Being a better human being is more important than excelling academically, he said, speaking at the 'Dr. A P J Abdul Kalam IGNITE award' function.
"Academic excellence is important, but even more important is to help children become a better human being. They should promote Indian tolerance of social diversity and try to ensure no one feels left behind," said Mukherjee, who demited office in July.
"They should try to develop solutions which lead to better environment, reduce or eliminate waste and make India a clean, creative and collaborative society," he said.
Mukherjee said he was impressed with several ideas of school children on display at the exhibition.
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"I appeal to all designers, fabricators, private companies and engineers from leading institutions of our country like IITs, NITs, NIDs, IISERs to come forward to take the ideas of creative children to market through commercial or social diffusion," he said.
Mukherjee said he was "very encouraged by the current thrust of the Government of India to promote entrepreneurship at all levels in society through a very vigorous start-up movement in India".
Referring to various ideas and innovations on display at the exhibition, Mukherjee said he was "happy that the government has stopped the old practice when school children often presented the idea of their teachers, parents or even outside designers as their own in science exhibitions".