Multidimensional Significance Analysis of Factors Influencing College Students’ Innovation and Entrepreneurship in the New Era

Peng Liu; Xi Liu

doi:10.3390/su17146467

Abstract

Against the backdrop of evolving innovation and entrepreneurship education, this study investigates the multifaceted factors influencing college students’ innovation and entrepreneurship in China. By analyzing 98 cases of student-led ventures and applying principal component analysis (PCA) via SPSS 19.0, the research identifies key determinants across individual, institutional, and societal dimensions. The empirical results reveal strong correlations between entrepreneurial risk levels and practical experience (r = 0.82), pre-market research (r = 0.84), participation in entrepreneurship courses (r = 0.72), university innovation platform utilization (r = 0.75), social financing intensity (r = 0.68), and regional economic development (r = 0.53). Individual-level factors demonstrate the most profound influence, with institutional and societal resources providing complementary support. Based on these findings, the study proposes targeted recommendations to enhance student engagement in practical training, optimize university–platform integration, and improve policy-backed financing ecosystems, thereby fostering the sustainable development of college students’ innovation and entrepreneurship capabilities.

Keywords:

colleges and universities; college students; innovation entrepreneurship education; notability analysis of influencing factors

1. Introduction

Innovation-driven entrepreneurship, defined as entrepreneurial activities rooted in technological, product, brand, managerial, or channel innovations [1], has emerged as a global priority in higher education. Internationally, institutions like Stanford University and MIT have pioneered ecosystems integrating academic research with entrepreneurial practice, fostering iconic startups such as Google and Dropbox. In the EU, the “Entrepreneurship 2020 Action Plan” emphasizes cultivating entrepreneurial mindsets by linking curricula to real-world innovation needs for societal and economic transformation [2]. These initiatives reflect a shared recognition: student entrepreneurship is critical for driving innovation, job creation, and national competitiveness in an interconnected world.

Against this backdrop, China has accelerated higher education reforms to align with global trends. The Ministry of Education identified “practical and innovative abilities” as core student development components in 2016, emphasizing their role in nurturing well-rounded individuals (Figure 1) [3]. However, while international models prioritize experiential learning and industry–university collaboration, China’s entrepreneurship education faces unique challenges—e.g., bridging policy ambition with on-the-ground implementation and addressing student readiness gaps. Existing research highlights multiple pain points. Bandera [4] cross-culturally compared French and American students, proposing that entrepreneurship education must balance global commonalities with local characteristics—a methodological reference for China’s internationalization. Yang [5] noted that 65% of Chinese graduates have entrepreneurial intentions, yet the actual rate remains at 2%, constrained by an imperfect practical education system, project monotony, and pandemic-disrupted offline guidance. Wei [6] identified four core challenges: weak entrepreneurial awareness, knowledge gaps, lack of business acumen, and capital shortages, attributing failures to insufficient time investment, psychological unpreparedness, and unstable policy support. Yu [7], analyzing 29 finance colleges, found that entrepreneurial willingness declined (2017–2019) due to social cognition convergence (e.g., postgraduate exams), with research participation correlating positively with intent. Peng [8] and the Sichuan Provincial Government [9] further emphasized barriers like social experience deficits, funding shortages, and low risk tolerance.

Figure 1. Core qualities of Chinese students’ development.

Notably, while Yong et al. [10] and Zheng et al. [11] explored employment pressure and learning models, Xu et al. [12] called for integrating functional–personality–behavioral perspectives into entrepreneurship education. Collectively, these studies reveal a critical gap: most research relies on single-dimensional analysis, lacking exploration of how policy goals translate into enhanced student capabilities, especially under China’s “dual circulation” strategy, where systematic integration of individual, institutional, and macro-environmental factors remains underexplored.

Against this context, developing talent with robust innovation–entrepreneurship capabilities is pivotal for national soft power and higher education reform. College students, as future societal leaders, represent a vital reserve for national competitiveness, and strengthening their skills unlocks innovation-driven growth [13]. Yet, Chinese universities face challenges like weak student initiative, suboptimal training models, and fragmented global best-practice integration.

To address these gaps, this study collects and analyzes cases of Chinese college student ventures, establishing an influencing-factor system across “individual, school, and society” dimensions. Using SPSS-based principal component analysis (PCA), it distills key determinants from complex factors, clarifies risk-influencing weights across dimensions, and identifies inter-dimensional factor interactions.

2. Analysis of the Current Status and Challenges in College Student Innovation and Entrepreneurship

2.1. Landscape of College Student Innovation and Entrepreneurship

The available data indicate a sustained expansion of China’s higher education system, driven by continuous enrollment growth [14]. In 2000, 949,800 undergraduates graduated, a figure that rose to 1,036,000 by 2001, marking the first time the annual graduate count exceeded one million. By 2022, this number surged to 10.76 million, representing a year-on-year increase of 1.67 million and setting a new record for graduate output (Figure 2).

