Start-up culture is spreading at the Indian Institute of Technology (IIT), Bombay, numbers across the last three years show. The engineering institute has secured an increment of 58 per cent in student start-ups in this period, says a survey conducted by the Entrepreneurship Cell (e-cell) of IIT-Bombay, reports The Indian Express. According to the survey, there were only 31 startups at the institute in 2015. However, in 2017, the list has shot to 49 student-founded startups, excluding those founded by students who have graduated in 2016 and 2017. But even as the students are moving taking to start-ups, the surveys shows, the funding trend for those on campus has reflected a dip this year. Funding had increased last year in 2016. The survey found that only 16 per cent of the start-ups had raised funds in 2015. In 2016, the figure witnessed an increase to 29 per cent but this year, it again dropped to 25 per cent, said the report.
It is not only producing engineers, IIT-Bombay has a growing startup ecosystem as a result of the efforts of its e-cell and Society for Innovation and Entrepreneurship (SINE), an incubation centre owned by the institute to provide a host of programmes to promote entrepreneurship, said the report. It added that out of 20 startups, as many as 11 have won competitions. This list includes three startups that reached the final round of Eureka – the institute’s International Business Model Competition after beating others.
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According to the survey, in last three years, the problems experienced by the startup have seen a sea change. In 2015, most startups had reported witnessing difficulties with funding, finances, legal help and networking. Though the trend has now slightly changed, the problem has largely shifted to technical difficulties in 2017 besides dearth of funding. The survey found that there has been a shift from service providing to technological solutions. As in 2015, most ventures were founded around services, but today half of them are providing solutions leveraging technology.
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The survey brings some important information for startups in IIT-B, but there are lot many aspects that still need to be understood feels e-cell, as per the report.