It is not uncommon to see most startups have founders from IIT and other top schools in India. I wanted to only take a look at the funded startups (Yes, that funding is not a guarantee of success is not lost on me). While Crunchbase only has about 103 startups from India in their database, most of them are not funded.
I expanded the list of early adopter VC’s in India to take a look at their portfolio list from their websites (yes I know that many dont list all their investments on their website, but we have to start somewhere). That produced a list of 219 companies in total.
Thomson Reuters gives us about 316 companies funded both by angel investors and VC’s since 2010 in technology. This is possibly the most comprehensive source of funded startups.
This produced a total of 478 founders and co-founders. Of those, 228, 47% came from the IIT’s and IIM. That’s a lot. Even for funded companies that is a lot.
I only took the top 9 colleges (since there were 3 colleges that all were #10). All this data is from Linkedin (where available). I also realize that most people do not put all their educational qualifications on Linkedin, so this data may be slightly off. I do know that 60% of the LinkedIn profiles associated with the founders were complete.
There were 11% of these (52) that had both an IIT degree and IIM degree. Here is a list of those colleges and the # of founders.
Keep in mind these are funded companies alone, not all companies. I was not surprised that IIM A and IIM C were near the bottom of the list, but what surprised me was that IIT Kanpur was lower than IIT Mumbai. Why? Most of the folks I know in the US (entrepreneurs and others) are from IIT K. The image has IIT Bangalore, which does not exist, and it should say IIM Bangalore.
This does raise a few questions that I would like your opinions on. Lets just dwell on one question first.
Why is it that nearly 50% of funded companies have founders from top colleges? Is it a selection bias – given that over 60% of investors (VC’s) are from IIT and IIM?
P.S. I know all the data heads and junkies want access to the “raw data”, but Thomson Reuters, which is a paid service, will not let us share this.
P.P.S If you compare this analysis to top universities in the US for funded startups, they make up a far less % of funded statups.