Ms. Sreedevi Devireddy currently leads the Venture Development Centre (VDC) at GITAM as its Director. The VDC, an initiative of GITAM, operates across its three campuses, providing essential infrastructure and resources to facilitate experiential Entrepreneurship education and pre-incubation of business ideas. Her remarkable contributions in the realms of Innovation and Entrepreneurship have garnered multiple awards and accolades, noteworthy being The National Entrepreneurship Award as a Mentor by the Govt. of India in 2019. A prolific writer, she contributes articles on Entrepreneurship to distinguished print and online media. Ms. Devireddy firmly holds the belief that fostering an innovative and entrepreneurial mindset among the youth will play a pivotal role in elevating India as an Innovation Capital. She is Chevening Research and Innovation Fellow from the University of Oxford.

GITAM Visakhapatnam

What is VDC and how does it add value to students and their careers, in GITAM? 

The VDC (Venture Development Centre) at GITAM serves as a hub for all innovation and entrepreneurship endeavors taking place on campus. Equipped with a team of skilled coaches and mentors, the center provides valuable guidance to students with creative ideas and innovations, propelling them towards success. This encapsulates the essence of VDC's mission.

Our diverse team, consisting of over 30 experienced startup coaches, who have undergone rigorous training facilitated by Northeastern University's Center for Entrepreneurship. Our core philosophy revolves around fostering a holistic transformation of mindsets, as we believe this shift endures throughout one's lifetime, influencing every subsequent decision.

To facilitate this transformation, we provide comprehensive prototyping facilities across all our campuses. The Venture Development Centers are strategically located in Hyderabad, Bangalore, and Vizag, ensuring a wide-reaching impact. These centers house adept coaches and offer fully equipped Makerspaces, fostering a conducive environment for prototyping endeavors. Our commitment lies in nurturing innovative ideas and cultivating an entrepreneurial spirit. 

Moreover, VDC takes pride in their VEDC 1001 course, a compulsory two-credit entrepreneurship program tailored for all first-year students across all schools of GITAM.

What kind of assistance and support is being provided to the students in terms of building their startup ideas?

Every individual in VDC, embraces a culture of creative thinking and ingenuity. The primary and essential support sought by students is validation – the validation of their ideas or innovations. Our focus lies in comprehending the underlying problem they aim to solve. Once this understanding is established, we facilitate the validation process and equip them with frameworks for conducting both primary and secondary customer validation. This entails identifying the target customer base, delineating customer demographics, and constructing comprehensive customer profiles, all while conducting thorough validation.

For product innovations, we offer comprehensive guidance on prototype development, incorporating principles of design thinking throughout the process. Our mentoring extends to hands-on support, encompassing the entire journey from prototype conception to realization. As the prototype takes shape, our emphasis shifts towards transforming it into a market-ready iteration – a minimum viable product prepared to meet market demands.

Is VDC a incubator or a pre-incubator ?

In partnership with Northeastern University USA, GITAM VDC proudly presents the "Ready Set Go" program, fondly referred to as RSG, which stands as our distinctive Pre- incubation Program. This program guides individuals through the transformative journey encompassing the phases of "READY," "SET," and ultimately "GO." Successfully navigating this progression signifies the completion of pre-incubation program. Our comprehensive program spans approximately six months, equipping students with a holistic incubation experience.

Furthermore, GITAM offers both the GITAM Prototyping Fund and the GITAM Gap Fund, designed to provide crucial financial support. The GITAM Prototyping Fund extends one lakh rupees per student team to take care of their cost of product development. On the other hand, the GITAM Gap Fund serves as a substantial resource, with funding ranging from 10 lakhs and beyond to facilitate students embark their startup journey.

How do you map and bring students of similar interests together and make them work as a team?

When students embark on their innovation journeys within the VDC, a remarkable phenomenon unfolds – a magnetic pull that draws like-minded individuals together. It is a source of pride for us that the majority of our teams display interdisciplinarity , transcending traditional academic boundaries. We frequently witness collaborations that transcend domains, where a member from the School of Business collaborates with another from the School of Technology, or even across diverse fields such as engineering, architecture, law, and medicine. Amid this diverse spectrum of pursuits, a unique synergy takes shape.

