Nexford University launches Rs 1.4 Crore startup funding for its graduates

India, just like many countries across the world needs more entrepreneurs. But millions of people struggle to get the education and skills they need. In a bid to change that Nexford University has announced its 'Entrepreneurship Scholarship' and Rs 1.4 Cr startup funding, with a mission to empower next-generation entrepreneurs across the world.

“Having traveled to India, I have seen first-hand the shortage in access to quality education geared towards preparing entrepreneurs to build a successful business,” said Fadl Al Tarzi, Nexford's CEO. “India is a budding center for entrepreneurship, and we know that entrepreneurs create jobs and spur prosperity. Through this initiative, we're providing entrepreneurs with the skills they need to move forward in life. Founders are doers, and they need practical skills – to build a business plan, launch a venture, and grow a team. So we're taking it one step further and funding the most promising startup ideas we receive.”

Entrepreneurs play a key role in the economy. The US Small Business Administration reported that small business added 1.9 million net new jobs in 2018. The 30.2 million small businesses in the US employ 47.5 percent of the state's private workforce. Forbes found that the global startup economy also generated $2.8 trillion in economic value since 2017.

India's unemployment rate, at an estimated 18.9 million, remains high. Yet, with a growing startup culture, and a supportive proactive government, empowered entrepreneurs have an opportunity to make a difference. For example, India has more than 48 million small businesses, double the number of small companies in the US. According to Indian government data, small businesses in India create 1.3 million jobs every year and provide the largest share of employment after agriculture. They play a significant role in the country's GDP.

100 scholarships, $200k startup funding opportunity

There will be 100 BBA or MBA scholarships announced as part of Nexford's push to support more entrepreneurs. Scholarship recipients will practice real-world business concepts that act as a bridge to entrepreneurship. Specializations learners can choose from include Building a Tech Startup, 360° Marketing, Enabling E-Commerce, and Doing Business Across the World.

Scholarship graduates will have the chance to pitch their startup idea. Every year, Nexford will fund five scholarship graduates at $10,000 each.

Nexford offers 100% online, globally affordable education through a next-generation learning experience. While many universities offer education that is heavily theoretical, Nexford believes in a different approach – education is important not only for startup success but as a foundation on which learners will build on for years to come. Along with applicable skills, learning how to learn is essential regardless of one's career path. Nexford Entrepreneurship Scholarship applications are open until September 15.