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Viewing higher education as merely an avenue for students to gain a degree would be to limit the potential impact of the sector. Much more than that, universities can inspire, ignite passions and inculcate an entrepreneurial spirit in all who attend them. For innovative thinkers, higher education can be the starting point of a career built around autonomy and enterprise. The next world-changing business could ultimately trace its beginnings to a lecture hall or seminar room.
Research indicates that the number of companies in the UK started by students has been steadily increasing in recent years, with a total of 4,093 businesses registered by students in 2022, the vast majority launched by individuals aged between 18 and 25. An institution’s ability to develop an innovation-first mindset among graduates is now seen as an important measure of its performance, with digital entrepreneurship, for example, now used as a ranking metric to help institutions compete for talent.
Since 2021, there has been a 25 per cent increase in university-affiliated start-ups, reflecting the role that institutions play in driving entrepreneurship. Many universities even have courses and programmes that are expressly designed to develop graduates in this area, like Imperial College London’s master’s in innovation, entrepreneurship & management and the University of Bath’s entrepreneurship programme.
In addition to the formal programmes they offer, many universities encourage entrepreneurship through the provision of other resources. For instance, universities can grant students access to accelerators, hackathons, incubators and similar initiatives that may spark a new business idea or further develop an existing one.
Facilitating networking opportunities is another way universities can provide innovative thinkers with benefits to further their chances of business success. As many as 71 per cent of small and medium-sized enterprises have won business as a result of face-to-face networking, so it’s easy to see how making these connections during university can lead to the creation of new businesses.
Universities frequently champion their industry connections, and while this could simply create the pathway for graduates to join an existing company, it could equally streamline the process of creating an entirely new business. The UK’s National Centre for Universities and Business found a significant rise in the average value per interaction between universities and business across the 2022/23 academic year, demonstrating the importance of the connection between academia and industry.
Although entrepreneurial impact is difficult to quantify, the way that universities provide graduates with academic and personal skills that will serve them in creating their own start-ups is of paramount importance. Creativity, financial acumen, timekeeping and communication are just a few of the skills that students can sharpen at university that will serve them well at the helm of their own start-up.
Whether it’s in STEM, the arts, management, or any other area, university curricula are fundamental to sculpting students with the aptitude demanded of the business world.
For students aiming to study at an English-speaking university, taking an English proficiency test like the Duolingo English Test is often a necessary first step. Once they have demonstrated their language skills, students can turn their focus to honing their business acumen. Modern universities are truly global spaces, which makes them ideal for crafting entrepreneurs ready to succeed in a truly global business environment.
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