Figure 2. Statistics on the number of college graduates from 2000 to 2021.

The exponential growth in undergraduate enrollment has created a severe employment landscape for graduates, characterized by intensifying competition. Facing this pressure, students are increasingly urged to shift traditional employment mindsets and develop innovation-driven entrepreneurial capabilities to carve out new career paths. Despite this imperative, empirical evidence shows that entrepreneurial participation remains limited; only 1.3% of 2020 graduates launched startups, which is a figure further constrained by the COVID-19 pandemic (Figure 3, Table 1).

Figure 3. The destination distribution of 2020 undergraduate graduates after half a year.

Table 1. The destination distribution of undergraduate graduates from 2015 to 2020 after half a year.

China’s policy framework has prioritized supporting graduate entrepreneurship, with the Ministry of Education mandating universities to cultivate students’ comprehensive competencies, including learning, practical, and innovative abilities, to enhance societal adaptability [15]. This directive, embedded in the National Medium- and Long-Term Education Reform and Development Plan (2010–2020), reflects a strategic shift toward aligning higher education with national innovation goals. Subsequent initiatives, such as tax incentives and incubator programs, have enhanced student awareness of entrepreneurship and mitigated early-stage operational challenges [16,17,18]. However, the gap between policy ambition and grassroots implementation persists, underscoring the need for nuanced interventions to bridge structural and attitudinal barriers.

2.2. Challenges in Advancing Innovation and Entrepreneurship Education for College Students

Research by the Mycos Institute highlights a stark reality: fewer than 1% of college students engaged in entrepreneurship programs achieve sustainable success, underscoring systemic challenges across individual, institutional, and societal levels. These challenges can be categorized into three distinct dimensions:

Individual-level barriers: At the individual level, inadequate practical experience, limited social capital, and disciplinary knowledge gaps emerge as critical risk factors in entrepreneurial endeavors [19,20]. Many students exhibit low engagement in innovation activities, treating entrepreneurship courses merely as a means to earn course credits rather than recognizing their role in cultivating core competencies like problem-solving and risk management. Additionally, insufficient pre-venture market research and a failure to navigate the “student-to-entrepreneur” identity transition often lead to operational inefficiencies and eventual business collapse. These deficits reflect a broader gap between academic learning and the pragmatic skills required for startup sustainability;
Institutional-level deficiencies: China’s entrepreneurship education, though nascent, struggles with structural weaknesses. Most universities offer fragmented, lecture-based programs lacking integrated curricula, thereby failing to foster a culture of innovation. A key misalignment lies in viewing “starting a business” as the sole metric of educational success, rather than prioritizing mindset development and skill-building as foundational goals. The scarcity of specialized faculty—many instructors lack real-world entrepreneurial experience—and inadequate access to resources like makerspaces and incubators further limit students’ ability to translate ideas into viable ventures. This institutional inertia hinders the formation of a supportive ecosystem for iterative learning and risk-taking;
Societal-level frictions. While national policies such as the Guiding Opinions on Deepening Entrepreneurship Education Reform (2019) provide strategic support [21,22,23], implementation challenges persist. Venture capitalists often shy away from student-led startups, citing concerns about inexperience and high failure rates, creating a funding gap in early-stage development [24,25]. Moreover, regional policy inconsistencies—characterized by overlapping regulations and unclear support mechanisms—introduce administrative hurdles, particularly in lower-tier cities. These frictions undermine the scalability of innovative projects, highlighting the need for harmonized policies that bridge policy intent with on-the-ground execution.

3. Investigation of Actual Cases of College Students’ Innovation and Entrepreneurship

Through literature research and empirical investigation, some cases of innovation and entrepreneurship of college students are investigated, and the specific situation is shown in Table A1. The samples were selected through multi-dimensional stratified screening. The inclusion criteria are students who are currently enrolled or have graduated within the past 5 years, have substantive entrepreneurial activities, and have traceable information. Non-student groups and vague cases are excluded. The samples cover multiple disciplines such as science and engineering, economics and management, etc., in 30 provincial administrative regions across the country, include high-growth, stable-operation, and failed cases, and take into account both “Double First-Class” universities and vocational colleges, demonstrating diverse representativeness in disciplines, regions, and outcomes.

4. Significance Analysis of Influencing Factors of College Students’ Innovation and Entrepreneurship

4.1. Development of the Influencing Factors Framework

The landscape of college student innovation and entrepreneurship is shaped by a multifaceted array of determinants, necessitating a systematic approach to risk assessment. Drawing on theoretical insights from the literature [26,27,28] and empirical evidence from case analyses (Table A1), this study synthesizes the key factors influencing entrepreneurial risk. Aligned with the “five core competencies” emphasized in national innovation policies—sustainable development capacity, critical thinking, innovative problem-solving, analytical reasoning, and interpersonal communication [29]—a three-tiered framework is constructed across individual, institutional, and societal dimensions (Figure 4).

