MBA IEV

MBA Innovation, Entrepreneurship, and Venture Development (IEV) is a specialized business management program offered in India. Basically, this MBA program is designed to prepare students for careers in innovation-driven industries, entrepreneurship, and the development of new ventures. It focuses on cultivating skills and knowledge necessary for creating, managing, and growing innovative and entrepreneurial enterprises.

Ministry of Education, Innovation Cell by Government of India guide IEV in MBA/PGDM Institution [Higher Educational Institutions (HEIs)] duly approved from AICTE, focusing innovative and incubation centric Courses of 2 years of Duration.

An MBA in Innovation, Entrepreneurship, and Venture Development equips students with the tools, knowledge, and mindset required to innovate, create new ventures, and navigate the challenges of the entrepreneurial journey. Graduates of this program are well-prepared to launch their own startups, work in startup environments, or contribute effectively to innovative initiatives within established companies. The program also fosters an entrepreneurial mindset, encouraging students to think creatively and proactively in various business contexts.

MBA IEV in India

MBA IEV Program Key Components

Following are the key components of an MBA in Innovation, Entrepreneurship, and Venture Development in India:

1. Innovation Management:

• Students learn how to foster creativity, manage innovation processes, and bring innovative ideas to fruition. They explore techniques for idea generation, feasibility analysis, and implementation of innovative solutions.

2. Entrepreneurship Education:

• The program provides a comprehensive understanding of entrepreneurship, covering topics such as business idea generation, business planning, funding options, risk management, and scaling startups.

3. Venture Development:

• Students learn the intricacies of developing new ventures, including market research, product development, business model innovation, and go-to-market strategies. They gain practical experience in turning concepts into viable business entities.

4. Startup Ecosystem:

• The curriculum often includes insights into the startup ecosystem, including understanding angel investing, venture capital, startup incubators, accelerators, and how to navigate regulatory challenges for startups.

5. Leadership and Team Management:

• Students develop leadership skills and learn how to build and lead teams in the context of entrepreneurial ventures. Effective team management, communication, and collaboration are emphasized.

6. Business Development and Sales:

• The program covers strategies for business development, sales, and customer acquisition. Students learn how to identify market opportunities, build relationships with clients, and drive sales growth.

7. Finance and Funding:

• Understanding financial aspects of entrepreneurship, including financial planning, budgeting, fundraising, and financial management, is a key component. Students learn about various funding options available to startups.

8. Mentorship and Networking:

• Many programs facilitate mentorship opportunities with experienced entrepreneurs and industry experts. Networking events, guest lectures, and industry interactions are integral parts of the program to connect students with the entrepreneurial community.

9. Business Ethics and Legal Considerations:

• Students gain insights into ethical considerations in entrepreneurship and learn about legal aspects such as intellectual property rights, contracts, and compliance relevant to startups.

10. Capstone Projects and Internships:

• The program often includes hands-on projects, internships, or real-life case studies where students can apply their knowledge and skills in real entrepreneurial settings.

Scope of MBA in Innovation, Entrepreneurship, and Venture Development (IEV) in India

Pursuing an MBA in Innovation, Entrepreneurship, and Venture Development (IEV) in India can offer numerous opportunities and benefits, especially in a rapidly evolving business landscape. Following are some key points to consider regarding the scope of this specialization in India:

1. Startup Ecosystem:

India has seen a significant boost in its startup ecosystem over the past decade. Government initiatives like Startup India and increased venture capital funding have created a favorable environment for entrepreneurs. With an IEV specialization, you would be well-equipped to navigate the challenges of entrepreneurship and contribute meaningfully to the startup ecosystem.

2. Corporate Innovation:

Large corporations in India are increasingly recognizing the importance of innovation to stay competitive. With an IEV specialization, you can work with established companies in roles related to corporate innovation, helping them develop new products, services, and business models.

3. Entrepreneurship Support Organizations:

There is a growing number of organizations in India that support entrepreneurs and startups. With an IEV specialization, you could work for incubators, accelerators, and entrepreneurship development organizations, providing mentorship, funding support, and strategic guidance to aspiring entrepreneurs.

