Thursday, December 11, 2008

Impact of IIT

Reproduced from Impacting the nation, published under "Inspire Innovate Transform" in Times of India, Bangalore, 11th Dec, with reference to upcoming Pan IIT Meet on 18-20 Dec in IIT Madras

"There have been many myths associated with IIT," begins B Santhanam. "For instance, people believe that there aren't too many IITians becoming entrepreneurs and some who believe that IITians pursue their careers abroad and never return to India. This study was conducted in partnership with the Indian Brand Equity Fund (IBEF) and Zinnov Management Consulting who helped us in both design and management. Through the IIT Alumni Impact Study, we have cleared such misconceptions and delivered an explicit picture with regard to the IIT’s contribution to the nation and the world at large. Through a global web-based survey, the study attempts to map the impact of IITians on the global economy across impact areas like entrepreneurship, scientific and technological achievement as well as social transformation, research and leadership over the last 50 years. From a total of 4,500 responses across seven IITs, there have been many interesting findings and surprising conclusions. Some of the findings are:

  1. IIT alumni in senior positions in the industry and government sector across the world today have budgetary responsibility for over USD 885 billion, that's close to 90% of India's GDP
  2. Prior to 2001, four out of 10 alumni, were managing top leadership roles in corporations, educational institutions, research labs, politics and as entrepreneurial heads of their companies
  3. IIT alumni contribute over USD 450 billion (close to 50% of India's GDP) to the economy.
  4. Seven out of 10 alumni are currently based in India and two out of 10 alumni return to India after their stint in other parts of the world.
  5. 54% of the top 500 Indian companies currently have at least one IIT alumnus on their Board of Directors. That apart, these companies have a cumulative revenue which is ten times greater than other companies that IITians are not a part of.
  6. One in 10 IIT alumni has started their own company, with over 40% of them being serial entrepreneurs and 42% of the senior alumni are in top leadership roles.. Of these, twothirds of the companies founded are in India which again re-affirms the contribution of IITians towards the nation-building process

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