Entrepreneurship in the classroom – The Hindu

Among the changes caused by the pandemic is the increasing usage of digital apps, smart products and platforms. Along with technology giants, a growing start-up ecosystem in India is leading innovations across many spheres.

According to NASSCOM, India had added 42 unicorns or start-ups valued at $1 billion or more in 2021. This translates to over three start-ups turning into unicorns every month. The growing appetite for technology, combined with a dynamic and young demographic makes India an ideal destination for innovation. To unleash its true potential, the entrepreneurial movement must begin at the grassroots level. 

In the classrooms

The importance of creating jobs in the Indian context can’t be overemphasised. With a vast young population, the country needs a generation of job-creators than job-seekers. It is, thus, essential to fire young minds. Universities and other educational institutions are the best places to encourage students to pursue new ideas.

According to a survey by Sattva Consulting, 88% of students were interested in innovating for social good using emerging technology. The education system normally prepares students for conventional career paths that are primarily predefined. But, in today’s post-pandemic world, educational institutions need to equip students for careers they can design themselves. Along with introducing relevant technical skills in the curriculum, the system should consider including themes such as how to create a new venture, the concept of funding, real-world problem solving, intellectual property, and negotiation skills. A strong foundation of innovation and entrepreneurship can be laid out for students to ideate and create high-impact ventures. Beyond the world of start-ups and jobs, these skillsets will allow students to cope better with everyday challenges. 

However, innovation and entrepreneurship can’t be achieved by single institution or a approach. It requires all stakeholders, including corporates, investors, start-ups, and mentors, to come together to harness the true potential. Fortunately, such a multi-stakeholder approach is currently underway in many prominent institutions and many large corporates have set up incubation centres and makerspaces where students can develop new ideas, create prototypes, and test those in real-life situations. These incubators are also providing funding support to promising ideas apart from handholding them. Many institutions also have student-run organisations that promote peer learning through hackathons, ideathons, workshops and foster a vibrant community of young entrepreneurs.

A boost to women

Entrepreneurship at the grassroots without involving women will never realise its true potential. According to McKinsey, India’s economic output in 2025 could be 60% higher if women had equal opportunities for participation.

Despite the pandemic, 2021 was a landmark year for the Indian start-up ecosystem. Critical segments like healthcare, agritech and others have scaled business faster than others and emerged as one of the strongest engines for wealth creation, employment, and economic growth. However, the geographical spread of start-ups is critical for equitable growth. 

Given the growth imperatives of the hinterland, promoting entrepreneurial spirit at the grassroots level is a must to make the rural economy self-sustaining and vibrant. Two critical factors are having a robust broadband infrastructure and a viable business model. This is already a work in progress. Several young entrepreneurs are evolving solutions that are not only innovative but sustainable. Therefore, stakeholders across the ecosystem should work together to realise this objective, in active collaboration with educational institutions.

The writer is Managing Director and Chief Policy Officer, CISCO India and SAARC