4. Government and Non-Governmental Organizations:

Government bodies and non-governmental organizations often work towards fostering innovation and entrepreneurship. Professionals with expertise in IEV can find opportunities in policy-making, research, and implementation of programs aimed at supporting entrepreneurs and innovative ventures.

5. Consulting Firms:

Consulting firms, both national and international, often seek professionals with knowledge in innovation, entrepreneurship, and venture development. Your expertise could be valuable in helping various businesses, including startups, optimize their strategies and operations.

6. Academic and Research Roles:

If you have a passion for teaching and research, you could explore opportunities in academic institutions. With an IEV specialization, you can engage in research related to innovation and entrepreneurship, shaping the next generation of entrepreneurs through education.

7. Global Opportunities:

The skills acquired through an IEV specialization are not limited to India. Many Indian entrepreneurs and professionals in this field have made significant impacts globally. Additionally, there are international job opportunities, especially in countries with robust startup ecosystems.

8. Challenges:

While there are ample opportunities, the field of entrepreneurship and innovation is also highly competitive and challenging. It requires a combination of creativity, strategic thinking, and resilience to succeed. Networking, continuous learning, and staying updated with industry trends are crucial in this field.

Available Modes to Study MBA IEV

There are several modes to Study MBA for an Aspiring Candidate. The Following are the Types of MBA in Innovation, Entrepreneurship, and Venture Development (IEV) Options Available.

Full-Time MBA

Features: Full-time MBA programs are intensive and immersive, hence providing a comprehensive curriculum. Students attend classes on campus, participate in group projects, and often have access to internships also. This mode is suitable for individuals looking for a traditional MBA experience basically without the constraints of a job.

Eligibility: 50% marks in graduation basically from Recognize University along with valid Entrance Exam.

Duration: 2 Years.

Fee Structure: Rs 2.0 Lacs – 18 Lacs.

Part-Time MBA

Features: Part-time MBA programs are for working professionals. Classes are often scheduled during the evenings or on weekends, allowing students to continue working while pursuing their Masters degree. This mode is ideal for those who want to balance work, life, and education as a result.
Eligibility: Basically a Graduate along with Minimum 2-3 years work experience.
Duration: 2-3 Years.
Fee Structure: Rs 2.5 Lacs – 8 Lacs.

Executive MBA (EMBA)

Features: EMBA programs are tailored particularly for experienced professionals, usually with a minimum number of years of work experience (varies by program). Classes are usually on weekends or in intensive modules, allowing executives to continue their careers while enhancing their leadership and managerial skills. EMBA programs often emphasize real-world applications and case studies.
Eligibility: Graduate with Basically Minimum 2-3 years work experience.
Duration: 1-2 Years.
Fee Structure: Rs 3.5 Lacs – 10 Lacs.

Distance Learning MBA

Features: Distance learning MBA programs are basically off campus Studies. Hence provide course materials to students, who study independently. All Communication with instructors and peers is primarily through mail, email, or online forums. Additionally Examinations are conducted at designated centers. Therefore, this mode is suitable for individuals who require complete flexibility and cannot attend regular classes.
Eligibility: Basically a Graduate from any Discipline from an UGC Approved University.
Duration: 2-3 Years.
Fee Structure: Rs 1.0 Lacs – 3.0 Lacs

Dual MBA Programs

Features: Dual MBA programs allow students to earn two degrees simultaneously, often in collaboration with international universities. Having Credit transfer facility in 2nd year in choice of University Abroad. Also in different disciplines such as MBA/MS or MBA/MPH or PGDM/MBA. Hence these programs are more specialized and can provide a broader skill set along with Practical Exposure.
Eligibility: 50% marks in graduation basically from a Recognize University along with valid Entrance Exam.
Duration: 2 Years.
Fee Structure: Rs 10. Lacs – 30 Lacs.

