About 84% of startup founders in Bengaluru’s Koramangala region, which is India’s first technology startup cluster, has degrees from lesser known colleges and not from elite institutions such as Indian Institute of Technology (IITs) or Indian Institute of Management (IIMs), according to a survey by Niti Aayog, the policy think tank of Indian government.
As per the survey, only 16% came from elite universities such as IITs and IIMs. And breaking the myth that tech startups are founded by engineers only the survey do revealed that 44% of entrepreneurs hailed from non-engineering backgrounds.
The online survey of around 900 startups covered clusters located in Bangalore.
One of the most interesting findings from the Koramangala Cluster study was that start-up clusters foster a culture
of Inclusive Innovation. What seems to count here is talent, skill and experience, rather than a degree from a
national institute of importance. While all entrepreneurs were highly educated with graduate or post-graduate
degrees, they came from a mix of engineering and non-engineering backgrounds and only 16% came from
institutions of national repute.
Interestingly, the survey found that 70% of the founders had experience working at multinational companies before starting on their own.
A look at the experience level of start-up entrepreneurs, as per the survey, reveals that on average, most have worked for a few years thereby acquiring skills necessary to found and grow their own businesses. These highly educated individuals find easy employment in India’ s fast growing new economy firms, before branching out to start their own ventures, after having seen process orientation, implementation procedures, and entrepreneurship in action.
Survey results also highlight a trend of entrepreneurs moving back to their home provinces-in the North East or Goa or Orissa-to start ventures, after having worked in urban clusters of Bangalore or Mumbai.