Entrepreneurship is a dream, cherished by all those young buds who want to do something on their own. Youth, who do not want to work for others. They have their own unique business model and skills to make it approachable. A trend has been seen that the numbers of IITians turn into entrepreneurs are more than IIMs. Here I would like to add that the term that the chances of an engineering student turn into an entrepreneur is more than management graduate irrespective of the college brand.
Let’s see, what are those facts and figures which are making this statement correct:
- There are around 9,600 seats in sixteen IITs while 3,500 seats in 13 IIMs. So, it is quite obvious that the number of startups from IItians is more than IIM students.
- IITians have a highly subsidized fee, so most of the students don't have to take any education loan while the fees at IIMs is very high approx. 20, Lac and above. Even those who could pay the entire fee at a go; prefer not to do so because of the tax benefits associated with an education loan.
- Most of the startups coming up nowadays are basically offering an online platform for which the basic need is that one should be good at programming which a lot of IITians are, and where the initial investment is negligible. So even if the venture doesn't work out, the founders don't lose much.
- The opportunity cost of an IIM pass out is on an average substantially higher than that of an IIT graduate.
- A passed out engineering graduate, whether he/she's from an IIT or from any local engineering college will always be thinking of doing something except doing a regular job. Since they are still fresh from the colleges; they will always have fresh ideas in their mind. Also, the "IIT tag" will always be their advantage for a startup because companies provide a better fund to a startup started by an IITian than by a pass out from any local engineering college.
- Another thing is, most people who have passed out from IIMs will have a few years of work experience before cracking the CAT exam. They know the advantages of having an IIM MBA degree with few years of experience in a job market. They are basically managerial mind. Risk taking factor reduces once you feel secure in jobs which are highly paid too. And due to lack of risky approach from these IIM graduates that make them hesitant to start a startup company.
- There are many social and family reasons behind which are inevitable for an IIM graduate. IITians or engineering students get a pace of a few years.
There is also another side of this:
- All the IIT startups are mostly tech and software oriented. And that is the reason they are limelight and easily distinguishable.
- IIM guys are involved nontypical startups like, banking, bakeries, coffee shops, e-commerce, consulting, education, pharmacy, health-care, etc. So, This is why we hear less about them like “startups”.
- TaxiForSure, Urban Ladder and Zostel are some famous IIM Startups where TaxiForSure was acquired by an IIT Startup Ola!
This is nothing about IITs and IIMs. This is more about the technical understanding of any kind of business, risk taking attitude, able to take a smart decision and need to have some similar capabilities and the similar thinking kind of work- force and your dream is achieved. For e-startups, that is almost 100% true.
Mostly all the new startups are technology based so here IITs will continue to empower bright ideas as technology will be the lead category in creating a business opportunity for young entrepreneurs to tap on Unless and until the technology becomes common for everyone, IIMs will have a hard time to produce more entrepreneurs. IIMs are for churning up better CEOs than IITs. And that is the reason Why IITs creates more entrepreneurs than IIMs. But we meet exceptions every now and then where these two do not matter at all.
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