A start-up fair will be conducted by the Indian Institute of Technology Bombay (IIT Bombay) February 1st, 2015. The objective of this start-up fair is to help the students in getting internships at the start-up firms. In last few years there is an increase in the number of students who launched their own start-up ventures. The fair is being held to cater to such aspirants.
The fair will enable the students in gaining internships at start-up firms of their choice. At a later stage, the students can also join them as co-founders. Around 11 start-up companies have registered for the fair.
During the fair, There will be two sessions, Morning and Afternoon. In morning session students can interact with the start-ups to gather information on their profiles and in the afternoon session, the students can participate in walk-in interviews. The fair is open to all years except the first year.
A survey was conducted by the students' media body of the institute covering around 220 respondents from the 2011, 2012 and 2013 batches. The survey was conducted to find out the post-placement problems faced by the students and the flaws in the placement procedure. Around 88% of IIT Bombay alumni who left their jobs to launch own start-up ventures are satisfied with their decision. Around 40% of the alumni (who were surveyed from the last three batches) switched jobs to move to a different field within a span of three years, including few who quit before completion of one year. Other than changing jobs or starting their own entrepreneurial ventures, few have been pursuing higher education, research or social work as well.
As per the survey, more than 50% of the alumni who switched jobs which they had acquired during campus placements stated that there were flaws in the placement process. Around 50% of the respondents claimed they changed due to the inappropriate profile or due to the conflict with the value system of the company. Some of these respondents also stated that they aspired to explore other options in similar and in the different field as well or to raise funds for their future career goals.
IIT Bombay is planning a threefold increase in the capacity of its business incubator i.e. Society for Innovation and Entrepreneurship (SINE) which will contribute to the country’s economy. At present, there are around 18 companies incubating at SINE. SINE offers subsidized infrastructure to the firms.
The other IITs are also planning a host of measures to further boost the entrepreneurial ventures of their students, encouraged by the success story of their alumni in running start-ups.