Figure 4. Influencing-factor system of college students’ innovation and entrepreneurship.

Personal factors: The success of innovation and entrepreneurship projects depends on the efforts of individuals and teams, as well as accurate timing. Before launching the project, whether the students have firm personal goals and a hard-working spirit, whether they can complete the role transformation in the entrepreneurial process, whether the market research is detailed, whether the business plan is professional, etc., will determine whether they can quickly turn the business opportunities into advantages in the future, so as to establish the enterprise management mode with great vitality and seize the market opportunities, laying a solid foundation for the success of entrepreneurship;
School factor: Colleges and universities play an important role in the process of college students carrying out mass innovation and entrepreneurship projects. As an important front for the construction of innovation and entrepreneurship culture, the development of mass innovation and entrepreneurship courses in colleges and universities will determine the degree of college students’ understanding of the meaning of innovation and entrepreneurship, the professional courses and professional tutors set up, and the establishment of mass innovation and entrepreneurship platforms, such as makerspaces and entrepreneurship incubation bases closely connected with the society. It will promote the transformation of innovation and entrepreneurship education from the classroom to practice and improve the feasibility of college students to convert theory into practice;
Social factors. National and regional policy support can help college students to their own direction, which is the first guarantee for college students to carry out innovation and entrepreneurship projects. Savings and financing by college students’ entrepreneurial team members and their friends and relatives alone may not be able to support the expansion of the project scale, which reduces the sustainable development ability of college students’ entrepreneurship. However, the input of social resources is a major boost to the process of college students’ innovation and entrepreneurship. These resources not only include human, material, and financial resources, but also include the potential resource pool formed by the surrounding resources with utilization value.

4.2. Mechanism for Evaluating Influencing Factor Significance

Using the framework in Figure 4, a cross-case analysis of the 98 cases in Table A1 was conducted to identify recurring factor patterns (Table A2). This involved coding the cases for the presence/absence of individual, institutional, and societal factors, followed by a quantitative correlation analysis to measure their association with entrepreneurial risk levels. By operationalizing each factor dimension, the study systematically evaluates how these determinants interact to shape outcomes, providing a basis for prioritizing intervention strategies.

4.3. SPSS-Based Model Construction for Significance Analysis

Principal component analysis (PCA), a multivariate statistical technique, was employed to reduce dimensionality and identify underlying structures within the dataset [30]. The methodology involved the following:

Data standardization: Using the correlation coefficient matrix to normalize variables across different scales, addressing the heteroscedasticity in factor measurements;
Eigenvalue extraction: Identifying principal components with eigenvalues > 1 to ensure the retention of factors explaining significant variance. The analysis yielded a KMO value of 0.78 and a significant Bartlett’s test of sphericity (p < 0.001), confirming the suitability of PCA. Three principal components were extracted, explaining 78.5% of the total variance, including 42.3% for individual factors (Y₁), 23.1% for institutional factors (Y₂), and 13.1% for societal factors (Y₃);
Factor-loading interpretation: Assessing the strength of variable relationships with extracted components, enabling categorization into composite indices (e.g., Individual Factor Y₁, Institutional Factor Y₂, Societal Factor Y₃).

The analytical workflow (Figure 5) integrated expert scoring and case data to quantify the factor impacts, yielding a parsimonious model that prioritizes determinants by their relative significance. This approach ensures objectivity in measuring how individual, institutional, and societal factors collectively influence the risk–reward profile of college student entrepreneurship. Among them, the expert scores were given by five experts with dual backgrounds in entrepreneurship education and practice. A five-point scale was used for scoring, and consistency was ensured through cross-validation. Prior to the PCA, multicollinearity was assessed using the variance inflation factor (VIF) values. All variables exhibited a VIF < 3, indicating no severe collinearity, justifying the use of PCA for dimensionality reduction.

Figure 5. Flow chart of principal component analysis.

Table 2 and Figure 6 present the correlation coefficients between the influencing factors and the risk level of college student innovation and entrepreneurship in China. Notably, practical internship experience, personal goal clarity, pre-market research, participation in entrepreneurship courses, university platform utilization, social financing intensity, and regional economic development exhibit strong associations with entrepreneurial risk outcomes. The three-dimensional framework—individual, institutional, and societal—operates through its impact on students’ five core competencies, with institutional resources and societal policies ultimately shaping individual capabilities. The empirical results confirm that individual factors exert a more profound influence on entrepreneurial risk than institutional or societal factors, often serving as a determinant of success or failure.

