In a recent development, I was contacted by my old friend Guhesh Ramanathan after several years. Guhesh, with an impressive academic background (IIT, IIM) and a successful career as a professional and entrepreneur, reached out to me to participate as a panelist at a startup event organized by the Indian Institute of Management, Visakhapatnam (IIM-V). Guhesh is currently leading IIM-V’s startup hub, Foundation for Incubation Entrepreneurial Learning and Development (FIELD), with the goal of transforming it into a world-class incubator.
FIELD, in collaboration with the institute’s Entrepreneurial Passion and Innovation Club (EPIC), is nurturing the entrepreneurial spirit among students and providing support to local entrepreneurs. It is heartening to see the efforts being made by IIM-V to promote entrepreneurship, with initiatives such as offering support, mentorship, and access to funding for women and social entrepreneurs. The students have even established their own seed fund, showcasing their innovative approach to entrepreneurship.
The startup event organized by IIM-V was well-received, with a notable presence of students from educational institutions in the surrounding areas. This goes to show that the entrepreneurial drive is not limited to top cities and colleges, but is spreading across the country.
One of the highlights of the event was the open discussion where speakers, delegates, students, faculty, investors, and entrepreneurs candidly addressed the challenges faced by college-based incubation centers. One professor shared the struggle of encouraging students to pursue entrepreneurship, despite facing resistance from parents who prioritize secure job prospects over entrepreneurial ventures. This dilemma is particularly common among middle-class families who are concerned about the financial risks involved in entrepreneurship.
To address the financial burden faced by students looking to start their own ventures immediately after graduation, one suggestion was for banks to provide loan repayment waivers for a certain period for students who choose to start up through a certified incubator. Additionally, the issue of students needing a stable income to repay education loans was also discussed. Some students opt to try their hand at entrepreneurship for a couple of years before considering traditional employment, but they face challenges in the campus recruitment process due to recruiters’ preference for younger candidates.
While the solutions to these challenges might not be straightforward, the fact that such discussions are taking place across the country is a positive sign for India’s startup ecosystem. It is through these conversations and collaborative efforts that we can build a stronger foundation for entrepreneurship in the country.
(The writer, a seasoned entrepreneur and bestselling author of ‘Failing to Succeed’, shares insights on X @vaitheek)
