Indian college students demonstrate the highest entrepreneurial intent globally, with 32.5% actively involved in starting their own businesses. This is significantly above the global average of 25.7%, according to a report from IIT Mandi.
The report, based on a survey conducted by the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) India Chapter, reveals that 14% of Indian students plan to become founders right after graduation, a number close to the global average of 15.7%. Interestingly, entrepreneurial aspirations grow over time, with 31.4% of Indian students intending to start their own ventures within five years of graduating, slightly above the global average of 30%. Meanwhile, the percentage of students seeking traditional employment after graduation drops from 69.7% to 52.2% within five years, as entrepreneurial ambitions take hold.
The ‘GUESSS India 2023 Report’ highlights that 38% of Indian students are engaged in venture creation, with 33% in the nascent stages—marking the highest rate among global peers. However, only 4.8% of these ventures have reached the revenue-generating stage, suggesting ample room for growth.
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University support plays a crucial role in fostering entrepreneurship, with 63% of Indian student entrepreneurs utilizing resources from their institutions, and 26% of ventures benefiting from incubation services. Indian universities are creating a strong entrepreneurship ecosystem, receiving a rating of 4.7 out of 7, the highest among major startup ecosystems worldwide.
The report was led by Dr. Puran Singh, Associate Professor at IIT Mandi’s School of Management and Country Delegate for GUESSS India, with co-authorship from Dharmender K. Yadav, a National Team Member and Doctoral Candidate at the same institution.
