Inauguration of Entrepreneurship Development Centre at Mizoram University

Aizawl, 26 July (Zoram News): In a significant boost to the entrepreneurial landscape of Mizoram, the Labour, Employment, Skill Development & Entrepreneurship (LESDE) Minister Pu Lalnghinglova Hmar inaugurated the "Entrepreneurship Development Centre" (EDC) at the Mizoram University (MZU) Incubation Centre. This initiative, a collaboration between the North Eastern Council (NEC) and the Indian Institute of Entrepreneurship (IIE), marks a new chapter in the region's journey towards innovation and economic growth.

In his keynote address, Minister Pu Lalnghinglova Hmar emphasized the transformative potential of the new Centre. "Today, we are not just inaugurating a building; we are launching a vision. A vision of a future where dreams are turned into realities through entrepreneurship, and where our community stands as a beacon of innovation and progress," he remarked. He highlighted the Centre's role in fostering innovation, nurturing talent, and driving the economic growth of Mizoram and beyond. According to him, entrepreneurship is the lifeblood of any thriving economy, sparking innovation, job creation, and community development.

The growing popularity of entrepreneurship in Mizoram can be attributed to various initiatives that support startups, both governmental and private. The Minister noted the increasing number of successful entrepreneurs from the state, indicating a positive trend in the right direction.

However, he also cautioned aspiring entrepreneurs about the significant risks and challenges associated with startups. Citing a study by IBM Institute for Business Value and Oxford Economics in 2021, he pointed out that around 90% of Indian startups fail within the first five years. Similarly, the United States Bureau of Labor Statistics reports that 65% of startups fail within the first ten years, with only 10% achieving long-term success. Factors contributing to these high failure rates include lack of market demand, poor business planning, inadequate mentoring, and intense competition.

To succeed, entrepreneurs must be dedicated, hardworking, and perseverant. The Minister emphasized the importance of understanding the market ecosystem, as what works elsewhere may not necessarily work in Mizoram. He stressed the value of market research in gaining insights into customer preferences and needs, which are crucial for product development, pricing, and marketing strategies.

Networking was another key point in the Minister’s speech. He urged aspiring entrepreneurs to connect with like-minded innovators, government entities, other entrepreneurs, and industry leaders. Networking provides access to funding, potential new customers, market expansion opportunities, and increased industry visibility. Building relationships with experienced entrepreneurs and industry experts can offer invaluable mentorship and advice, helping to avoid common pitfalls and accelerate business growth.

The inaugural programme also featured speeches from distinguished guests. Prof. Laldinliana, Director of the MZU Incubation Centre, welcomed the gathering and shared that the Incubation Centre currently supports 38 companies. Prof. Dibakar Chandra Deka, Hon’ble Vice Chancellor of MZU, served as the guest of honour and launched two new apps developed by the MZU Incubation Centre, Sentinel and Thlado.

Brian Laldinsanga, Centre Head of MZU EDC, concluded the event with a vote of thanks, expressing gratitude to all participants and stakeholders.

The inauguration of the EDC at Mizoram University is a significant milestone for the region. It represents a commitment to fostering a robust entrepreneurial ecosystem, where innovative ideas can thrive and contribute to the state’s economic development.