Online MBA

Features: Online MBA programs are entirely taught over the internet. However, students can access lectures, assignments, and resources remotely, allowing for a flexible study schedule. This mode is suitable for individuals who require the flexibility to study from anywhere, often while working full-time or managing other commitments.
Eligibility: Graduate basically from Any Recognize University.
Duration: Minimum 2 years, Maximum 4 years from the date of registration.
Fee Structure: Rs 1.0 Lacs – 2.5 Lacs

Accelerated MBA

Features: Accelerated MBA programs are also known as fast-track or one-year MBA programs. Moreover these programs are highly intensive, condensing the traditional two-year curriculum into a shorter timeframe. Hence. These programs are demanding and require full-time commitment, making them suitable for individuals who want to complete their MBA quickly. Also the students in accelerated MBA programs typically take a heavier course load each semester and may have limited breaks between terms.
Eligibility: Basically a Graduate along with Minimum 2-3 years work experience
Duration: 1 year.
Fee Structure: Rs 2.0 Lacs – 8 Lacs.

Eligibility for Admission

The following are the basic eligibility criteria for Securing admissions to the MBA in Innovation, Entrepreneurship, and Venture Development (IEV) course are:

Educational Qualifications:

• Bachelor’s Degree: Applicant require to have a bachelor’s degree in any discipline from a recognize university or college from Either India or Abroad.
• Minimum Percentage: Many institutions require a minimum of 50 percentage or grade point average (GPA)equivalent in the undergraduate degree. Therefore the specific percentage or GPA requirement varies among institutions along with other Cut off Parameters.

Entrance Exams:

• CAT/MAT/XAT/CMAT/ATMA/CUET: Most MBA programs in India require candidates to Either take one of the national-level management entrance exams or State level Entrance, National levels such as CAT (Common Admission Test), MAT (Management Aptitude Test), XAT (Xavier Aptitude Test), or CMAT (Common Management Admission Test). State level such as PGCET, MHCET, IPCET. Hence, different institutions may accept different exams, Also most of all Colleges have different Cutoff for Admission in MBA in Innovation, Entrepreneurship, and Venture Development (IEV).
• Minimum Percentile/Score: Basically the Institutions usually have a minimum percentile or score Cut off requirement in these entrance exams for candidates to be eligible for admission. Also the minimum percentile/score varies by institution and can be different for each category of students also (General, SC/ST/OBC, etc.).

Work Experience (Varies):

• Some MBA programs may require work experience: While many MBA programs accept fresh graduates, some institutes, especially for executive MBA programs, Therefore require a minimum number of years of work experience, often ranging from 1 to 5 years.

Reservation Criteria:

• Indian institutions follow the government’s reservation policy, which includes quotas for different Category Students. Such as Schedule-Castes (SC/ST), Other Backward-Classes (OBC), Economically Weaker Sections (EWS), and also other categories. Although Candidates belonging to these categories Usually have specific relaxations in eligibility criteria also. Minimum 5% Relaxation in Graduation percentage and varied Entrance Exam Cutoff are usually Given depending upon the Institute.

Personal Interview and Group Discussion:

• Most of all institutions conduct stringent personal interviews and/or group discussions as part of the selection process. Therefore, the performance in these sessions is often considered while making final admission decisions by the Institute Admission Panel.

Statement of Purpose (SOP) or Essays:

SOP or Essays: Many a Times Applicants are often require to write a Statement of Purpose (SOP) or essays. Hence Explaining their motivation for pursuing an MBA, career goals, and why they are interested in the specific MBA program they are applying to.

