Students of the 21st century are hustlers. They’re not only wearing the academic hat but have widened their horizon by wearing the entrepreneurial hat too. The GUESSS 2023 Survey Report shows that 38% students are balancing their roles as a student as well as an entrepreneur by working on a startup. But this raises the question: what has changed in the recent years that is now enabling students to startup while studying?
The answer lies in the transformation of our universities into entrepreneurial universities. Today Indian universities are putting together an ecosystem that creates innovators and fosters entrepreneurial skills. The government of India has been instrumental in initiating this revolution through New Education Policy (NEP) and National Innovation and Startup Policy (NISP). The current university ecosystem in India boasts of Institute Innovation Councils (IICs) set up in across 7,400 institutions, with over 2950 incubators and nearly 7500 pre-incubation centers. These numbers are a testament to the thriving entrepreneurial university ecosystem in India. The GUESSS india report show that 63% of student-led startups reported that they received support from their universities for their entrepreneurial journeys. Further, Indian students rate their University Entrepreneurial Climate higher than the global average as per the same report.
So, how does a university offer support to student startups? Here are some examples from my experience at the Indian Institute of Technology Kharagpur:
• Most universities today have set up incubators, research parks and accelerators to support and guide student startups. By providing key resources like seed funding, working space, legal support, industry mentorship, and networking opportunities; universities are giving a one-stop solution for students to start their entrepreneurial journeys. IIT Kharagpur campus itself has four incubators in its campus that are supporting hundreds of startups and are easily accessible to all students. There are accelerator programs to train student entrepreneurs and make their startup ideas them market ready.
• Various student led groups like entrepreneurship cells and innovation cells are key in creating a culture of entrepreneurial thinking. By organizing activities like hackathons & and business ideation competitions, investor meets and
entrepreneurship summits, they ignite students’ entrepreneurial spirit. For instance, the Innovation and Incubation Cell (IIC) at IIT Kharagpur is helping students connect with the alumni network of entrepreneurs and bridging the gaps between students and entrepreneurial resources through various opportunities and events.
• Universities are also strengthening research and development for innovation and entrepreneurship. By encouraging more innovative research and assisting in patenting and commercialization of research, universities are also fostering the entrepreneurial spirit of PhD students. IIT Kharagpur has a dedicated department for entrepreneurship – Rajendra Mishra School of Engineering Entrepreneurship that offers programs in entrepreneurship, and integrates academia and practice of entrepreneurship.
If you are an entrepreneur, your time is now this is your call for action!
Entrepreneurship isn’t about where you come from anymore; it’s about what you do now. There has never been a better time for students to start-up. The entire Indian university ecosystem is set up to support students’ dream ventures. The risks are lower, the resources are greater, and the barriers to entry have crumbled. The question is no longer whether students can startup; it is – when they will. The students should identify real problems, build their skills by taking up entrepreneurship courses, participate in entrepreneurial activities, and engage in hands-on projects.
This is the time to leverage the university incubators, professors, mentors, and student networks. Surround yourself with diverse, driven people, and don’t be afraid to start small – launch, test, fail, adapt, and repeat. Most importantly, take action today – whether it’s pitching an idea, reaching out to a mentor, or starting a side project. Your entrepreneurial journey begins the moment you decide to make it happen. And your university has got your back!
