63% Of Student Entrepreneurs Are Accessing University Support, Highest Globally: Report
The GUESSS India 2023 report showcases that 14% of Indian students aim to become entrepreneurs right after graduation, which aligns closely with the global average of 15.7%. However, nearly 31.4% of Indian students intend to pursue entrepreneurship 5 years post-graduation, slightly above the global average of 30 percent. The report highlights the outcome of a first-of-its-kind survey held in India.
The survey was conducted by the Indian chapter of the Global University Entrepreneurial Spirit Students’ Survey (GUESSS). This is the largest global research initiative on student entrepreneurship covering 57 countries. The survey was led by led by Dr. Puran Singh, Associate Professor at the School of Management, IIT Mandi.
One major highlight of the report is the shift in career aspirations of students after completing graduation. As per the report, earlier nearly 69.7% of students aimed for employment after graduation however, this figure has dropped to 52.2% over the 5 years. Out of the total, 31% are planning to venture into entrepreneurship, compared to only 14% at the time of graduation.
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Indian students also diplay the highest level of entrepreneurial intent globally, with an average of 4.6 out of 7 which is higher than the global rate of 3.7. Also, 38% of the students are involved in business ventures, with 33% at the nascent stage while 4.8% have reached to the revenue-generated stage.
The report shows that Indian universities are playing a key role in fostering this tendency with 63% of the student entrepreneurs are accessing the university support. 26% of the student-led ventures are incubated within their universities. Indian institutions are leading globally in creating favourable conditions for the budding entrepreneur.
GUESSS Global project was launched in 2003 by the university of St. Gallen in Switzerland. This is one of the most comprehensive global studies focused on student entrepreneurship. The survey is conducted every two years and collect date from students worldwide to explore their entrepreneural tendancies.
