More entrepreneurs at ISB this year

Even as most of the students at the Indian School of Business are busy with the placements happening at the campus, a set of students are not participating in the recruitment drive — they want to be entrepreneurs. ISB this year would produce more number of entrepreneurs than before, thanks to the market swings which resulted in a fewer companies coming to the campus and therefore fewer offers this year.

Speaking to Business Standard, Krishna Tanuku, director of Wadhwani Centre for Entrepreneurship Development at ISB, said that about 30 students have submitted their ideas and about 50 per cent of them would be shortlised for giving the required support and aiding them in blossoming into a business ventures.

 

Beginning this year, the ISB would support those wanting to be entrepreneurs for about two years. It would get the business plans evaluated by peers, provide accommodation and stipend to the students, offer mentoring services, provide access to ISB resources and formalise the business ideas. These students would start working on their projects from April onwards. This is part of ISB’s efforts to nurture start- up companies. The venture is supported by ISB alums, some of them entrepreneurs themselves. ISB would also look up to some companies for supporting the students. There would be a mechanism in place to monitor the progress in executing the business plan.

ISB is also working to create a database of ISB alumni who have taken to entrepreneurship. This would authenticate the students’ projects and give the same kind of credibility that others joining the corporate ranks enjoy. So far, the school has produced about 70 entrepreneurs since its inception. Normally, about eight to 10 take to entrepreneurship every year but that would be in excess of 15 this year.

“Recession is the right time to be an entrepreneur. This poses exciting opportunities to grow,’’ said Tanuku. On the flipside of it, there would be more risks to be taken. The students are looking to have their own ventures in the areas of high technology, manufacturing, construction, heathcare and childcare, and energy management and other segments.

It would take about six to 18 months for the idea to be developed into a business model for expecting any kind of revenues but would create value, bring in efficiency to the sector and have a social impact. “It is not about money alone,’’ Tanuku said adding that it is not more important to have new ideas to start new ventures than innovation in executing the business plans.

Some of the ISB graduates, in view of the difficult market conditions, have plans to come back to the corporate fold if the entrepreneurial venture does not click. Of course, the options are not disclosed at this point of time.

In all, there are 440 students in the graduating class and more than 250 students have already secured jobs during the ongoing placement drive. Some would go back to their family businesses and the remaining are expecting to get a job by this month end.