Indian students are showing a strong inclination towards entrepreneurship, with 32.5% aspiring to become startup owners, according to the latest GUESSS India 2023 Report. The report, which surveyed 13,896 students across hundreds of Indian higher education institutions, sheds light on the evolving career aspirations of the country’s youth. The findings reveal that 14% of Indian students plan to start their own businesses immediately after graduation, closely aligning with the global average of 15.7%.
However, this entrepreneurial intent intensifies over time, with 31.4% of students aiming to pursue entrepreneurship five years after graduating, surpassing the global average of 30%. While 69.7% of students initially aim for employment after graduation, this percentage drops to 52.2% within five years, with 31% opting for entrepreneurship during that period, up from the earlier 14%. This shift in career goals highlights the growing entrepreneurial spirit among Indian students.
The report also indicates that Indian students score higher on entrepreneurial intent compared to the global average, with an average of 4.6 on a 7-point scale, while the global average stands at 3.7. Although 38% of Indian students are engaged in starting ventures, 33% are still in the nascent stage, and only 4.8% have reached the revenue-generating stage, suggesting room for growth. Indian universities play a crucial role in fostering an entrepreneurship-friendly environment, with 63% of Indian student entrepreneurs receiving support from their institutions and 26% of student ventures being incubated. Indian universities are highly rated for their entrepreneurial climate, scoring 4.7 out of 7, the highest among global startup ecosystems.
Indian students’ growing entrepreneurial spirit
Dr. Puran Singh, an associate professor at IIT Mandi who led the survey, emphasized the significance of the data, stating, “We are already the third largest startup ecosystem in the world.
We also have the largest youth population in the world. Harnessing youth’s entrepreneurial potential will be pivotal to our country’s growth.
The GUESSS India 2023 Report was officially launched on October 18 at the ISBAcon 2024 conference in Hyderabad, organized by the Indian STEP and Business Incubators Association (ISBA). The report aims to inform future policies and initiatives supporting student entrepreneurs across India.
Dr. Suresh Kumar, president of ISBA, highlighted the value of the report for India’s startup ecosystem stakeholders, including universities, incubators, policymakers, and investors. He noted that the insights provided in the report reveal the underlying strengths and weaknesses of India’s student entrepreneurship environment, offering a roadmap for fostering and scaling student-led ventures.
As India continues to nurture its startup ecosystem, the growing entrepreneurial aspirations of its students present a promising future for the country’s economic growth and innovation.
