When IIT-Delhi started its Entrepreneurship Development Cell (EDC) in 2007,it was with a view to help students take risks in starting their independent ventures.
Now with the economic slowdown affecting almost every industry,the EDC is getting more requests from students willing to start their own business instead of depending on companies as they fear they may be thrown out unceremoniously.
Ayush Gupta,one of the founding members and a student of Business Management,said that while last year they had received 40 formal requests by March this year,50 requests have come in. Most requests are to start education and health-related services.
The health and education sectors are recession-proof. One does not stop studying or needing medical care. Most students are,therefore,trying to venture into these sectors, Ayush told Newsline. He is hoping to get more requests as the financial year comes to a close in April.
The EDC selects students it wants to help by filtering requests on the basis of business plans that are scrutinised by bigwigs of related sectors.
In the last two years,the EDC has helped around 12 student groups to set up their businesses. Members of the EDC that was started with the help of Asia Pacific Student Entrepreneur Society in Stanford University,US,will soon be visiting the parent university for a conference on entrepreneurship. According to those trying to venture into independent careers,recession can be one of the best times to start a business.
Sumit Bisai,a student who wants to start a software company says,Due to recession,companies like Google or Microsoft do not develop too many new products. If a student has a good idea,he can develop it without competition. Ankit Gupta,who started his business in 2008,with the help of the EDC says that the cell has helped in networking,providing financial help and mentoring the entire process.
It would have been very difficult to set up a business all by myself, he adds.