Himachal: Entrepreneurial spirit is increasing among Indian students

Himachal Pradesh: There is a significant shift towards entrepreneurship among Indian college students. The GUESSS India 2023 report shows that 32.5 percent of students are “nascent” entrepreneurs, actively engaged in starting their own business. This figure is higher than the global average of 25.7 percent, reflecting a growing entrepreneurial culture in Indian universities, bolstered by supportive government policies. The report, conducted by the India chapter of the Global University Entrepreneurial Spirit Students Survey (GUESSS), shows that 14 percent of Indian students aspire to become founders after graduation, which closely matches the global average of 15.7 percent. Over time, this aspiration changes – 31.4 percent of students aim to pursue entrepreneurship within five years after graduation, while the global average is 30 percent. The survey, which is the first comprehensive study of its kind in India, collected data from 13,896 students across various higher education institutions between November 2023 and February 2024. Puran Singh, Associate Professor at Indian Institute of Technology (IIT), Mandi, and Country Delegate of GUESSS India, led the research along with co-author Dharmendra K Yadav. Emphasising the importance of the survey, Puran Singh said, “India is the third largest start-up ecosystem in the world, with the largest youth population. Understanding the entrepreneurial mindset of students is crucial to harness their potential.” He added that the report has validated the extensive resources invested by the government to promote entrepreneurship. The key findings of the report reflect the dynamic landscape of student entrepreneurship in India. Initially, 69.7 per cent of students aimed for employment after graduation. However, this number dropped to 52.2 per cent in five years, despite a significant increase in entrepreneurial aspirations from 14 per cent to 31 per cent. Moreover, Indian students displayed the highest entrepreneurial intent globally, scoring an average of 4.6 on a seven-point scale, significantly higher than the global average of 3.7.

In terms of venture participation, 38 per cent of students are engaged in venture creation, while 33 per cent are in the early stages, indicating the highest rate compared to their global counterparts. However, only 4.8 per cent have reached the revenue-generation stage, indicating significant room for growth and support in this area. University support plays a key role in this entrepreneurial boom, with 63 per cent of student entrepreneurs receiving institutional support and 26 per cent of ventures being incubated. Indian universities have created a conducive environment for entrepreneurship, receiving a rating of 4.7 out of 7, the highest among leading global start-up ecosystems, an IIT-Mandi spokesperson said. The survey report was unveiled at ISBAcon 2024, an annual conference organised by the Indian STEP and Business Incubator Association (ISBA). ISBA President Suresh Kumar highlighted the importance of the report for stakeholders in India’s start-up ecosystem, and provided insights that can inform policies aimed at nurturing student entrepreneurs.