“Indian Students Showcase Strong Entrepreneurial Aspirations for Startups”
A recent study reveals a notable trend in entrepreneurial aspirations among college and university students in India, with nearly one-third identifying themselves as aspiring entrepreneurs. This figure surpasses the global average of around 25%. Additionally, approximately 16% of Indian students express intentions to launch their own businesses shortly after completing their degrees, rather than opting for traditional employment.
Survey Overview
The findings are part of the first comprehensive survey focused on student entrepreneurship in India, conducted by the India Chapter of the Global University Entrepreneurial Spirit Students’ Survey (GUESSS). This research highlights India’s position as a prominent startup ecosystem and reflects the strong entrepreneurial inclinations among its student population.
Entrepreneurial Intent Among Students
The survey indicates that Indian students possess the highest entrepreneurial intent worldwide, achieving an average score of 4.6 on a seven-point scale, which is significantly higher than the global average score of 3.7. The GUESSS project collected responses from 13,896 higher education students across India between November 2023 and February 2024, examining various aspects of students’ entrepreneurial ambitions, such as career preferences, motivations, and socioeconomic circumstances.
Insights from the Lead Author
Dr. Puran Singh, the lead author of the GUESSS India 2023 Report and an associate professor at the Indian Institute of Technology (IIT) Mandi, emphasized the necessity of leveraging the entrepreneurial potential of India’s youth, especially given the country’s ranking as the third largest startup ecosystem globally.
Entrepreneurial Aspirations Over Time
The study further indicates that entrepreneurial aspirations may develop over time; about 14% of respondents plan to establish their own ventures immediately after graduation, which aligns closely with the global average of 15.7%. By the five-year mark following graduation, the percentage of students aimed at entrepreneurship rises to 31%, up from 14% at the time of graduation.
Supportive Environment in Indian Universities
Indian universities are recognized as supportive environments for emerging entrepreneurs, receiving a high rating of 4.7 out of 7 in terms of supportive infrastructure. Approximately 63% of student entrepreneurs reported institutional assistance, and 26% of new ventures were incubated at their respective universities. This support complements government initiatives, such as the Startup India initiative launched in 2016, which seeks to enhance a culture of innovation and stimulate job creation.
Impact of Startups on Employment
As of December 2023, India has acknowledged over 117,000 startups, contributing significantly to employment and economic development, with over 1.2 million direct jobs generated by these new businesses, according to government reports.
Source: University World News
