A country is, often, what it is and what its people are. Human resources play a crucial role in the rise and fall of a nation. An island nation called England ruled over half of the world just because of its strong human resources. Almost all countries realise the importance of human resources. But how many of them have worked to improve and harness the ability of this resource? Not many. A country's educational system plays an important role in developing and harnessing the potential of human resources.
The modern educational as instutionalised during the the British rule is based on the foundation established by Lord McCaulay. The objective of this was to churn out clerks and Subedhars who can play the role of a clog in the massive wheel of British administration. This system pretty much continues even half a century post independence. So what has this system achieved, a tribe of bureaucrats who can work very efficiently as long as they find precedents.
What this system has denied the nation is a tribe of entrepreneurs who can think independently and work autonomously. I do not mean to say that we haven't produced any entrepreneurs. But the education system has successfully thwarted the flowering of a whole society of entrepreneurs. When one speaks of education system's role in pruning entrepreneurship, universities cannot go without reference. Universities sitting at the top of education pyramid play an important role in imbibing the requisite skills and instilling confidence in the minds of its young students and help them to take up entrepreneurship.
A recent study done by Massachusetts Institute of Technology (MIT) Sloan School reveals what a technical university can do for a country's economy. 'Research and technology intensive universities through their entrepreneurial spinoffs have a great impact on the economies of a country' says the report. According to the study the total number of companies founded by MIT alumni (at the end of 2003) was 25,800 which employ some 3.3 million people and generate an annual revenue of $2 trillion. On the revenue basis these companies are generating equivalent of eleventh-largest economy in the world.
The report has identified several trends and interesting facts about its alumni-entrepreneur-community. The study has found that about 30% of foreign students who studied at MIT have started their own companies at some point in their lives. This rate is found to be much higher than the rate for US nationals. More interesting aspect of this statistics is that half of those companies created by 'imported' entrepreneurs are based out of US generating $16 billion annually and employing about 1 million people. This clearly explains the US government's enthusiasm in granting J-visas.
Will Indian universities take note of this report of MIT. Entrepreneurship is sine qua non for the speedy development of the nation. It will not be sufficient for our star universities and top professional institutes like IITs and IIMs to just concentrate on preparing world-class professionals. Universities need to become den of budding entrepreneurs. They need to establish and build a culture conducive for entrepreneurship. This task essentially involves motivating calculated risk-taking behaviour among students.
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