Indian students lead global entrepreneurial aspirations: IIT Mandi Report

New Delhi: A recent report from IIT Mandi reveals that Indian college students are ahead of their global peers when it comes to entrepreneurial ambitions. According to the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) India 2023 report, over 30 percent of Indian students are already in the process of starting their own businesses, significantly surpassing the global average of 25.7 percent. The report also indicates that 14 percent of Indian students aim to become founders immediately after graduation, nearly matching the global average of 15.7 percent.

Global University Entrepreneurial Spirit Students’ Survey

The survey, part of GUESSS covering 57 countries, shows a growing entrepreneurial trend among Indian students. While 69.7 percent of students initially plan to seek employment after graduation, this number drops to 52.2 percent five years later. Over the same period, the percentage of students aspiring to start their own ventures rises to 31.4 percent, up from 14 percent  at graduation. This reflects a shift toward entrepreneurship, closely aligning with the global average of 30 percent for long-term entrepreneurial intentions.

Only 4.8 percent ventures of Indian students reached revenue-generating stage

The report highlights that 38 percent of Indian students are involved in venture creation, with 33 percent in the nascent stage—the highest percentage among global peers. However, only 4.8 percent of these ventures have reached the revenue-generating stage, underscoring significant potential for future growth.

University's crucial role in student's entrepreneurial journey

University support plays a crucial role in this entrepreneurial journey, with 63 percent of Indian student entrepreneurs accessing university resources, and 26 percent  of ventures benefiting from incubation. Indian universities are also noted for fostering a conducive environment for startups, receiving a high rating of 4.7 out of 7, making them leaders in the global startup ecosystem.

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The report was authored by Dr. Puran Singh, Associate Professor at IIT Mandi’s School of Management, and Dharmender K Yadav, a National Team Member and Doctoral Candidate at IIT Mandi, shedding light on the rising entrepreneurial spirit among India’s young minds.