List of Top MBA IEV Colleges in India

Following are the 25 Top MBA IEV colleges in India offering MBA/PGDM :

Entrance Exam for MBA in IEV

Accordingly India, several national and state-level MBA entrance exams are conducted for admission to MBA programs, including for MBA in Innovation, Entrepreneurship, and Venture Development (IEV). Therefore these exams are widely accepted by various business schools across the country (India). Following are some of the prominent Mandatory MBA entrance exams in India:

National Level MBA Entrance Exams:

1. Common Admission Test (CAT):
   • Conducted by: Indian Institutes of Management (IIMs).
   • CAT is basically one of the most popular and competitive MBA entrance exams in India, accepted by numerous top-tier business schools.
2. Management Aptitude Test (MAT):
   • Conducted basically by: All India Management Association (AIMA).
   • MAT is conducted four times a year and is also accepted by a wide range of management institutes across India.
3. Xavier Aptitude Test (XAT):
   • Conducted by: XLRI Xavier School of Management, Jamshedpur.
   • XAT is also accepted by more than 150 B-schools in India and is known for its rigorous examination pattern.
4. Common Management Admission Test (CMAT):
   • Conducted basically by: National Testing Agency (NTA).
   • CMAT is accepted specifically by AICTE-approved institutions and universities across India. Whereas, MBA institutes of national importance in India does not accept CMAT Scores.
5. Graduate Management Admission Test (GMAT)
   • Conducted basically by: Graduate Management Aptitude Council (GMAC).
   • In India, more than 400+ business schools offering MBA/PGDM accept GMAT results. Subsequently, these include the Most prominent B Schools like the Indian School of Business, IIM Ahmedabad, IIM Bangalore, IIM Calcutta, and the Institute of Management Technology (IMT), among others.
6. Common University Entrance Test (CUET)
   • Conducted basically by: National Testing Agency (NTA).
   • The CUET exam scores are accepted by around 197 CUET PG participating universities for admission to different postgraduate programs including MBA.
7. Narsee Monjee Management Aptitude Test (NMAT)
   • Conducted basically by: Graduate Management Aptitude Council (GMAC).
   • NMAT exam results are accepted by some of the leading MBA universities for flagship and specialized programs because it is an independent and reputable exam.

State-Level MBA Entrance Exams:

1. MAH CET (Maharashtra Common Entrance Test):
   • Conducted basically by: State Common Entrance Test Cell, Maharashtra.
   • MAH CET is the entrance exam for various management institutes in Maharashtra.
2. TANCET (Tamil Nadu Common Entrance Test):
   • Conducted basically by: Anna University, Tamil Nadu.
   • TANCET is accepted by several colleges in Tamil Nadu for their MBA programs.
3. APICET (Andhra Pradesh Integrated Common Entrance Test):
   • Conducted basically by: Sri Krishnadevaraya University, Anantapur, on behalf of Andhra Pradesh State Council of Higher Education (APSCHE).
   • APICET is for admission into MBA programs in Andhra Pradesh.
4. KMAT (Karnataka Management Aptitude Test):
   • Conducted basically by: Karnataka Private Post Graduate Colleges Association (KPPGCA)
   • KMAT is accepted by more than 169 B-schools across Karnataka.
5. OJEE MBA (Odisha Joint Entrance Examination for MBA):
   • Conducted basically by: Odisha State Government.
   • OJEE MBA is the entrance exam for MBA programs in Odisha.
6. UPSEE MBA (Uttar Pradesh State Entrance Examination for MBA):
   • Conducted basically by: Dr. A.P.J. Abdul Kalam Technical University, Uttar Pradesh
   • UPSEE MBA is for admission to MBA programs in colleges affiliated with AKTU, Lucknow.

Job Profiles in MBA in Innovation, Entrepreneurship, and Venture Development in India

Pursuing an MBA in Innovation, Entrepreneurship, and Venture Development (IEV) in India can prepare you for a variety of job profiles in the dynamic entrepreneurial ecosystem. Following are some common job profiles that you can explore with this MBA specialization:

1. Entrepreneur/Startup Founder:

With an MBA in IEV, you can start your own business venture. Whether it’s a tech startup, a social enterprise, or any innovative business idea, your specialized knowledge will help you navigate the challenges of entrepreneurship.

2. Innovation Manager:

Innovation managers work within established companies to drive innovation in products, services, or processes. They identify opportunities for improvement and implement creative solutions to enhance the organization’s competitiveness.

