MSDE collaborates with BYST to boost Skill based entrepreneurship

In a bid to boost skill based employment via entrepreneurship, the Ministry of Skill Development and Entrepreneurship (MSDE) signed an MoU with Bhartiya Yuva Shakti Trust (BYST), a not for profit organization working in the field of rural entrepreneurship.

The MoU will help nurture the under-privileged residing in the rural hinterlands, and assist them to become entrepreneurs through effective mentorship.

The collaboration seeks to provide mentor development services to the officials suggested by the ministry for promoting and setting up micro and rural businesses. At BYST, the mentors share the experience in an advisory capacity and suggest potential areas of market. Mentoring in a way opens wider vistas to the budding businessman.

“Training, Research and Consultancy will be the key parameters to boost this endeavor,” said Dr KP Krishnan, Secretary Ministry of Skill Development and Entrepreneurship. “Mentor training will be provided at skill development centers, IITs, polytechnics, universities and other places for supporting entrepreneurship, self-employment and creating more jobs,” he added.

Lakshmi V Venkatesan, Founding and Managing Trustee, BYST, said, “It’s remarkable to see that we have made substantial success hitherto with BYSTs initiatives that untapped the potential of the under-privileged and helped them to become entrepreneurs. We understand that turning hurdles into opportunities is not an easy task. However, we can achieve it through mentoring and we will continue to make efforts towards building a better India.”

MoU between Bhartiya Yuva Shakti Trust:

• Both the parties will promote and develop the mentioning ecosystem through training, research and consultancy with the objective of empowering underserved entrepreneurs and help them set up micro and rural business
• Develop the mentor training ecosystem in skill development centres, ITIs, polytechnics, universities and other alliances (related to ministry of SDE) for supporting entrepreneurship, self-employment and creating further jobs.
• This Memorandum of Understanding is signed for one year after which it can be further extended with mutual consent.

• Both the parties would make efforts to determine the final proposal with timelines/work plan within 8 weeks of signing the MoU.

Highlighting the need to promoting the spirit of rural entrepreneurship for urban development, BYST organized India’s first International Mentoring Summit. With entrepreneurship being responsible for the creation of new firms and for their technological lead and success, it is believed to be a key determinant of the economic success of a region and a crucial factor in shaping the spatial distribution of economic activities.

The summit identified need for building a culture of entrepreneurship in the country which can only be achieved if all the stakeholders—private sector, government and others work together. The rural focus must be on local resources, mentors and minimizing migration. Here, BYST has made significant progress wherein they train mentors on current levels of technology.