The institution cultivates a great value of innovation by early induction of the student on to it. It helps to build the relevance of the subject maters and its applicabilities. It also bring a purpose to the whole process. While we see a great value creation by the whole process, we need to understand that for each stakeholder discretely.
The Student are the greatest beneficiary in this process. It is for the student, of the student and by the student holistically. It gives them a greater perspective of the industries and society, and help them to find the relevance of engineering in the real life. Innovation labs act as the enabler for relevant skill development as well as the facilitator for exploring possibilities within the guidance of experts. Lab builds a huge aspiration within the students to be a part of a significance and defined purpose. In the process, they learn to work together, teamwork with multiple disciplinary solutions. They learn the process of defining problem. They identify the challenges as an opportunity to explore solutions.
The last and not the least, the over all valuation of individuals improves in terms of employability too.
The faculty members and the HoDs are important part of the process. They magnificent knowledge and decades of experience comes to an applicability. Innovation Labs become a liberating force within themselves. It helps them to explore the unexplored territory of science and technology, with their dear student.
From regular mundane schedule and routine work, the innovation labs brings a fresh air to think creatively, and help them to get recognised for their hidden talents and also they recognise the bright spark among the students.
Innovation lab inculcate team work and it is beyond the hierarchy. So, a problem solved by team of students and faculty, build a great personal bond. It also create a personal pride factor, when the group student from his/her team become an industrialist, entrepreneur or an innovator.
The research and development can bring the commercial benefits in its maturity too.
Innovation Lab matter most to the institution, to build its own brand. From Admission to placement process, this brand of Institution is very critical. As Innovation lab inculcate the culture of creativity, imagination and innovation in diversified field, it attack more recent talents at the early stage. We believe, this is one of the best way to enhance the brand of the institute. Innovation Lab can be a honey pot to invite industry representative in a regular interval, get early associations and enable relationships for better placement. This can eventually helps the institute to attract student to join. Institution can leverage a great benefit of this in a 2-3 years time, which will be discrete and tangible.
Innovation Lab would a great piece of pride for the institution, The IPR filled from the Lab would be owned legally by the institute. and It remains a value for eternity. The Lab can bring a great commercial value by providing industry aided R&D, at its future maturity.