While there are successful examples of young innovators like PC Musthafa (iD Fresh), Sampriti Bhattacharyya (Hydroswarm), and Vijay Sharma (One97), the harsh reality is that an inordinate number of startups fail. That is the reason why academic institutions and organizations must help and support the development of entrepreneurs to ensure a high survival rate.

Young Indian entrepreneurs make headlines regularly. After a whole generation of cautious Indians who viewed entrepreneurship with suspicion, preferring stable and predictable careers in government service, banks, as doctors, lawyers and engineers, the tide is turning. Optimism is in the air as young entrepreneurs dare to go global, drive innovation and experiment with unique business models.

The latest Global Entrepreneurship Monitor (GEM) report reflects this important cultural shift. The report noted that 58% of Indian adults (ages 18-64) consider entrepreneurship to be a desirable career option and 66% think that entrepreneurs receive a high level of status and respect. And this is not just because Indian tech entrepreneurs are becoming global rock stars. It is because young entrepreneurs from all sectors, from agriculture to manufacturing, are setting India on a new path of growth and development.

Take the story of PC Musthafa, 42, who gave up a well-paying banking job in Dubai to return to India because he wanted to create job opportunities for rural youth. He started iD Fresh Food, a dosa batter company, with his cousins, 550 square feet of space, two grinders, a mixer and a sealing machine. They started out selling 10 packages of dough a day. Today, iD Fresh Food sells 50,000 packs a day, has expanded its product range to ready-to-eat foods, and is a R100 crore business employing 1,100 people. Musthafa’s goal is to become a R1,000 crore company employing 5,000 people within the next five years.

Among the more innovative ideas his company is exploring is a Trust Shop—in apartment complexes and corporate offices, where you can pick up ready-to-eat idli-dosa dough, parathas and wheat chapatis, and deposit the money in a safe. . in the shop. The store has no salespeople and is not monitored by cameras to watch for non-paying shoppers. The stores are proving to be a success. Buyers who don’t have money on them come back the next day to drop off the cash. It’s a unique low-cost model that can be scaled, ensuring prices stay low and stores are conveniently accessible 24/7.

Now take the case of Sampriti Bhattacharyya, 28, whose company Hydroswarm designs and manufactures autonomous drones that can scan ocean floors, search for lost aircraft, identify oil spills and detect radiation under the sea.

Entrepreneurs and innovators like these are playing an important role in bringing unique ideas, offerings and business models to market, ideas that big companies don’t want to explore because they don’t have a clear, well-charted future and could be risky. to your growth plans.

A recent study by a leading analyst has suggested that the micro, small and medium enterprise (MSME) sector, which includes these entrepreneurs, will increase its contribution to India’s GDP from 8% in 2011-12 to 15% by 2020.

The growth is not only because young Indian entrepreneurs dare to dream up great new ideas, but also because they understand the value of hiring the best talent in the country. Take Vijay Sharma’s One97 Communication, Paytm’s digital goods arm, for example. Sharma’s company announced its expansion into Europe and the US in July, utilizing some of the country’s best business talent to enable growth. In other words, Indian businessmen are aware of what it takes to be globally competitive.

Going global shouldn’t be difficult for Indian entrepreneurs. Today, the best minds in the country dream of starting a business. This year’s IIT-JEE winner Deepanshu Jindal says that after graduation he wants to become an entrepreneur. Young people from prestigious educational institutions around the country such as the IIT and the IIM show similar inclinations.

All of this is great news. But the harsh reality is that an inordinate number of start-ups fail. Studies have shown that 47% of the jobs created by start-ups are eliminated because the company closes in the first five years. This emphasizes the importance of having academic institutions and organizations that help and support the development of entrepreneurs to ensure a higher survival rate.

If India is to continue on its growth path, the contribution of entrepreneurs to wealth creation will play a key role. This is why the importance of including entrepreneurship as part of standard curricula cannot be undermined. We must begin by creating a formal culture of entrepreneurship that begins in the classrooms where young minds and the future of the nation are formed.