IITs Ranked as 4th Largest Producer of Unicorn Startups in the World
It is Indian Institute of Technology in India that tops the spot when you rank universities by the number of unicorn founders.
According to a new research report conducted by a UK-based Sage, an accounting and Payroll Company, Indian Institute of Technology (IITs) is on the 4th position in the list of producing unicorn startups in the world. Sage came out with the names of universities which have produced the unicorn entrepreneurs in past few years. The report claimed that US-based Stanford University is on the top position as it has produced 51 unicorn entrepreneurs who are on the top of the world with great business ideas. According to this report, Harvard University is at 2nd place whereas University of California is on 3rd position.
Sage has made this list on the parameters like Learning, Teaching and Resources etc. Whereas among the various Indian IITs, it is Delhi IIT on the top rank that has produced the highest number of unicorn founders. US based Stanford University maintained the 1st spot in the list with 51 unicorn founders followed by Harvard University with 37 unicorn founders. University of California comes on 3rd spot with 18 unicorn founders. IITs India follows 4th position with 12 unicorn founders. The report claimed that all unicorns that have created billion-dollar startups have academic roots in IITs.
Within last few years, the various IITs have produced the India’s startup eco system’s unicorns. Those startups which have valuations ranging above one million dollar are; Sachin and Binny Bansal of Flipkart, Deepinder Goyal of Zomato, Sanjay Seth of ShopClues, Rohit Bansal of Snapdeel, Pranay Chulet of Quikr and ShopClues’s Sanjay Sethi are few names of the founders produced by IIT Delhi. Bombay IIT produced Bhavish Aggarwal and Ankit Bhati, Ola’s co-founders. These are few names of successful founders who have their academic base in IITs.
How IITs Create Unicorns?
How IITs help in producing top entrepreneurs and leaders whom we call ‘Unicorns’? Unfortunately, this is reality that IITs graduates can pass a number of hurdles of entrepreneurship in the initial phase of startup. As a result, investors bet on IITs graduates easily without thinking much about business ideas. While the graduates from other business schools often struggle more to be successful or winning the confidence of investors.
Few factors that differentiate IITs are;
- Good faculty and students.
- Follow rigorous study programs and competitive culture.
- Confidence of starting again even if the idea fails.
- Studies culture these institutes have been cultivated over the time.
- Students carrying realistic approach that makes them connected to the society.
- They understand the problems exist in the society and look for effective solutions to solve these problems and become successful entrepreneurs.
- A strong network of alumni.
- IITs have a strong ecosystem that support startups and entrepreneurs
All these factors contribute in creating the right ambience to foster entrepreneurship and creating unicorns. Moreover, IIT graduates also prefer to go to Sillicon Valley for higher studies so that they can get an access of a better entrepreneurial ecosystem for creating billion – dollar startups rather than taking jobs.
The research also found that for over 60 per cent of the founders, the current unicorn was the only company they had ever built. However, those who founded more than one company have, on average, a 34.5 per cent higher valuation than those who founded just one company.
In terms of countries that are home to the most number of unicorns, US tops the list with 144 unicorns, China is on second position with 47 unicorns while India grabs the 3rd position with 10 plus unicorns . Year 2015 was identified as the year of the unicorn with 86 companies achieving the unicorn status. Unlike 2015, in 2016 only 41 new companies came out despite the fact that the Indian government has launched “the Startup India” and many other startup friendly regulations.