IIM graduates reject offers from MNCs with disdain
Well this graduating season, there has been a change in the mindset of students from the Indian Institutes of Management (IIMs) as they look forward to start-ups as a springboard to a brighter future. They are spurning the comfort of a multinational job, and yet avoiding the risk of starting their own venture.
"Students are keen on working with start-ups now. IIM, Ahmedabad (IIM-A) strongly encourages this concept through the Entre Fair before placements, where start-ups can make presentations and interact with students," said a representative for the placement cell at IIM-A.
The experience at start-ups helps students gain a foothold in a thriving entrepreneurial sector at a time when they are not sure about building their own business.
At IIM, Indore (IIM-I), 30 students have expressed interest in working with start-ups during the ongoing placement process while only three students are starting their own venture. The story is the same as IIM, Lucknow, where only a couple of students have opted out of placements. Other IIMs could not share data due to ongoing placements.
"E-commerce is a preferred choice in start-ups with students," said Vibhu Kapoor, coordinator, placement committee at IIM-I, which is reaching out to alumni running start-ups.
According to a survey, in 2012 start-ups and some lesser known firms hired the most as big employer brands slashed hiring at the country's top B-schools by 19%. However, start-ups may not be equipped with fat pay packages.
"An early stage start-up trying to attract IIM grads can offer equity if it cannot afford a hefty salary. A good mix of equity and salary will get them good talent from the IIMs," said IIM-A alumnus Akshat Khare, founder of a start-up Nessa Illumination Technologies.
Pranay Gupta, joint CEO, Centre for Innovation, Incubation and Entrepreneurship, has received several queries from IIM students to work with start-ups. "The interest in start-ups has increased because students might have an idea and joining an existing team with the same idea is favourable than starting from scratch. IIM students are quick to learn and bring loads of experience with them," said Gupta.