How Student Entrepreneurs Can Leverage Tech & Government Support To Build Better

Mark Zuckerberg launched Facebook from his dorm room while studying at Harvard, and has undoubtedly emerged as the poster boy of student entrepreneurship in the last 15 years. While individual talent is always a prime requirement for successful entrepreneurship, it was his ability to leverage innovation and use technology that has led to him building an empire that owns some of the world’s largest social networks.  

In the course of the digital revolution in the 21st century, cutting-edge technologies and learning opportunities are now available to students all over the world. In a country like India, there are thousands of institutions imparting tech education to youth. So far, the approach has been to finish college education with good grades, get a good job offer, and build a profile. 

Most startup founders used to contemplate entrepreneurship only after they had 10 – 20 years of experience and adequate financial resources to take the plunge. However, it is this approach that is partly responsible for the majority of the startups failing to get going beyond the first couple of years. 

When you start at that age, you already have to deal with the family’s financial needs such as healthcare, household expenses, children’s education and so on. Further, there is an urgency to reduce the Go-to-Market timeline and make profits as the founders are answerable to investors and subject to working capital running out if the venture is bootstrapped. 

This is why student entrepreneurship is a great option for the youth. Let’s take a look at some of the key advantages that any student entrepreneur will have over someone who launches a startup after a decade or more of professional journey:

Freedom To Chart Own Course 

As a student entrepreneur, one is not answerable to anyone other than their own vision. You can dream big and devote your creativity, knowledge and resources towards building something successful. Since you are a student, there is no rigidity of work time as in the case of a job, etc. 

No Limit Of Potential 

Student-led startups have constantly been the focus of venture capitalists and large enterprises. If you can use tech innovation to build something that can simplify existing processes or address an unmet market need at scale, there would be no limit to growth potential. 

Yes, there are a lot of risks as well because the solution might not work, but even then, what you get is a first-hand experience of trying to build a business which will come in handy later in your life. Second, you are unlikely to take up a regular job during the student years so a failure won’t set you back the way it would if you had launched it after a decade or more of professional work. 

Potential Community Growth

A lot of Indian student entrepreneurs and innovators have used technology to create simple yet highly effective solutions to support their local communities in their daily lives. From household solutions to tools that transform agricultural practices etc, innovators often create novel solutions. By moving beyond experimental innovation and entering entrepreneurship, such achievements can be turned into highly successful businesses that contribute to social growth. 

These are just some of the reasons why we believe that entrepreneurship should be a key focus area for students in modern India. Another highly impactful factor is the support that the government is providing to startups. The Startup India mission has already created an enormous ecosystem for breeding young ideas and turning them into successful ventures. 

Youngsters in their early 20s have been able to create innovative startups that have now become unicorn enterprises operating on a national level. Access to VC funding, government funding support for startups, and the increasing ease of doing business are now enabling students to launch digital-first companies with greater confidence and convenience. 

Things Student Entrepreneurs Can Do To Seize Opportunities

Leverage Technology & Innovation

Cloud computing, AI and data analytics have simplified the creation of path-breaking digital innovations and setting up digital-first businesses. You can leverage these technologies to even bootstrap and launch a business without heavy investments or lengthy go-to-market timeframes. 

One can create applications or SaaS solutions in the cloud, and market the prototypes to early adopters or pitch them to investors and generate adequate funds to enter the mass market. 

Zepto cofounders Kaivalya Vohra and Aadit Palicha are both in their early 20s and started their initial entrepreneurial forays when they were studying Computer Science at Stanford. They spotted a great opportunity in the online grocery delivery arena during the pandemic and seized it through innovative usage of technology. You can achieve such success too, as long as you persevere and focus on building the right solutions for the TG. 

Benefiting From Government Initiatives 

The government has launched several schemes such as the ATAL Innovation Mission, The Venture Capital Assistance Scheme (VCA), Aatmnirbhar Bharat App Innovation Challenge, and the Startup India initiative. You can learn more about these and take steps to leverage the benefits of these schemes to build your business.

Join Incubators 

Leading universities and engineering, as well as business management institutions in India, offer incubators and facilities such as R&D labs and incubation centres on their campuses. 

Further, a number of private sector organisations run startup incubators and large corporate houses, and industry bodies like NASSCOM also frequently run cohorts and incubators to foster tech-driven entrepreneurship in India. You can join these initiatives to get end-to-end support such as tech access, R&D facilities, funding, co-working spaces, mentoring and business development guidance etc. 

Learn From Experts 

Even when you are in your student life, it is always a great idea to reach out to experts in the field that you wish to pursue. You can follow industry leaders on social networks, listen to podcasts, watch YouTube content, read blogs and books and attend live events where experts share their know-how. 

Build The Brand 

One of the biggest mistakes that student entrepreneurs tend to make is that they approach business as an experimental activity. Even if you are in your student life, focus on steps that you would take as a startup founder at a later stage. Whether it is creating a business plan, getting the startup registered, branding or finalising marketing strategies, all the aspects of building a business have to be focused on alongside building the core product/solution or service. 

Conclusion

Until a few years back, entrepreneurship was a late-stage career option, but today, there are adequate resources and tech infrastructure for students to take the plunge. As long as you have the right idea, and the will to succeed, launching your venture is a great option during student life. 

It gives you a longer rope to try and learn on the go, and once you get the product-market fit right, there is no limit to how much the venture can grow. Go ahead and seize the opportunity through technology and innovation!