Picture this, you are a college student with an idea. You are motivated and goal-oriented, but you are inexperienced when it comes to entrepreneurship. It can be described as a feeling that's similar to a mountaineer looking at climbing their first mountain.
Today, in colleges across India, budding entrepreneurs are finding a nurturing ecosystem. Founders on their part are also willing to work hard to convert these ideas into successful startups. However, due to India's large size and scope, we need radically innovative strategies to unleash this potential energy.
Here are some ideas that have worked internationally and can make a significant difference if implemented in India:
Startup sabbaticals
Think about spending a semester away from your traditional classes and instead concentrating exclusively on the startup while still getting academic credit. The success of this idea, known as a startup sabbatical, lies in the fact that student founders get fully involved in the process of building their venture without having to worry about classes.
Reverse pitch events
A relatively new concept in India, reverse pitch events have industry specialists, investors and successful businesspersons present their real-life challenges to students. Rather than giving a sales pitch, students and their peers form groups to work on these problems and come up with solutions. This gives students real-world experience while industry gets new and young perspectives on their challenges. Mentors have an important role in this process as they not only help organise such events but also assist in putting teams together, brainstorming solutions, and checking that students address the challenges effectively.
Pop-up incubators
By establishing temporary co-working spaces within or near the campus for a limited period, it is possible to provide focused short-term support to the student startups before their graduation. Such pop-up incubators are usually capable of offering students essentials such as mentors, spaces, and even capital, which gives the venture a strong foundation. Being deeply involved in the process, mentors can also help to find suitable places, organise different materials and give students proper advice.
Interdisciplinary startup courses
Cross-collaboration is important in the world of startups. So, it's best to start early, while in college. In interdisciplinary startup courses, students from different fields such as engineering, business, and design, among others, come together for a project. Their diverse opinions often result in breakthrough innovations.
The author is an alumnus of Harvard Business School and The University of Iowa.
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