Table 2. Principal component loadings matrix.

Figure 6. Correlation index between different influencing factors and the degree of innovation and entrepreneurship risk of Chinese college students.

Individual factors (Y₁): Among individual-level determinants, practical internship experience (r = 0.82), personal goal planning (r = 0.80), and pre-market research (r = 0.84) emerge as the strongest predictors of risk mitigation. These factors enhance students’ critical thinking and analytical skills, enabling them to identify market gaps, develop viable business models, and navigate operational challenges. In contrast, disciplinary alignment (r = 0.69) demonstrates a moderate association, indicating that, while domain knowledge is valuable, it is overshadowed by proactive preparatory actions in reducing risk;
Institutional factors (Y₂): Institutional inputs such as entrepreneurship course participation (r = 0.72) and university platform utilization (r = 0.75) significantly correlate with lower risk levels, reflecting their role in fostering innovation capabilities and interpersonal networks. Conversely, faculty mentorship (r = 0.46) and institutional prestige (r = 0.59) show weaker effects, suggesting that experiential learning opportunities are more impactful than symbolic resources like university reputation. Active engagement with campus innovation ecosystems directly enhances students’ ability to translate academic knowledge into practical ventures;
Societal factors (Y₃): At the societal level, social financing intensity (r = 0.68) emerges as the primary driver of risk reduction, providing essential capital for scaling operations and sustaining momentum. While local policy support (r = 0.44) and economic development level (r = 0.53) exhibit weaker correlations, they still contribute by creating enabling environments for startups. Increased access to external funding directly improves venture sustainability, addressing a common bottleneck in student-led enterprises.

5. Conclusions and Prospect

In summary, in today’s society with increasingly fierce competition, both the enhancement of national cultural soft power and the development of the national economy are inseparable from talents with strong innovation and entrepreneurship capabilities. Therefore, implementing innovation and entrepreneurship education is an inevitable trend in the reform of higher education and a necessity for societal progress. When carrying out innovation and entrepreneurship education, universities must adopt a student-centered approach, aiming to improve students’ comprehensive quality and cultivate their awareness of innovation and entrepreneurship. Starting from students’ real needs, universities should understand their concerns, provide targeted guidance, and address negative attitudes, while closely aligning with national innovation strategies and learning from advanced international and domestic educational models. Creating a proactive atmosphere for innovation and entrepreneurship can deliver tangible improvements for students, contributing to the construction of an innovative nation.

(1) For students, actively engage in mass innovation and entrepreneurship practices and refine pre-market research.

Detailed market research is a key means for college students to mitigate risks in innovation and entrepreneurship. Students should participate in social practices, accumulate internship experience, and enhance practical abilities to lay a foundation for entrepreneurial ventures. Thoroughly analyzing market demands and aligning project objectives with national development and societal needs, while integrating professional knowledge to transform ideas into real productivity, can attract investment and address early-stage funding shortages and financing difficulties.

(2) For universities, optimize the mass innovation and entrepreneurship education mechanism and build practical platforms.

Universities need to shift their educational approaches by prioritizing the cultivation of innovative mindsets and entrepreneurial awareness. This involves developing systematic curricula, increasing the full-time faculty dedicated to innovation and entrepreneurship, and coordinating resources to meet student needs. Activities such as entrepreneurship competitions, policy lectures, startup salons, and club practices can enhance engagement, while university–enterprise partnerships and work–study programs provide practical platforms for students to translate knowledge into actionable outcomes.

(3) For society, improve the mass innovation and entrepreneurship environment and promote regional economic development.

Beyond university education and faculty guidance, student entrepreneurship requires institutional support from governments. Local authorities should boost regional economic development to create a conducive environment, implement tax reduction policies, relax registration and loan requirements for graduate entrepreneurs, and strengthen support for private and micro-small enterprises, thereby facilitating student-led innovation and entrepreneurship initiatives.

However, the limitations of this study include an insufficient regional focus of the sample and institutional diversity, which may limit global universality. Future research can be extended to underrepresented regions and professional institutions, and a longitudinal design can be adopted to explore the causal mechanisms. Among the 98 cases in this study, the cases related to Chang’an University accounted for 31.6%. This was mainly due to the convenient access to resources by the institutions to which the researchers belonged. For example, cases 50 to 56 in Appendix A all came from the projects in the “Maker Space” of this university, which might lead to the local amplification of the effect of “utilization rate of university platforms”.

Author Contributions

Writing—review and editing, P.L.; supervision, X.L. All authors have read and agreed to the published version of the manuscript.

Funding

This research was funded by the Central University basic Fee Project—Poverty alleviation through science and technology, grant number 30012509201; the new engineering major reform project, grant number E-TMJZSLHY20202152; and the postgraduate education and teaching reform funding project, grant number 300103131029.

