IIT-B Spurns Fly or Fall Policy, Encourages Entrepreneurship
The Indian Institute of Technology, Bombay (IIT-B) has decided to encourage budding entrepreneurs by giving them an opportunity to participate in campus placements after 2 years in case of failure of their start-up venture.
For encouraging students further, IIT-B has also formed a panel of industry experts and faculty members to analyze the start-up venture plan of the students to guide them as well as help them in acquiring capital investment.
The institute was planning to make the panel effective in early 2012 but since the placements for the batch of 2012 have already started, the panel and the deferred placements will be put in action next year.
This is a positive move taken by IIT-B to promote entrepreneurship among the engineering graduates. Earlier, the fear of failure in a start-up deterred the engineering students from to pursue their dream of starting their own venture. But now the assurance provided by the institute will act as a safeguard against such failures and will encourage more students to become entrepreneurs. The initiative will act as an incentive for entrepreneurship as well as some sort of insurance against failure in it.
Sources reveal, the initiative has been taken by IIT-B on the requests made by students to provide them opportunities similar to those offered by Indian Institute of Management (IIMs) for encouraging entrepreneurship.
The sources from the institute say that the institute is on its move to practice a new trend of giving a second chance to its graduates who have failed in their ventures for participating in placements after 2 years. This process will be known as “Deferred placement”, wherein a student who had opted out of the placement process to start his own venture will be permitted to appear for interviews after a fixed number of years.