In recognizing the importance of balanced skill sets, we facilitate partnerships through initiatives like "Find your co-founder." Through this initiative, we identify innovators who might excel on the innovation front but require complementary business acumen. Matching them with individuals possessing these crucial skills fosters well-rounded teams primed for success. This proactive approach to team formation ensures that each innovation endeavor finds its optimal blend of expertise, contributing to the holistic development of ideas and ventures.

So what are the challenges you most of the time face in building the entrepreneurship mindset and making this transition happen among them? 

In a context where teams comprise members with diverse backgrounds, the presence of heterogeneity can sometimes lead to conflicts – a natural consequence of divergent viewpoints. Embracing these differences becomes paramount, constituting the foundational principle. Given that the teams predominantly consist of undergraduate students, we actively encourage open dialogues and discussions to address and resolve conflicts. Our guidance is readily available to facilitate these conflict resolution efforts.

When we embark on the journey of matching co-founders or partners, we meticulously assess whether their complementary skill sets align effectively. While differing skill sets may also translate to distinct mindsets and temperaments, these divergent perspectives hold the potential to elevate a student's idea to new heights. Indeed, if both individuals share identical backgrounds and viewpoints, the potential for growth and innovation is stunted. The dynamism of diverse perspectives serves as the catalyst for progress, fostering a dynamic and creative environment that propels ideas forward.

Most of the parents might be expecting their children to get a good placement and they might not understand the idea of starting on their own. So how do you handle and convince those parents who are not interested in innovation?

Although we have been fortunate to avoid internal conflicts within our teams, we have observed instances where parental support has been lacking. Some parents express concern that their children are dedicating too much time to innovation pursuits, diverting their attention from conventional academic pursuits and career preparation. It's imperative for parents to recognize that when individuals are engaged in something genuinely captivating and aligned with their passions, their self-motivation becomes a driving force propelling them towards greater achievements.

True contentment arises from this inherent self-motivation, enabling individuals to conquer remarkable feats. We understand the importance of not pressuring students to immediately establish private limited companies or launch startups overnight. Instead, our focus lies in cultivating an entrepreneurial mindset, nurturing their innate creativity and ambition. Therefore, it's essential for parents, family and friends of students to understand and empathise that their happiness, motivation, and engagement serve as the bedrock for realizing their aspirations and achieving remarkable success.

Can you share with us a few instances where students were pushed for Intra college, business plan competitions, or hackathons through VDC? 

Among the remarkable success stories within our ecosystem, one notable example is the team CO-ACT, which garnered the AP State Innovation Award recently. Another outstanding achievement is attributed to a student who contributed to Harvard's legacy by crafting an internationally acclaimed AI bot, marking a milestone of global recognition. Furthermore, the water treatment startup, HydroGravityCity, has secured widespread acclaim, even receiving invitations to prestigious events in Norway and Europe. Additionally, another student team – Agastya has embarked on a journey to develop cutting-edge drone frames, showcasing their innovation and dedication to MAKE IN INDIA. These exemplars serve as vivid testaments to the extraordinary talent and transformative ideas flourishing within our ecosystem. 

As it has been three years since VDC started. Have you observed any changes in the mindsets of students who join corporate organizations, in the form of feedback?

A striking transformation in confidence becomes evident amongst students, setting them apart. Those who experience our program emerge with a newfound sense of self-assuredness, convinced of their ability to excel even as employees within established firms. An inspiring shift unfolds, as students express their aspirations boldly, asserting their intent to establish their own startups within the next few years. With this vision in mind, they dedicate the ensuing years to honing their skills and acquiring the practical knowledge requisite for success.

Witnessing the enthusiasm and determination of these young individuals, some as young as 18yrs, fills me with immense joy. Their firm ambition resonates deeply, reaffirming the efficacy of our approach. It is this transformation, this unwavering commitment to self-improvement and entrepreneurial pursuit, that invigorates our efforts at every step.

What is your vision for the future with respect to VDC at GITAM? 

Our VDC has successfully impacted more than 18,000 students till date, marking a significant milestone in our journey. We are steadfastly committed to propelling GITAM University as a destination for Innovation and Entrepreneurship in our country. This vision, fervently held by VDC, aspires to establish GITAM as a definitive hub that fosters creativity, cultivates innovation, and nurtures the entrepreneurial spirit. This pursuit is driven by our unwavering dedication to empowering students, catalyzing their growth, and solidifying GITAM's reputation as a distinguished institution at the forefront of innovation and entrepreneurship.