32.5% of Indian College Students are already nascent entrepreneurs, finds ‘GUESSS’ Global Research
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%.
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.
The GUESSS India 2023 Survey Report can be downloaded from the following link – (https://www.guesssindia.in/coming-soon-1)
The GUESSS India 2023 Survey marks the maiden survey of Indian students’ entrepreneurial spirit. The survey, conducted during November 2023-February 2024, received 13,896 student responses enrolled in hundreds of higher education institutions across India.
The report was led by Dr. Puran Singh, Associate Professor, School of Management, Indian Institute of Technology Mandi (IIT Mandi) and Country Delegate, GUESSS India, and co-authored by Mr. Dharmender K Yadav, National Team Member and Doctoral Candidate, School of Management at IIT Mandi.
Dr. Puran Singh is also the former Director and Founding Faculty In-charge of IIT Mandi Catalyst – an emerging incubator in Himalayas. Notably, IIT Mandi is the flagbearer of Innovation and Entrepreneurship, securing 8th rank in Innovation Category of 2024 NIRF Rankings.
The survey offers a detailed understanding of the entrepreneurial ambitions and actions of Indian students. Strong representation of Indian students in the survey provides a robust foundation for assessing the student entrepreneurship landscape in India.
Elaborating on the key findings of this report, Dr. Puran Singh, lead author of the report and Associate Professor at School of Management, IIT Mandi, said, “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 countries’ growth. But do our students have entrepreneurship on their mind? Do they want to take it up as a career? We have never had any data to understand our students’ entrepreneurial mindset.”
Dr. Puran Singh added, “GUESSS India 2023 Report, by bringing out this data, marks a pivotal moment for India’s student entrepreneurship landscape. We have a validation of humongous resources deployed by the government in promoting entrepreneurship from the top leadership of our country. The strong entrepreneurial intent and the robust pipeline of nascent ventures signal immense potential. Enablers working on the ground with the students have backed this data with their anecdotes during the report launch at ISBACON 2024. I aim to continue this dialogue and bring out more interesting trends from this unique Indian dataset.”
Key Highlights from the GUESSS India 2023 Report
The report uncovers a variety of trends in Indian student entrepreneurship, including:
Ø Shifting Career Aspirations: While 69.7% of students initially aim for employment after graduation, this figure drops to 52.2 % over five years, with 31% of students aspiring to become entrepreneurs during that period – up from 14% at graduation.
Ø Strong Entrepreneurial Intent: Indian students show the highest entrepreneurial intent globally, with an average score of 4.6 on a 7-point scale, significantly higher than the global average of 3.7.
Ø Robust Venture Pipeline: 38% of students are involved in venture creation, with 33% in the nascent stage, the highest among global peers. However, only 4.8% have reached revenue-generating stage, highlighting the potential for growth.
Ø University Support: 63% of student entrepreneurs currently access university support, with 26% of student ventures being incubated. 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 Launch
The inaugural GUESSS India 2023 Report was launched on 18th October 2024 at Hyderabad during ISBAcon 2024 – the annual conference organized by the Indian STEP and Business Incubators Association (ISBA).
Elaborating on the importance of this report, Dr Suresh Kumar, President, ISBA said, “The GUESSS India 2023 Report holds significant value for India’s startup ecosystem stakeholders, including universities, incubators, policymakers, and investors. 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. The report’s emphasis on the growing role of universities in promoting entrepreneurship and the need for tailored incubation support is timely and insightful. It will help us as an association to inform policy decisions aimed at nurturing India’s entrepreneurial talent pool.”
The ISBAcon brings together stakeholders from the incubation and startup ecosystem to discuss key trends, challenges, and opportunities. This year’s conference will see the release of the GUESSS India 2023 Report, providing critical insights to inform future policies and support mechanisms for student entrepreneurs across the nation.
ABOUT GUESSS GLOBAL PROJECT
GUESSS, launched in 2003 by the University of St. Gallen in Switzerland, is one of the world’s most comprehensive surveys focused on student entrepreneurship. It collects data biennially from students worldwide, providing valuable insights into their entrepreneurial aspirations, activities, and how various factors, such as university support and family background, influence their career choices. In 2023, 57 countries participated in the GUESSS survey, reflecting the global pulse of student entrepreneurship. This was the first time Indian students participated in this global survey.
ABOUT THE SURVEY AUTHORS
Dr. Puran Singh, Lead Author, is the Country, Delegate for GUESSS India. He currently serves as an Associate Professor at the School of Management in IIT Mandi, Himachal Pradesh. His research in entrepreneurship focuses on new venture creation dynamics, student entrepreneurship, and incubation ecosystem. He teaches courses on finance and entrepreneurship at undergraduate, postgraduate and doctoral levels. Dr Puran is the founding faculty in charge and Ex-Director Incubation of IIT Mandi Catalyst, the first technology business incubator in Himachal Pradesh.
He was the head of IIT Mandi Catalyst during 2016-2023. He has played a pivotal role in enabling the startup ecosystem in the state by powering the venture journeys of close to 400 startups. He has been working in tandem with the government agencies at the state and central government and the larger startup ecosystem in the country. He served on the Governing Board of the Indian STEPS and Incubators’ Association (ISBA) during 2022-23. He served as a member of the CII Northern Region Committee on Startup during 2023-25 and has been a Co-convener on the CII HP Panel on Education & Startups during 2022-23. He has been invited to speak at various conferences, events and platforms. He has facilitated several capacity-building programs on entrepreneurship for startups, students and faculty.
Dharmender K Yadav, National Team Member, is a doctoral candidate at the School of Management at Indian Institute of Technology Mandi. His research interests include student entrepreneurship, and entrepreneurship education. He has a Master’s Degree from Banaras Hindu University and an MPhil from Delhi School of Economics.