Recent trends in the job market have brought about a new turn of opportunities for the youth in planning their career choice. The mainstream paid employment market is saturated – not keeping pace with the surge of fresh graduates emerging each year. Under such excruciatingly harsh competition, it becomes logical for many youths to seek self-employment and thus start their own venture. This trend is both exciting and promising – as the young minds with immense energy and creativity – make the perfect candidates to start micro, small or even medium enterprises. It provides hope to unemployed youth, creates jobs and contributes to economic growth. Clearly, self-employment is a niche that needs nurturing and development.
The Department of Economics, East West University, correctly identified this opportunity and established the Entrepreneurship Development Centre (EDC). The primary purpose of the EDC is to train and guide interested graduating EWU students to set up a business venture under the rubric of Micro, Small and Medium Enterprises (MSMEs). The Department of Economics is well placed to oversee the functioning of EDC as it already offers two master’s level specializations (namely, “Enterprise Development” and “Entrepreneurship Development”) in the Master in Development Studies program.
More than a century ago, the work of Austrian economist Joseph Schumpeter showed that entrepreneurship acts as the vital link between innovation and development. Since then, many economic theories and empirical models of entrepreneurship have been proposed. These have now found place in economic textbooks and journals, providing a solid base for academic research and practical applications. In Bangladesh, where the pace of new job creation is very slow, entrepreneurship offers an unparalleled avenue to produce a new generation of native experts who can help create jobs.
Against this backdrop, the Department runs the Entrepreneurship Development Centre (EDC) as a research and training wing of the Department of Economics, East West University.
- Target: Micro, Small and Medium Enterprises (MSMEs)
- Assist MSMEs to access finance
- Assist in developing partnerships between university graduates Business / NGO
- Transformation of ideas into project ventures using a start-up/incubator program
- Liaison with business and financial organizations on enterprise development
Goal - Promote self-determination and self-sufficiency to create jobs
- Activities of the Centre will include
- Technical support for the development of small businesses
- Human Resource Development for MSMEs
- Business development training strategies
- Connect to a larger economy
- Training and advice to MSME
- Help design project
- Incubator program to develop start-ups
- Internship programs for MDS/CSC/MBA/BBA/BSS students of EWU