'10x10' vision of 10 IIM grads

With a vision of "10 x 10", a group of 10 Indian Institute of Management (IIM) alumni have come together with a view of making over 10, 000 Indians employable by 2010.

Conceptualised by Nishant Saxena, an IIM-Lucknow pass out, the group launched their first institute "Elements Akademia" in Lucknow today. " The institute aims to groom the youths to make them employable.

"Despite being one of the fastest growing economies with over 8 per cent GDP growth, unemployment has still hovered around 7- 8 per cent for the last decade. Companies do want to hire and there is enough graduate talent, but sadly there is a mismatch between the requirement of the industry and the skills imparted by the education system. Our program aims to bridge this gap and make our youth employable," Nishant Saxena, chief executive officer, Elements Akademia, told Business Standard.

Saxena, who is from Allahabad, said they had deliberately selected their homeland as their "karma bhumi" as they want to contribute to the state's development.

"With a population of about 5 million youth in the state, about 800,000 graduates pass out every year. However, only 4 per cent of them are employed in organised sector. The state can become a service hub, provided we give the students specialised training. We aim to teach finer elements required to succeed," added Saxena.

The flagship programme offered by the institute is aimed at graduates in the smaller cities. It is a six-month comprehensive part-time course encompassing business communication, managerial effectiveness, basic computer skills and other specialised domain knowledge in areas like insurance, inventory, management and accounting.

"Our lead corporate partner is Genpact, one of the top third-party BPO company in India. Our unique tie-up with them ensures reimbursement of the students' course fee after a year of service. Moreover, if you don't get selected, provide re-training and arrange for re-interviews (also with other partners)," Saxena said.

Genpact has assisted in the course design and delivery, and screening criteria.

"We conducted a survey among students from 25 colleges and multiple companies to understand what they are actually looking for in a candidate," he said.

The Lucknow-city launch entails an investment of Rs 1 crore, and the firm plans to have 15 more such institutes across India in next few years.

The next institute is planned for Kanpur, to be operational in 3- 4 months' time. Other cities identified in the state are Agra, Allahabad and Meerut.

On successful completion of the course, the students will receive certificates endorsed by KJ Somaiya Institute of Management Studies and Research, the academic partner for the venture.