Institutional Review Board Statement

Not applicable.

Informed Consent Statement

Not applicable.

Data Availability Statement

The original contributions presented in this study are included in the article. Further inquiries can be directed to the corresponding author.

Conflicts of Interest

The authors declare no conflicts of interest.

Appendix A

Table A1. Cases of college students’ innovation and entrepreneurship.

No	Innovators	Entrepreneurship Process and Results	No	Innovators	Entrepreneurship Process and Results
1	Chen Sheng	Graduated from Peking University, adopted the “company + farmer cooperation” business model, and created the pork brand “No. 1 Tuzhu”, with a turnover of over CNY 200 million.	50	Xiuming Jiang	A postgraduate student from Chang’an University, in 2020, founded Xi’an Saistebo Environmental Protection Technology Co., Ltd. in China and won the bronze award in the provincial college students’ innovation and Entrepreneurship competition.
2	Qili Hu	Graduated from Wuhan Textile University, set up a training school for college students and the campus market to provide computer training for college students.	51	Wang Bo	A doctoral student at Chang’an University, co-founded two companies, with an annual turnover of more than CNY 1.2 million, and applied for 3 invention patents.
3	Liqun Tao	Graduated from Zhejiang University, established “Xintian Bakery and Cake Shop”, created a new business model, and created a mid-to-high-end cake brand in Shaoxing, China.	52	Wang Zhe	A graduate student of Chang’an University, Xi’an Sanaisi Surveying and Mapping Technology Co., Ltd. in China. was established in 2020 with a registered capital of CNY 300,000 and applied for 4 invention patents.
4	Wang Xing	Graduated from Tsinghua University, returned to China to start a business after studying in the United States, and initially founded several SNS websites, including “Fanfou” and “Meituan”.	53	Jiuyuan Li	Graduate student of Chang’an University, head of Xi’an Zhiruisi Surveying and Mapping Technology Co., Ltd., China mainly engaged in surveying and mapping services, disaster monitoring, etc.
5	Zhang Dai	During college, he developed a set of online communities “Discuz!”. After graduation, he established Kangsheng Chuangxiang Technology Co., Ltd., in China which was later acquired by Tencent.	54	Rudie Zhang	A graduate student of Chang’an University registered and established Xi’an Digital Twin Transportation Technology Co., Ltd., in China 2019, and won the third prize in the BIM Huichuang Cup in Shaanxi Province.
6	Jundong Qian	Graduated from Chang’an University, registered and founded Sanrenxing Advertising Media Co., Ltd., in China. when he was an undergraduate and is currently the vice chairman of the National University Student Entrepreneurship Alliance.	55	Xiaotong Xu	A graduate student of Chang’an University registered and established Shaanxi Haorong Biotechnology Co., Ltd., in China 2019, with a registration cost of CNY 1 million, and is continuing to start a business.
7	Mingping Yang	Established an online and offline super classroom serving primary and middle school students, with monthly sales of more than CNY 2 million.	56	Zhao Di	A graduate student of Chang’an University registered and established Xi’an Rusuo Coffee Catering Service Co., Ltd., in China 2018, and continues to start a business.
8	Shu Yi	Graduated from the School of Economics and Management of Sichuan Normal University, established Limei Interactive Advertising Co., Ltd., in China responsible for the operation and management of Limei Technology.	57	Zhong Ming	Graduated from Tongji University with a major in architecture, he started his own business in 2002, and the company was awarded “National Excellent Private Design Enterprise in Survey and Design Industry”, in China and so on.
9	Guo Jun	Graduated from the Bioengineering Department of Zhengzhou University, researched and developed fertilizers fermented by excellent strains, turned waste into treasure, and founded Lotte Biotechnology Co., Ltd.	58	Sanchang Luo	Graduated from Dianchi College of Yunnan University, founded “Luo Xiaoman Brown Sugar Mantou”, and won the gold medal in the third national “Internet +” Innovation and Entrepreneurship Competition.
10	Chen Shi	Established Xingcan Cultural and Creative Studio, and the business scope continued to expand, and the business was expanded outside the province. The company’s profit reached CNY 1.5 million.	59	Guo Qing	Master of Architecture, Chang’an University, once worked at Zhongxia Architectural Design and Research Institute and established Xi’an Sifang Architectural Hand-painted Design Co., Ltd., in China.
11	Liu Fu	Graduated from Qingdao University of Technology, he used his professional advantages to establish a home improvement company, and gradually transformed into a construction company after business expansion.	60	Dai Kun	Graduated from Chang’an University majoring in Architecture, founded Juqimeiye Housing Technology Development Co., Ltd., in China to promote American living culture and lifestyle.
