The importance of entrepreneurship in the engineering field

27 Feb 2019

“Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” – Peter Drucker

In the current age, technology has gone from novelty to necessity. Regardless what the sector, there are technologies of every kind at work, empowering speed and convenience in the workplace, and reducing the potential for human error.

In a global space where anything can be accessed at the simple click of a button, the graduate market can become increasingly complex and confusing to navigate.

Engineers will always be needed to spread their expertise across STEM fields. In terms of the ropes of business, engineers have the potential to be seen as far more valuable than their MBA graduate counterparts, respected for their innovative and creative capabilities.

According to an article in Inc. magazine, a study that analysed the Facebook profiles of CEOs and founders showed that, “three times as many had advanced degrees in engineering than had an MBA”.

On top of this, when it came to company leaders with only undergraduate-level education, the number with degrees in business or engineering was near enough evenly split.

These people are problem-solvers, harnessing their specialist expertise to come up with rapid, sustainable corporate solutions.

Cybersecurity serves as a prime example of this. In the digital age, the protection of personal data and the prevention of cyberattacks is a universal business priority. If the recent Cambridge Analytica scandal is anything to go by, failure to safeguard the information of clients and consumers can devastate corporate profits, with Facebook shares reportedly down 9.5 percent in the fallout of the event.

According to Elsevier, 34 percent of data breaches occur within financial institutions; 11 percent targeting retail companies; and 13 percent hitting government institutions. Who will develop and refine solutions to fix these pressing contemporary issues? None other than our qualified, digitally-connected engineers.

Entrepreneurship is inherently ingrained within the engineering trade. Many influential companies have been founded by engineers, including Rolls-Royce, Dyson, Intel, Oracle and Yahoo!, highlighting the power of the discipline when seamlessly employed alongside core business ideals and principles.

If you’re looking to succeed as an engineer, you need a school that will nurture your technical skills alongside your entrepreneurial flair. These schools do just that…

PRATT SCHOOL OF ENGINEERING, DUKE UNIVERSITY – USA

Duke’s Pratt School of Engineering is a vibrant community set within a Top 10 US research university. With a focus on developing students’ technical expertise, global perspectives and entrepreneurial confidence, Duke Engineering is dedicated to training the next generation of leaders to develop solutions to some of the world’s greatest challenges.

Entrepreneurship @ Duke Engineering is a special program designed to build engineering students’ entrepreneurial skills. Here, you will experience:

Expert advice and guidance
Academic opportunities, including high-impact seminars and workshops
Resources designed to empower company founders
Connections to the larger entrepreneurial community at Duke and in the nearby Research Triangle Park, home to 250+ tech companies.

The Master of Engineering at Duke is a highly-specialized engineering degree with a business emphasis. With integrated internship experience, graduates leave fully-equipped to innovate out in the field. Entrepreneurially minded students could even launch their own startups while earning their degree, thanks to support and mentorship from Duke faculty, alumni and friends.

Duke’s Master of Engineering Management is a tech-savvy applied engineering degree with both campus and distance-based options. This program also offers an entrepreneurship study track with courses such as Engineering Entrepreneurship, Competitive Strategies, Commercializing Technological Innovations, Design Thinking and Innovation.

WHITING SCHOOL OF ENGINEERING, JOHNS HOPKINS UNIVERSITY – USA

The Whiting School of Engineering (WSE) is home to industry pioneers. Drawing on the principles of maths, science and creativity, WSE offers a transformative education, producing some of the most respected, intellectually-driven graduates in the world.

Here, impressive research facilities push the discipline towards new frontiers, reimagining fields like computer vision, electronic medical record security and tissue engineering. Elite members of faculty are on-hand to support and mentor students as they explore engineering conventions and conduct unique independent research.

Industry businesses and students alike benefit from Industry Partnership, sponsored research and design projects, with organizations gaining access to highly-qualified students and faculty who use ‘world-class facilities to tackle real-world industry problems’.

WSE also collaborates on a range of International Initiatives, teaming up with schools in Europe, China, Israel, and many other institutes committed to sharing the beneficial industry-supportive, networked teaching approach.

TANDON SCHOOL OF ENGINEERING, NEW YORK UNIVERSITY (NYU) – USA

Located in the bustling hub of Downtown Brooklyn, NYU Tandon School of Engineering combines academic excellence with a diverse, dynamic learning culture.

Deemed among the top 30 universities in the world in The Times Higher Education 2018 World University Rankings, NYU Tandon maintains an ethos of invention, innovation, and entrepreneurship, preparing students to become industry influencers in rewarding fields that demand creative thinking and technical know-how.

The Convergence of Innovation & Entrepreneurship (CIE) at Tandon School offers schoolwide, multi-faceted initiatives. Here, students are elevated to new professional heights, taught to harness crucial technologies to transform business concepts and solve problems.

From the moment they arrive on campus, students make use of cutting-edge equipment to bring their revolutionary ideas to life, facilities like the Makerspace make this possible, on top of tech challenges like the InnoVention Competition, and participation in student organizations like Patent Pending.

FACULTY OF ENGINEERING SCIENCES, UNIVERSITY COLLEGE LONDON (UCL) – UK

The Faculty of Engineering Sciences at UCL harbours 11 world-class academic departments, undertaking powerful research and training that crosses the breadth and depth of the discipline.

The MSc in Engineering with Innovation and Entrepreneurship instils students with technical, managerial and entrepreneurial expertise. As part of this program, students develop the knowledge required to produce ingenious engineering products and solutions, using newfound knowledge to profit while at the same time improving lives out in the world.

“Over 180 years later, we are still at the cutting edge of the discipline, home to some of the most successful engineering departments in the UK,” the institution notes.

“Our teaching programmes are designed to engage students and give them the skills to address the world’s challenges,” it adds. “We have pioneered new teaching methods for our undergraduates, and involve our postgraduates with our cutting-edge, highly-rated academic research. The graduates we educate progress to a wide range of roles, within engineering and technology sectors and beyond.”

FACULTY OF ENGINEERING, UNIVERSITY OF STRATHCLYDE – UK

Nestled among the UK’s top 20 research-intensive institutions, the University of Strathclyde’s many experts are constantly seeking their next great venture, developing innovative, practical solutions to the many problems of today and tomorrow.

The faculty supplies students with more than 40 undergraduate courses and more than 50 postgraduate provisions. With such a comprehensive range of degrees, students here become masters of niche concepts and theories.

Source: University of Strathclyde

For example, the MEng Electronic & Electrical Engineering with Business Studies course encourages learners to uncover progressive, smart solutions to 21^st-century issues. Blending your technical engineering expertise with the principles of management, business and leadership, you’ll seamlessly ingrain business prowess with your engineering knowledge.

As an alternative route to employment, the Strathclyde Engineering Academy is an invaluable facility. By merging your efforts with sponsoring companies, you’ll be supporting your professional development and building connections with national and international corporations.

*Some of the institutions featured in this article are commercial partners of Study International