The benefits to the higher education and the industry sectors from the park are obvious. The park will act as a stimulant for transforming the technical education in the State to make it more practical and attuned to industry needs. It is going to bring about a revolutionary change in the attitude of the faculty community. They will become more proactive, practical and entrepreneurial and become aware of the larger economic purpose of technical education. This will also make qualitative improvements in the attitude of the students. They will be exploring possibilities of R&D and identifying business propositions, instead of adding numbers to the job seekers in the State. The Park will see the grooming of many startups in the incubation centre. Some of the progressive faculty will also venture into starting their companies along with students. It is expected that hundred new companies will be started in TrEST Park in the first five years of operation.
The industry will also find it useful to engage with TrEST Park and the academic community to improve their product and services and thereby become more competitive in the market. Industry will be attracted to TrEST Park because the park gives them an opportunity to take up research and development without committing their resources and people. Only big corporates can afford to take up such R&D activities. TrEST Park gives an opportunity to even medium and small companies to overcome this limitation and pursue R&D activities. They will be able to improve their products, expand their portfolio and enter new markets because of the benefits of joint R&D work undertaken at TrEST Park. In today’s world, to remain competitive it is essential for companies to continuously evaluate the environment for technology changes and new opportunities. Continuous product improvement and diversification are the name of the game. So, even established companies will be interested in setting up their R&D facilities in TrEST Park. It is expected that at least 25 dedicated Research centres will be set up by industry in the park in the first five years of operation.
Apart from the above mentioned benefits to technical education and industry, TrEST Park is expected to bring economic and social benefits to the State. When the park is fully operational with all the 6 lacs sqft buildings occupied it is expected to employ about 3,000 people directly. Some of the startups and research companies in the park will be starting their commercial operations also, from TrEST Park or other industrial parks in the State, adding to the GDP of the State. The qualitative improvement in the technical education will see more students passing out of the college pursuing higher studies in prestigious institutes adding to the intellectual power of the state.
Finally, TrEST Park is expected to become a role model and trendsetter in the state, like the Technology Business Incubator of Technopark. The Technopark TBI which was started in 2006 has set in motion an entrepreneurial wave in Kerala, especially among the youth, resulting in setting up of the Startup Village and incubation activities in so many institutions and almost all engineering colleges in the state. With the success of TrEST Research Park, it is expected that many progressive educational institutions will start research parks in their premises either as stand-alone centres or expansion of the existing TBIs.
COLLEGE OF ENGINEERING TRIVANDRUMwww.cet.ac.in
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