As many as 32.5% of Indian College students are already nascent entrepreneurs, actively engaged in starting their businesses - a figure impressively higher than the global average of 25.7%. This indicates a growing momentum for entrepreneurship within Indian universities, likely spurred by various policy initiatives in India.
14% of Indian students plan to become founders immediately on graduation, closely aligning with the global average of 15.7%. Notably, aspirations shift over time, with 31.4% of students intending to pursue entrepreneurship five years after graduating, compared to a global average of 30%.
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These were the key findings of ‘GUESSS India 2023 Report’, a First-of-its-kind survey on Indian Student Entrepreneurship, brought out by the India Chapter of Global University Entrepreneurial Spirit Students’ Survey (GUESSS) - the largest global research project that involves a comprehensive survey on student entrepreneurs worldwide (57 countries). The project aims to study entrepreneurial spirit - intentions and activities of students across the globe.
Key Findings:
Entrepreneurship on the Rise: A significant 32.5% of Indian college students are already nascent entrepreneurs, exceeding the global average (25.7%). This points to a growing entrepreneurial spirit within Indian universities.
Shifting Career Aspirations: While 14% of students plan to become founders right after graduation (close to the global average of 15.7%), this number jumps to 31.4% within five years, indicating a shift towards entrepreneurship post-graduation.
Strong Entrepreneurial Intent: Compared to the global average (3.7), Indian students exhibit the highest entrepreneurial intent globally, with an average score of 4.6 on a 7-point scale.
Robust Venture Pipeline: 38% of students are actively involved in creating ventures, with 33% in the initial stages (highest globally). However, only 4.8% have reached the revenue-generating stage, highlighting room for growth.
Supportive Universities: 63% of student entrepreneurs receive university support, with 26% of ventures being incubated. Indian universities lead in fostering a positive entrepreneurship environment (4.7 out of 7) - the highest among leading startup ecosystems worldwide.
Report Details:
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Title: GUESSS India 2023 Report
Led by: Dr. Puran Singh, Associate Professor, School of Management, IIT Mandi & Country Delegate, GUESSS India
Co-authored by: Mr. Dharmender K Yadav, National Team Member & Doctoral Candidate, School of Management, IIT Mandi
Survey Period: November 2023 - February 2024
Respondents: 13,896 students across hundreds of Indian higher education institutions
Launch Event: ISBACON 2024 (Hyderabad, India)
This report marks a crucial moment for India's student entrepreneurship landscape. It validates the government's efforts in promoting entrepreneurship and reveals a strong entrepreneurial intent among students. With a robust pipeline of ventures, India has immense potential for future growth.
IIT Mandi, a leader in innovation and entrepreneurship (ranked 8th in Innovation Category of 2024 NIRF Rankings), spearheaded this initiative through Dr. Puran Singh, who formerly led IIT Mandi Catalyst, an emerging incubator in the Himalayas.
Dr. Puran Singh aims to continue studying the unique Indian data set and analyze emerging trends in student entrepreneurship. This report paves the way for further dialogue and support for young Indian entrepreneurs.
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