Kolkata: IIM-Calcutta, the oldest among the IIMs, has launched a new initiative for MBA students to encourage entrepreneurship. Under the initiative that kicks off from this academic year, an MBA student, interested in building a start-up, can opt out of campus placements, take a full year to pursue the venture and then, return for placements the following year if the start-up does not take wing or the student changes his/her mind.
IIM Calcutta director Alok Kumar Rai made this announcement during the inauguration of MBA 63rd batch on Friday. “Beginning this year, MBA students who wish to pursue entrepreneurial ventures may choose to forgo campus placements and dedicate one year to building their start-ups. If things do not work for them and they do not succeed or they change their mind and decide to seek employment opportunities, they may come back and will be eligible to participate in the institute’s placement process the following year, after they graduate. I want them to try and promote entrepreneurship,” said Rai. “ Keeping in mind the need to promote entrepreneurship, we have launched this initiative. There was no organised method for it so far. The institute offers funding for startups through its innovation park.”
MBA students appear for job interviews from the campus in the second year of their two-year programme. “There are students who have brilliant start-up ideas but often, cannot take the plunge due to financial reasons, as many of them have to repay loans,” said a teacher. “This opportunity will help such students work on their innovative ideas, with the assurance that they will have an option to fall back on.”
The initiative has received appreciation from various quarters. Rijas Das, founder of the start-up, Calcutta Founder’s Club (CFC), said, “IIM C’s new policy is a massive win for the local ecosystem. It democratises entrepreneurship by removing the paralysing fear of career ruin, allowing youngsters to take a shot at their ideas.” Arnab Chatterjee, director of Nutechanalytical, said, “The initiative is a meaningful approach to supporting young entrepreneurs. It will encourage and guide the young minds to relearn and grow.”
The MBA 63rd batch comprises 480 students, 67% of them boys and 33% girls. The pan-Indian character of the batch reflects on the fact that the students are from 22 states and two Union Territories. Their academic background is also diverse, given 54.7% of them are from the engineering stream, 11.5% from commerce, 10.3% from science, 10% from arts and the rest coming from other streams. Among the total students, 59% have work experience.