PILANI: In a promising step to promote entrepreneurship in India, Birla Institute of Technology and Science (BITS), Pilani, a deemed institution in Rajasthan, has permitted its students and staff members to take up to a year off to launch their own businesses.
According to reports, BITS published a policy statement with its students that stated, “If a student wishes to take a year off to pursue entrepreneurship full-time, his application will be routed through the dean for approval…” In addition, the policy statement allows students pursuing entrepreneurial endeavours to utilise their university address to legally establish their businesses.
Students whose businesses have been funded and nurtured by the official tech-business incubator at BITS Pilani, Pilani Innovation & Entrepreneurship Development Society, get access to the facilities (PIEDS).
How Are Individuals Responding to BITS’s New Move?
MBA Chaiwala’s creator, Prafful Billore, praised the university’s decision on Twitter “A genuine example of positive transformation! The Birla Institute of Technology and Science (BITS), Pilani, has announced that it will permit students and professors to take up to one year off to launch their own businesses.”
A true instance of positive change!
Birla Institute of Technology and Science (BITS), Pilani said it would allow students and faculty members to take up to a year off to start their own ventures. pic.twitter.com/8O74aJtXSd
— Prafull MBA CHAI WALA (@Prafull_mbachai) November 2, 2022
Udit Goenka, the founder and chief executive officer (CEO) of PitchGround & Firstsales.io, remarked on Twitter, “It’s a great time to be an entrepreneur.” “BITS Pilani now permits students to take a year off to launch a business. What a Move”.
BITS Pilani now allows students to take a year off to build their startup.
What a move 🤯
— Udit Goenka (@iuditg) November 2, 2022
In India, the Indian Institutes of Technology (IIT) dominate the startup and unicorn ecosystems; nevertheless, BITS is challenging the IITs with its recent move. According to sources, at least one creator of over 73 of the nation’s over 100 unicorns attended one of the 23 IITs. Moreover, according to data from Tracxn Technologies, BITS alumni have launched over 900 firms, of which over 13 have made it onto the list of Indian unicorns.