Once bitten, cos hiring at IITs fight shy of startup tag

Mumbai: Startups are facing an identity crisis. A year after the IITs blacklisted 20-odd young businesses and barred them from participating in annual placements, these companies are shying away from the startup tag.
Placement officers across the IITs are stating that even freshly founded companies are clarifying to the institutes that they can at best be termed as “senior startups”. Every company desirous of participating in the placement process has to fill a job notification form and declare whether it is a startup or not.
“Many of them are just not declaring the fact that they are startups. A few startups even tried convincing us that they are not startups,” said Kaustubh Mohanty, convener, all-IIT placement committee.
At some of the IITs, the firms are reworking the initial offer made for a better slot. “After we give them a slot, the date and time to come, many up their offer in terms of remuneration for a better slot,” said a placement team member from IIT Kanpur.
While the number of startups coming to the IITs has reduced, students are excited about Cohesity, which will participate for the first time. As annual compensation, the firm is offering Rs 25 lakh. Annual compensation has gone up by 10-15%, in a way signaling to the best brains of India and to the IIT authorities that there is more stability in the startup world.

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