5 Year Innovation & Entrepreneurship Education Results Released
Since 2011, when China first started promoting the idea of university students creating their own jobs rather than looking for jobs, approximately 200,000 students (3% of all graduates) a year have chosen to join a start-up or set their own up. The annual start-up competition under an “Internet+” scheme attracted over 1 million students, participating in 370,000 different projects and nearly 100,000 part-time teachers/coaches were appointed to assist the students. Universities introduced new administrative measures to provide students with flexibility to become entrepreneurs, and various banks, as well as the tax bureau, also introduced preferential policies to students willing to venture down this path. Many are questioning the final outcome of this movement, in particular LEI Jun (CEO of Xiaomi) and Jack Ma (founder of Alibaba), who have publicly voiced their concerns about pushing graduates to establish start-ups, and the associated potential failures.