need of the hour. This one statement holds a significant weight in the business world. The increasing competition in the business world and rising number of entrepreneurs have made business owners more inclined to incorporate innovation.
The markets have become saturated with similar products and services. However, a single differentiation factor, regardless of being minor, can become the cause of innovation. For this purpose, organizations invest parts of their budget in research and development to develop more effective products and services for the target market.
Given how innovation elements have disrupted certain business markets, it has become a part of business studies. In major business education institutes, innovation is a major part of the multiple courses taught. In fact, some universities are quite practical about it. They are preparing future business leaders by acquainting them with the challenges of the real world. Students are encouraged to develop innovative projects that can contribute to the actual business world. This is not only helping in improving the business world as we know it but helping students establish their own foundation in a highly competitive environment.
The Innovation Fund by University of New Hampshire
The University of New Hampshire is home to the Peter T. Paul Entrepreneurship Center. Also referred to as the ECenter, the facility is open for all researchers, students, faculty and staff regardless of any college or campus. The aim of the ECenter is to facilitate an entrepreneurial culture where new ideas are supported. The center encourages opportunities for engagement through new co-curricular programming and supports existing independent projects.
The ECenter recently announced the J.Dolores ad Alfred P.Maurice Prize for Innovation Fund. A donation of $150,000 was made by Alfred P. Maurice that will benefit the undergraduate student innovation.
Ian Grant, who is the director for the ECenter, ha admitted that this prize will help them grow the innovation culture they have established through the center. He says the money will help them support new ideas from the students regardless they are for a product, social venture or service.
The University of New Hampshire is home to multiple colleges. The ECenter is open for all the students belonging to the varying colleges. This allows encouraging new ideas from the different fields of education.
This particular innovation fund is the third of its kind provided by Alfred Maurice. Maurice believed that the fund will be a great way to encourage innovation among the university students. He adds that it can help give rise to the practice of creativity, originality, ingenuity and resourcefulness among the undergraduate students.
The first prize from the fund is expected to be awarded in 2018. The amount of prize will be around $5,000.
Such programs from the educational institutions are a source of inspiration and encouragement for the emerging business talent. Universities have the ability to foster the leaders of the industry we expect in the future.