Universities: An ideal start-up platform
What if I told you, “Your first office might be in your very own hostel room?” The statement is as intriguing as it is practical. Today just the top 10 institutions in the country constituting the IITs and the IIMs alone are responsible for fueling more than 4900 startups and number only keeps on rising. According to a study, 10% of university students are already running their businesses while studying while more than 60% want to but don’t have the right mentorship. Ideally, a college education is not required to launch a successful business, but many characteristics associated with it give birth to the budding entrepreneurs of the future.
Entrepreneurs are an important resource for any nation. Our most promising entrepreneurs possess a unique set of skills. They have excellent communication skills. Any career path requires training, whether you’re an accountant, an office manager, or an airline pilot. Becoming an entrepreneur is no different. Entrepreneurial ventures have the potential to shape the way we live and work, in addition to creating jobs and contributing to the nation’s economy. Since 1990, small business management and entrepreneurship courses at the college and university level in the United States have increased in quantity and diversity, thanks to the efforts of students. In countries with a strong ‘startup mentality,’ innovation thrives. Around four out of every ten new businesses fail during the first five years; consequently, countries that provide additional support to their entrepreneurs ensure that they have the best chance of success, and universities are the ideal place to begin one’s career.
Over the previous two decades, the Indian start-up ecosystem has changed significantly. Some start-ups were formed in the early 2000s, while the ecosystem was still in its infancy. Over the previous ten years, the number of start-ups has expanded rapidly due to increased support networks, such as university incubators in a few colleges. Top tier cities like Bengaluru, Delhi and Chandigarh have emerged as India’s key start-up hub for technology companies, which presents an appealing prospect for the city’s tech-based universities.
Working with the unknown and creating resources for survival are issues that afflict the entrepreneurial process, especially at the young university level. Several other factors, such as the entrepreneur’s personality, identifying and creating market opportunities in a dynamic economy, and changing regulations and market conditions, make forecasting the success of a new venture extremely difficult, particularly when university students lack experience in the field. Most college-level incubators, accelerators, and innovation centers in India are attempting to make a measurable impact or deliver on their value proposition by successfully implementing innovation programmes because they can see results in the form of higher rates of networking and outcomes; higher potential financing and strategic planning; increased fostering of new entrepreneurship and innovation; and a higher rate of success.
