Click to play videoMumbai: Till about three years ago, Gagan Goyal was a regular student from IIT – bright, talented and driven by a desire to make it big.
Today, he is the director of a robotics company and employs about 20 persons, all thanks to his alma mater.
IITs and many other engineering institutes have launched a unique initiative called business incubators with the intention to encourage budding business talent from among its alumni and students on campus.
A business incubator is a knowledge hub that provides infrastructural and logistical support to budding entrepreneurs like Goyal to help nurture their “baby firms” until they're ready to face the industry.
"When you want to set up a company you need a place to sit, to work, some capital and guidance. Business incubators help that way," says Goyal.
The companies stay with the incubators for three years after which they're expected to be stable enough to fend for themselves.
There are plenty success stories. Herald Logic - an IT startup that passed out of incubation a few years ago – is already in the big league. Vishal Gupta, the founder was just a fresh graduate when he started.
“The incubation was critical, and all I had to pay was people's salary,” he says.
Many like Gupta believe that with the ecosystem in place, the future looks promising. “More and more students some up to me wondering if they can start off with their ideas,” says professor-in-charge, SINE (Society for Innovation and Entrepreneurship) IIT Bombay, Prof Amarnath.
Hence, the concept - imported from US universities - is giving many budding Indian engineers a chance to opt for their career over shelling out huge sums attending those very universities.
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