India is well on the way to becoming the world’s fifth-largest economy. The need of the hour is job-creators and not just job seekers. A closer look at XLRI’s approach to nurturing entrepreneurs
The institute’s legacy is in Human Resource Management and General Management. The XLRI student body consists of highly intelligent, highly detail-oriented individuals who have cracked one of the toughest competitive examinations in India. XLRI gets – and takes – a certain type of student. This type is characterized as ‘compliance’ personalities - those who follow the rules.
This is not the entrepreneurial mindset. Entrepreneurship requires a different personality - risk-taking with a high tolerance for uncertainty and failure. In order to participate in the process of generating job creators, XLRI has thus adopted a different approach.
XLRI Council for Entrepreneur-ship Excellence and Development (XCEED), a Section 08 company was started in 2019 by the then Director Fr E. Abraham, S.J. with a dream to empower students, alumni and faculty, to launch high-impact new ventures and to scale up. XCEED works to deliver impact to entrepreneurship by backing purpose-driven entrepreneurs to solve some of India’s toughest problems using business models specific to India.
Activities at XCEED
XCEED offers a comprehensive set of resources and services designed to assist entrepreneurs in turning their ideas into successful businesses. Benefits offered by partners can be utilized to create a collaborative environment that fosters innovation and growth. XCEED also partners various state and non-state holders in order to carry out its activities.
Students participate in seminars, workshops, competitions attend investor meetups and other entrepreneurship events within Delhi-NCR to understand the entrepreneurial process, from ideation to scaling.
The ACE Conclave
Agent for Change Entrepreneurship (ACE) is India’s first accelerator for idea-stage startups in Delhi-NCR. This seeks to address some of India’s toughest problems by helping early-stage startups working in these areas. During the 6-month programme, founders will receive direct mentorship from experienced entrepreneurs, a stipend of Rs 6 lakhs, access to Rs 2 Cr in seed funding and other perks.
XCEED is also actively exploring partnerships with relevant actors. Partnership MOUs have been signed with TiE Delhi NCR, Lets Venture, Guptaji Investors, Soonicorn Ventures, IvyCap Ventures and Fundcorps.
Mentorship
XCEED Entrepreneurs will have access to experienced mentors with a wealth of knowledge and expertise across industries. These mentors will provide guidance, feedback and advice that will help startups navigate the early stages of business development. Ten mentors have already been assigned to venture-ready startups. Plus, a pool of 38 mentors has been created to map startups.
Shifting gears
In 2022, Fr Paul Fernandes, S.J., with the help of Prof. Rajeev Roy, started a two-year Post Graduate Diploma in Management (Innovation, Entrepreneurship & Venture Creation). A full time AICTE-approved course, this offers structured long-term support for aspiring entrepreneurs by combining management education with incubation/acceleration. Post Graduate Diploma Management in Innovation, Entrepreneurship, and Venture Creation (PGDMIEV) is designed to empower students to think creatively and critically about identifying and solving problems, and to equip them to turn ideas into successful ventures. The programme aims to foster an entrepreneurial mindset through theoretical and practical coursework, hands-on projects and internships, along with opportunities to network with industry professionals and successful entrepreneurs.
Endnotes
The significant feature of this initiative is to provide diverse opportunities to students. Hence, the programme offers two tracks: Startup Track and Family Business Track.