Mumbai: An education system that highlights the importance of entrepreneurship should be created, former President A P J Abdul Kalam said here on Monday.
"In the present context, the education system has to be designed to see that we generate a large number of employment generators and not employment seekers," Kalam said, addressing students on the occasion of IIT-Bombay`s 54th Foundation Day.
To achieve this, Kalam listed a three-pronged strategy that will make education more attractive, skill imparting and simultaneously create employment potential.
Firstly, the education system should prepare students to get oriented towards setting up enterprises, which will provide them creativity, freedom and ability to generate wealth, he said.
Secondly, the banking system should provide venture capital to the graduates who have aptitude and keenness to create their own new enterprises.
Thirdly, entrepreneurs have to produce competitive products for becoming successful in their missions, Kalam said.
He asked IIT Bombay to take the lead by compiling success stories in the form of document highlighting venture capital funding and employment generation opportunities across the nation and the world, utilising the services of its placements cell.
The IIT curriculum should provide market research support for selection of right products and hold the hand of the entrepreneur during the incubation period till they can stand on their own legs, he said.