In an effort to boost innovation, build a vibrant startup community, and strengthen academic integrity, China’s Ministry of Education now allows university students to stop out of school to start businesses, according to the Global Times. Specifically, freshmen candidates can choose to launch a business before beginning their studies, and current university students can suspend their schooling to start a business.
However, this brilliant move doesn’t end there – the government will also allow students who launch startup companies, publish theses, and file patents, to convert these efforts into university credits.
Higher education experts in China believe these new regulations will stimulate job creation and also build flexible learning programs for students. To further sweeten the deal, these new provisions require all colleges to establish a committee to deal with student complaints regarding school regulations and statutes.
In my view, this is a terrific way to create more jobs, inculcate a risk-taking mentality among youth, and help drive innovation, not to mention convince entrepreneurial students to get their degrees. After all, which student wouldn’t want to get school credits for starting a business they are passionate about? Students who are considering dropping out of school to start a business might be more likely to finish their studies. Further, they may also be more likely to share their vision and unique gifts with the rest of the world while building a business that could become the next Amazon, Alibaba, or Apple.
Many critics of today’s education system say that universities do not allow students to gain enough practical skills to prepare them for the rigors of the real world. With the changes above, students would be able to gain real experience while building companies and then share their knowledge with other students, on their way to completing their education, a win-win scenario for both the economy and the education system.