IIT Mandi Report: Indian Students Lead Globally in Entrepreneurial Intent
Monday, 21 October 2024, 18:45 IST
According to the report by IIT Mandi, 32.5% of Indian college students are actually nascent entrepreneurs who are actively starting up their own businesses while surpassing the global average rate of 25.7%. Data is part of the "GUESSS India 2023" report which focuses specifically on student entrepreneurship and derives from the Global University Entrepreneurial Spirit Students' Survey-an exhaustive study that encompasses student entrepreneurs in 57 countries.
At 14%, Indian students almost closely mirror the global average of 15.7% interested in becoming founders immediately post-graduation. In fact, interest in entrepreneurship seems to grow with time-a trend not witnessed when pre and post-financial crisis data were compared. While globally, 30% of the students intend to go into entrepreneurial ventures five years post graduation, 31.4% of the students from India on campus today have the same aspiration for five years into the future.
The GUESSS India 2023, an international student survey conducted between November 2023 and February 2024, collected responses from students from 13,896 varied higher education institutions all over the country.
"India is already the third-largest startup ecosystem in the world and has the largest youth population. Tapping into this entrepreneurial potential is crucial for the nation's growth", said Puran Singh, lead author of the report, and associate professor at IIT Mandi: "Understanding the entrepreneurial mindset of students is important from this aspect alone".
While 69.7% of students pursue jobs immediately after graduation, that number declines to 52.2% five years later, while 31% would like to start businesses during that span-of-time-that's up from 14% right after graduation.
The report shows that the entrepreneurial intent for Indian students is the highest of all, at an average of 4.6 on the 7-point scale, while the global average is 3.7. While as much as 38% of students are involved in venture creation, 33% fall in the nascent stage, the highest among their international peers; only 4.8% are in the revenue-generating phase.
Additional 63% of student entrepreneurs are currently using university resources, and 26% incubating ventures.
At 14%, Indian students almost closely mirror the global average of 15.7% interested in becoming founders immediately post-graduation. In fact, interest in entrepreneurship seems to grow with time-a trend not witnessed when pre and post-financial crisis data were compared. While globally, 30% of the students intend to go into entrepreneurial ventures five years post graduation, 31.4% of the students from India on campus today have the same aspiration for five years into the future.
The GUESSS India 2023, an international student survey conducted between November 2023 and February 2024, collected responses from students from 13,896 varied higher education institutions all over the country.
"India is already the third-largest startup ecosystem in the world and has the largest youth population. Tapping into this entrepreneurial potential is crucial for the nation's growth", said Puran Singh, lead author of the report, and associate professor at IIT Mandi: "Understanding the entrepreneurial mindset of students is important from this aspect alone".
While 69.7% of students pursue jobs immediately after graduation, that number declines to 52.2% five years later, while 31% would like to start businesses during that span-of-time-that's up from 14% right after graduation.
The report shows that the entrepreneurial intent for Indian students is the highest of all, at an average of 4.6 on the 7-point scale, while the global average is 3.7. While as much as 38% of students are involved in venture creation, 33% fall in the nascent stage, the highest among their international peers; only 4.8% are in the revenue-generating phase.
Additional 63% of student entrepreneurs are currently using university resources, and 26% incubating ventures.
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