3. Business Development Manager:

Business development managers focus on identifying new business opportunities, building relationships with potential clients or partners, and creating strategies for business growth. In the context of IEV, this role often involves scouting for innovative collaborations and ventures.

4. Venture Capitalist/Private Equity Associate:

Venture capitalists and private equity associates evaluate investment opportunities in startups and high-growth companies. Your understanding of innovation and entrepreneurship will be valuable in assessing the potential of these ventures and making investment decisions.

5. Product Manager:

Product managers oversee the development and marketing of products, ensuring they meet market needs and align with the company’s goals. In the context of IEV, product managers often work on innovative products and services, collaborating closely with cross-functional teams.

6. Startup Consultant:

As a startup consultant, you can provide expert advice to new businesses. This may include market research, business planning, fundraising strategies, and operational guidance. Your specialized knowledge in entrepreneurship and venture development will be invaluable to startups seeking professional guidance.

7. Incubator/Accelerator Program Manager:

Incubators and accelerators support startups by providing resources, mentorship, and funding. Program managers in these organizations design and manage programs that help startups grow. Your expertise in IEV can be instrumental in shaping these programs.

8. Policy Analyst/Strategist:

Professionals in this role work with government bodies, NGOs, or think tanks, analyzing policies related to innovation and entrepreneurship. They provide recommendations for policy changes, aiming to create a conducive environment for startups and innovation.

9. Innovation Analyst/Researcher:

Innovation analysts or researchers study market trends, emerging technologies, and innovative business models. They analyze data to identify opportunities for innovation and provide insights that can guide decision-making for businesses and startups.

10. Academic/Industry Educator:

With an MBA in IEV, you can pursue a career in academia, teaching entrepreneurship and innovation-related courses. Alternatively, you can conduct workshops and training programs for professionals and aspiring entrepreneurs in the industry.

Salary Potential for MBA in Innovation, Entrepreneurship, and Venture Development in India

The Average Package for individuals with an MBA in Innovation, Entrepreneurship, and Venture Development (IEV) in India can vary widely based on several factors such as experience, skills, location, industry, and the specific role they are engaged in. Following are some general salary trends to provide you with an overview:

1. Entrepreneur/Startup Founder:

Entrepreneurs’ incomes are variable and depend entirely on the success of their ventures. Successful startups can yield significant profits, but the initial years might involve limited or no income as the business establishes itself.

2. Innovation Manager:

Innovation managers in established companies can earn competitive Average package. Average Package typically range from ₹6 lakh to ₹15 lakh per annum, depending on experience and the industry they work in.

3. Business Development Manager:

Business development managers earn varying Average Package based on their experience and the industry. Entry-level positions might start around ₹4 lakh to ₹6 lakh per annum, while experienced professionals can earn between ₹8 lakh to ₹20 lakh or more per annum.

4. Venture Capitalist/Private Equity Associate:

Average Package in venture capital and private equity firms can be substantial, often ranging from ₹8 lakh to ₹25 lakh or more per annum, with significant bonuses and profit-sharing opportunities based on the success of the investments.

5. Product Manager:

Product managers in India can earn Average Package ranging from ₹6 lakh to ₹20 lakh or more per annum, depending on their experience, the company, and the industry they work in.

6. Startup Consultant:

Startup consultants might earn on an hourly or project basis. Rates can vary widely, but experienced consultants with a strong track record can command high fees.

7. Incubator/Accelerator Program Manager:

Average Package for program managers in incubators and accelerators can range from ₹5 lakh to ₹15 lakh or more per annum, depending on the organization’s scale and location.

8. Policy Analyst/Strategist:

Average Package for policy analysts and strategists working with government bodies or research organizations can vary widely. Entry-level positions might start around ₹4 lakh to ₹6 lakh per annum, while experienced professionals can earn higher Average package, especially in senior roles.

