Indian students show highest entrepreneurial intent globally: IIT-Mandi report

Nearly 14 per cent of Indian students plan to become founders immediately on graduation, closely aligning with the global average of 15.7 per cent.

Indian students show highest entrepreneurial intent globally: IIT Mandi's GUESSS India 2023 report

When it comes to accessing university support, 63 per cent of student entrepreneurs currently access university support. (Representative image/ Source: Freepik)

As many as 32.5 per cent of Indian college students are already nascent entrepreneurs, actively engaged in starting their businesses. This figure is higher than the global average of 25.7 per cent, reveals an IIT Mandi report.

As per the IIT Mandi survey, 14 per cent of Indian students plan to become founders immediately on graduation, closely aligning with the global average of 15.7 per cent. Notably, aspirations shift over time, with 31.4 per cent of students intending to pursue entrepreneurship five years after graduating, compared to a global average of 30 per cent. Also, while 69.7 per cent of students initially aim for employment after graduation, this figure drops to 52.2 per cent over five years, with 31 per cent of students aspiring to become entrepreneurs during that period — up from 14 per cent at graduation.

This data has been released in ‘GUESSS India 2023 Report’, a survey on Indian Student Entrepreneurship, brought out by the India Chapter of Global University Entrepreneurial Spirit Students’ Survey (GUESSS) — a global research project that involves a comprehensive survey on student entrepreneurs worldwide (57 countries).

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IIT Mandi report also showed that 38 per cent of students are involved in venture creation, with 33 per cent in the nascent stage, the highest among global peers. However, only 4.8 per cent have reached the revenue-generating stage, highlighting the potential for growth.

When it comes to accessing university support, 63 per cent of student entrepreneurs currently access university support, with 26 per cent of student ventures being incubated. As per the report, Indian universities are leading in creating a positive entrepreneurship climate, rated 4.7 out of 7 – the highest among leading startup ecosystems globally.

The report was led by Dr Puran Singh, Associate Professor, School of Management, IIT Mandi and Country Delegate, GUESSS India, and co-authored by Dharmender K Yadav, National Team Member and Doctoral Candidate, School of Management at IIT Mandi.