In a recent discussion on the state of entrepreneurship among Indian students, it was revealed that India is rapidly becoming a top destination for startups, bolstered by its largest youth population. For India to achieve its next level of growth, it is crucial that students embrace entrepreneurship, a sentiment echoed by various experts.
According to a newly released report, a survey of university students showed that only 14% of those in their second to fourth years expressed a desire to become entrepreneurs upon graduation. However, this number significantly increases to 31% when asked about their aspirations five years after graduation. Meanwhile, the inclination towards traditional employment drops from 69% to 52% over the same period, indicating a growing interest in entrepreneurship as a viable career path.
The report aims to delve deeper into why students are becoming increasingly drawn to entrepreneurship. Professor Sankalp Pratap from the IIT Bombay Desai School of Entrepreneurship attributed this trend to several factors. He emphasized the impact of social learning theory, noting that students are inspired by peers and icons within their immediate environment who have achieved success in entrepreneurial ventures. As students see their contemporaries celebrated on platforms like LinkedIn and Instagram, they become more inclined to view entrepreneurship as a feasible career option.
Additionally, Professor Pratap highlighted the role of government initiatives aimed at fostering innovation and entrepreneurship. Programs such as the Institution Innovation Council are actively encouraging institutions to host sessions that position entrepreneurship as a career choice. The government’s efforts to establish tinkering labs and the expansive reach of the Smart India Hackathon—reportedly the world’s largest open innovation model—have also contributed to this shift in mindset.
Further underscoring the importance of entrepreneurship education, Professor Pratap mentioned the inclusion of entrepreneurship as a subject in school curricula and the establishment of dedicated entrepreneurship departments in colleges.
To explore the influence of corporate partnerships on this growing entrepreneurial interest, Professor Devinder Singh from BMU in the NCR region was invited to provide insights. BMU has a community innovation center backed by the Atal Innovation Mission and manages the Startup India Seed Fund. Professor Singh suggested that the corporate environment plays a significant role in shaping students’ entrepreneurial aspirations.
As the dialogue continues, it is clear that a combination of social influences, government initiatives, and educational reforms is creating a fertile ground for entrepreneurship among Indian youth. With the increasing recognition of entrepreneurship as a career path, the landscape of innovation in India appears poised for substantial growth.