9. Innovation Analyst/Researcher:

Average Package for innovation analysts and researchers can vary based on the employer, location, and experience. Entry-level positions might start around ₹3 lakh to ₹5 lakh per annum, while experienced professionals can earn higher Average package.

10. Academic/Industry Educator:

Average Package for educators in the field of IEV can vary widely based on the institution and the individual’s qualifications and experience. Academic Average package typically start from ₹3 lakh to ₹6 lakh per annum for entry-level positions in universities and colleges.

Furthermore, those with many years of expertise and a proven track record of innovation and entrepreneurship may ask for higher Average package, particularly in positions of leadership or when they are operating profitable startups or consulting businesses. The possibility of earning more money in this industry can be increased by networking, obtaining real-world experience, and consistently improving abilities through professional development.

Major Recruiters of MBA in IEV in India

MBA in IEV in India opens up diverse career opportunities across various fields. Graduates with this specialization can find employment in sectors that value innovation, entrepreneurship, and strategic business development.

Following are some major fields and potential recruiters of MBA In Innovation, Entrepreneurship, and Venture Development (IEV):

1. Startup Ecosystem:

• Recruiters: Flipkart, Ola, Paytm, Zomato, Swiggy, Byju’s, OYO, Freshworks, Unacademy, Razorpay, Practo, etc.

2. Venture Capital/Private Equity Firms:

• Recruiters: Sequoia Capital, Accel Partners, Nexus Venture Partners, Kalaari Capital, SAIF Partners, Tiger Global Management, Matrix Partners India, etc.

3. Corporate Innovation Centers:

• Recruiters: Tata Innovation Center, Mahindra Rise, Infosys Innovation Fund, Wipro Ventures, Accenture Labs, Google India, Microsoft India, etc.

4. Consulting Firms:

• Recruiters: McKinsey & Company, Boston Consulting Group (BCG), Bain & Company, Deloitte, PwC, EY, KPMG, Accenture, Capgemini, etc.

5. Incubators and Accelerators:

• Recruiters: 500 Startups, Y Combinator, Techstars, Seedcamp, AngelPad, Indian Angel Network, Axilor Ventures, CIIE.CO, T-Hub, etc.

6. Government Agencies and NGOs:

• Recruiters: NITI Aayog, Department for Promotion of Industry and Internal Trade (DPIIT), Startup India, National Entrepreneurship Network (NEN), TiE (The Indus Entrepreneurs), etc.

7. Educational Institutions:

• Recruiters: Indian Institutes of Management (IIMs), Indian School of Business (ISB), XLRI – Xavier School of Management, S.P. Jain Institute of Management and Research, etc. (for teaching and research positions)

8. Technology and IT Companies:

• Recruiters: Infosys, TCS, Wipro, HCL Technologies, Tech Mahindra, Cognizant, IBM India, Microsoft India, etc. (for innovation-related roles)

9. Healthcare and Biotechnology Companies:

• Recruiters: Biocon, Dr. Reddy’s Laboratories, Sun Pharmaceutical Industries, Apollo Hospitals, Max Healthcare, Siemens Healthineers, etc. (for healthcare innovation and entrepreneurship roles)

10. Manufacturing and Automotive Companies:

• Recruiters: Tata Motors, Maruti Suzuki, Mahindra & Mahindra, Hero MotoCorp, Bajaj Auto, Larsen & Toubro, etc. (for innovation and product development roles)

11. Financial Institutions and Banks:

• Recruiters: ICICI Bank, HDFC Bank, Axis Bank, State Bank of India, Kotak Mahindra Bank, Yes Bank, etc. (for roles related to fintech and innovative financial services)

12. E-commerce and Retail Companies:

• Recruiters: Amazon India, Flipkart, Reliance Retail, Aditya Birla Fashion & Retail, BigBasket, Snapdeal, etc. (for roles in e-commerce innovation and business development)

These are just a few examples, and the opportunities are not limited to these sectors. MBA graduates with a specialization in IEV can also explore roles in social entrepreneurship, sustainable development, and emerging fields like blockchain technology and artificial intelligence.

FAQ: