India has a vast population of more than 1.4 billion people and is at a critical turning point amid striving to become a developed nation by 2047. The youths hold key to achieving the vision by unlock their potential. Hence, it is important to shift focus from seeking government jobs to creating opportunities through startups and innovation.
The colleges and universities are the perfect places to begin transformation. India is equipped with more than 9,000 technical institutions and each houses thousands of students and hundreds of faculty members. This means that the foundation for a thriving startup ecosystem already exists. The institutions are centers of learning and also hubs of expertise in areas like Artificial Intelligence, Data Science and Engineering. However, the expertise sometimes goes untapped with respect to building a startup culture.
The government has made efforts to promote entrepreneurship through initiatives like the Startup India movement and programs like AICTE’s Innovation Councils. Bihar and a couple of more such states are leading with example of their own startup-focused programs. Government Engineering College in Aurangabad here has a dedicated startup cell that mentor students, conducts competitions and guides them through patent registrations. The hands-on approach is helping students to transform ideas into viable businesses.
The startup support system of Bihar government is impressive equipped with students having promising ideas that can secure initial funding of ₹10 lakhs and additional scale-up funds of ₹15 lakhs. Matching grants of up to ₹50 lakhs and a full refund of intellectual property filing fees further reduce the barriers to starting a business. Women-led startups even receive extra benefits to encourage inclusivity in entrepreneurship.
However, funding alone is not enough and a cultural shift is required. Many young people in India spend years in preparing for government jobs and often at the cost of exploring their entrepreneurial potential. Government jobs are essential, but the opportunities they offer are comparatively limited if possibilities of startups are considered.
The path to becoming a developed nation lies in strengthening innovation, building intellectual property and nurturing startups. Colleges and universities must take the lead in creating an ecosystem to inspire students to think big, take risks and create solutions.