12	Zhenhua Zhang	Graduated from Huazhong Agricultural University, established Inner Mongolia Huameng Agriculture and Animal Husbandry Development Co., Ltd.,in China and developed new varieties of alfalfa suitable for my country’s environment	61	Zhong Bo	Graduated from the University of Electronic Science and Technology of China, founded XGIMI Technology in 2013, won the Grand Slam of the World Industrial Design Award, and won the “National Model Worker” in 2020.
13	Huijie Wang	Graduated from Hubei Institute of Automobile Industry, founded the dot studio, with an income of more than CNY 100,000 in half a year, and a 100% pass rate for students in art examinations.	62	TianYu Zhang	Graduated from Xidian University with a bachelor’s degree, founded Xiamen Nisshin Kei and Fibocom, and obtained a master’s degree from Cheung Kong Graduate School in 2010.
14	Mingyong Nie	Graduated from Qingdao University of Technology, established New Field Information Technology Co., Ltd., in China and opened up a new e-commerce market through a cross-industry alliance.	63	JiangBing Xie	Master of Donghua University, Ph.D. of the University of California, USA, founded Aibo Medical and is currently the vice chairman of the Ophthalmology Branch of the China Medical Equipment Association.
15	Tianyi Zhang	Graduated from Peking University, established the “Funiutang” Changde rice noodle shop, and was received by the Prime Minister of the country. The company’s market value is hundreds of millions.	64	JiQiao Liao	A doctoral student of Central South University registered in Hunan Boyun High-Tech Co., Ltd., in China and enjoys special allowances from the Hunan Provincial Government.
16	Xuhao Zhang	Graduated from Shanghai Jiaotong University, he developed the first online food-ordering platform “Eleme”, which has a market share of over 60% and a market value of over USD 4.5 billion.	65	BiWang Jiang	Bachelor of Peking University, Ph.D. of the State University of New York. Established Navitas Technology, in Shanghai China the only company in the world that produces monodisperse silica gel chromatography packing materials on a large scale.
17	Zhaoxin Ma	Graduated from Chang’an University. During his university period, he began to organize a team to conduct research and development in related fields of the Internet of Things and established Hengtai Network Technology Co., Ltd., in China.	66	ZhenGuo Li	Graduated from Lanzhou University, registered his own company in 2000, which is the beginning of Longji shares, and has been included in the Forbes rich list many times.
18	Changsheng Qiu	Graduated from East China Jiaotong University, established an online store using the business management model of large-scale businesses, and developed four online stores, with an annual income of more than CNY 5 million.	67	ZhenYuan Zhao	Graduated from Xi’an Jiaotong University, established the Eleventh Design and Research Institute Co., Ltd., in China of Information Industry Electronics, and became a nationally registered trademark.
19	Yuanhao Weng	Graduated from Zhejiang A&F University for Microbiology, he mastered the technology of breeding succulents and established a succulent planting base when he worked in a succulent cultivation company.	68	YeShen Liang	Graduated from Chang’an University, registered and established Xi’an Shahai Voice Art and Culture Communication Co., Ltd., in China in 2017, with an annual turnover of CNY 300,000.
20	Fan Wei	Graduated from Huazhong University of Science and Technology, founded Haha Farm Company, and continuously expanded the scale of the company, and the company’s valuation was dozens of times that of before.	69	YiShi He	Graduated from Chang’an University, registered and established Xi’an Zhongtuo Mingguang Technology Co., Ltd. in 2014, now holds shares in two companies, and continues to start a business.
21	AnXin Huang	Graduated from Yunnan University of Finance and Economics, he established Yunnan Kingkerry Education Information Consulting Co., Ltd., in China and is currently a member of the Kunming Youth Joint Committee.	70	Su Ying	Graduated from Chang’an University, registered and established Qiulin Branch of Heilongjiang China Travel International Travel Agency Co., Ltd., in China and continued to start a business.
22	Leo Chen	Graduated from Nanyang Technological University in Singapore, he founded Jumei, with sales of CNY 20 million in the same year and a market value of more than USD 3.5 billion.	71	LeLin Chen	Graduated from Chang’an University, participated in the National Innovation and Entrepreneurship Competition many times, and won awards. In 2017, he registered Xi’an Amou Electronic Intelligent Technology Co., Ltd.
23	XuNan Wang	When he graduated from university, he took a fancy to the potential business opportunities in WeChat Bao and founded the Fushun Micro Times Marketing Planning Studio.	72	YanLin Jin	Graduated from Chang’an University, registered and established Xi’an Gangyi Jianzhuo Culture Media Co., Ltd., in China 2018.
24	Liu Pan	Graduated from the School of Business Administration of Hunan University, he created a new steamed bun catering brand—Sichuan Baocunchang Catering Management Co., Ltd., in China.	73	YiYang Zheng	A student of Chang’an University registered and established Xi’an Knockout Technology Co., Ltd., in China and settled in the Maker Space of Chang’an University. The company is currently in business.
25	Lu Jun	Graduated from Tsinghua University with a master’s degree in economics, he opened a personal website “Huayunfang” with the entrepreneurial team and then developed it into the FANSO company in China.	74	XinQiang Weng	Graduated from the China University of Geosciences, he and his classmates co-founded a cultural communication company that undertakes table advertisements in colleges and universities, and later founded Yunxi Youpin Wuweiguo Professional Cooperative in China.
26	Jerry Yang	Graduated from Stanford University and studied for a Ph.D. in electrical engineering, he founded Yahoo! in Sunnyvale USA and was listed on NASDAQ.	75	WenQiang Li	Graduated from Lanzhou University of Arts and Sciences, established Gansu Donghong Culture Media Co., Ltd. in China 2018, and settled in the “Yanyuan Micro Forest” maker space.
27	HongYun Qiu	Graduated from the Department of Materials of Tsinghua University, founded “Beijing Shimeile Technology Development Co., Ltd.”in China, and successively obtained huge venture capital from “Shanghai 100” and “Aokema”.	76	ZhaoYu Sun	Graduated from Northeastern University, established Shenyang Yanye Technology Co., Ltd. in China It has successively won second place in the International Financial Fintech Innovation and Entrepreneurship Competition and the Bronze Award in the “Internet +” National Competition. The company’s cumulative sales reached 13.01 million.
28	XingDong Fang	Graduated from Xi’an Jiaotong University, Ph.D. from Tsinghua University, the first to establish the “Blog China” project, known as the “Father of Chinese Blogs”.	77	HanTong Liu	Graduated from Northeastern University, established Shenyang Borui Future Technology Co., Ltd.,in China Benxi Branch, and won many honors, such as the Bronze Award in the “Creating Youth” National Competition.
29	Lei Jun	Graduated from the Department of Computer Science of Wuhan University, he founded Sanse Company. In 2011, he officially took over Jinshan Software. He is currently the chairman of Xiaomi Technology Co., Ltd.in China and the chairman of Beijing Jinshan Software Co., Ltd. in China	78	YongFei Wang	Doctor of the South China University of Technology registered and established Guangzhou Jinci Haina New Material Technology Co., Ltd.in China 2018, successfully developed a variety of high-end magnetic core products, and won many honors, such as top 10 entrepreneurial heroes of college students.
30	Jiang Lei	Graduated from the Materials Department of Tsinghua University, contacted foreign brands, established Tiexue.com, and became the starting point of military e-commerce, covering more than 33 million users monthly.	79	HongQiong Fu	A doctoral candidate at Southwest Petroleum University founded Sichuan Annuosi Oil and Gas Energy Technology Co., Ltd.in China 2017.
31	Robin Li	Graduated from Peking University, he first created ESP technology and returned to China to found Baidu, which has become the world’s largest Chinese search engine.	80	HaoXuan Li	Graduated from Xi’an Jiaotong University, the founder of Xi’an Shuize Power Technology Co., Ltd.,in China was selected into the 2020 Forbes China Under 30 Elite List.
32	ZhengYi Shu	Graduated from Xi’an Polytechnic University. In 2007, he and his classmates raised CNY 78,000 to start a company, mainly engaged in domain name registration, website construction, and development projects.	81	HaoChong Wang	Graduated from Xi’an Jiaotong University, and served as CEO of Xi’an Zhentai Intelligent Technology Co., Ltd. in China, one of the top ten in the smart medical industry in China.
33	Yang	It is an entrepreneurial activity to run intercity chartered cars for college students, but due to the lack of necessary legal reserves, resulting in the need to compensate passengers for their losses, making it difficult to defend their rights.	82	JieFu Xiao	Graduated from Liuzhou Vocational and Technical College, founded Guangxi Yulin Xinrong Clothing Co., Ltd. in China, with an annual output value of CNY 71.55 million.
34	YingYing Ding	Graduated from Shenyang Institute of Chemical Technology, majoring in information management, and set up a wedding company with his classmates. In the end, due to a lack of market competitiveness, the business failed.	83	MengYuan Yu	Graduated from Fuzhou University, founded Fuzhou Lengyi New Material Technology Co., Ltd. in China to help Guangze County get rid of poverty accurately, and the per capita annual income increased by CNY 16,000 to 20,000.
35	Chen Hui	The architecture of Northwest Institute of Architectural Engineering, registered Beijing Dongyi Risheng Decoration Co., Ltd. in China, and is currently a member of the Youth Federation of the Central State Organ.	84	HaiBo Chen	Doctor of Zhejiang University of Technology, established Haisheng Technology in 2017, realizing the transformation of SmFeN plastic magnetic material from the laboratory to the market, breaking the market blockade.
36	XiaoBo Zhang	Graduated from Chang’an University in Architecture, founded Sichuan Zhongtai United Design Co., Ltd.	85	JiChen Liu	Graduated from Tsinghua University, developed the WeChat mini-program “ Clean Your Plate Campaign” and was selected as one of the 17 young leaders of the United Nations Sustainable Development Goals.
37	XiaoHong Chen	Graduated from Chang’an University in Architecture, one of the founders of Glodon, and serves as the legal representative of Beijing YuXuxi Cultural and Creative Co., Ltd. in China.	86	YongBao Jin	Graduated from Anhui Vocational College of Finance and Trade, established Anhui Jinshang Trading Co., Ltd. in China to help fight poverty, and won honors as the most beautiful poverty alleviation person.
38	Li Tong	Graduated from Chang’an University in Architecture, established Shanghai China Construction Architectural Design Institute Co., Ltd. in China Xi’an Branch in 2013, and served as the legal person.	87	RuiDong Niu	Graduated from Jiangsu University, established Zhenjiang Hongbaotu Information Technology Co., Ltd. in China in 2015.
39	JingJun Shen	Graduate student of Chang’an University, registered Xi’an Changtong Data Technology Co., Ltd. in China during school, with 10 employees at the time of graduation, with a graduation income of 300,000.	88	XiangYu Han	Graduated from Xidian University, the founder of Xi’an Miaosi Zhiyin Information Technology Co., Ltd. in China, won the gold medal in the 2020 “Challenge Cup” national competition.
40	ChangLu Cai	Graduate student of Chang’an University registered Xi’an Lvke Construction Technology Co., Ltd. in China, the company had 9 employees when it graduated, and its graduation income was 450,000. The company continues to operate.	89	QiGong Sun	Doctor of Xidian University, established Yingzhuo Hotel Management Co., Ltd. in China and Zhuoju Future Intelligent Technology Co., Ltd. in China, and was awarded the most innovative enterprise in 2019.
41	JingHua Chen	Graduated from the Resource College of Chang’an University, he founded Xi’an Youzhi Jiaofu Culture Co., Ltd. in China, with an annual turnover of CNY 1.2 million, providing jobs for 26 college students.	90	ZhiDa Feng	Graduated from Jiangsu University, founded Jiachuang Network Technology Co., Ltd. in China, and established 6 data processing centers and 1 overseas data processing base, with a revenue of 15 million.
42	YiKai Wang	Graduate student of Chang’an University, registered Vi-show studio during school and later registered Xi’an Qisheng Culture Media Co., Ltd. in China.	91	Li Li	Doctor of Chongqing University founded Yunwei Technology in 2011 and won many honors such as “Top Ten Typical Youth Entrepreneurs” in China in 2014.
43	YiBo Lyu	Graduate student of Chang’an University registered Xixian New District CyberShuoke Technology Co., Ltd. in China during graduate school, and the company continues to operate at present.	92	LingQiang Bai	A postgraduate student at Chang’an University, registered and established Shaanxi Zhiluhui Transportation Technology Co., Ltd. in China, obtained 17 patents and published 7 SCI papers.
44	JianTao Zhu	Graduate student of Chang’an University, registered Shaanxi Suzi Zhiyue Culture Media Co., Ltd. in China during school, with a graduation income of CNY 70,000.	93	JunPei Li	Doctor of the University of Science and Technology of China, founded Caihua Technology Co., Ltd. in China, and launched an environmentally friendly dye product that broke the monopoly of foreign countries.
45	YongFu Cai	Graduate student of Chang’an University registered Xi’an Micron Disaster Prevention Technology Co., Ltd. in China during the graduate student period.	94	BoQiang Wu	Graduated from Chengdu University, founded “Brothers Training School” in 2005, and Chengdu Haiyi Electromechanical Equipment Co., Ltd. in China 2009.
46	Du Yuan	Graduate student of Chang’an University, registered Xi’an Beidou Zhonglian Information Technology Co., Ltd. in China during school, with a graduation income of 600,000.	95	XueYing Zhang	Graduated from Heilongjiang University and founded Harbin Yuetai Technology Development Co., Ltd. in China 2020, the company’s output value exceeded CNY 47 million.
47	Zhang Bin	A postgraduate student at Chang’an University, established Xi’an Yingwopu Zhilian Technology Co., Ltd. in China, and won the special prize of the 13th “Challenge Cup” Shaanxi Province.	96	Zhang Hao	Graduated from Wuhan Engineering University, registered Wuhan Dangxia Time Culture and Creativity Co., Ltd. in China. The company’s turnover in 2018 was about CNY 1.2 million.
48	HaoXiu Liu	A postgraduate student at Chang’an University, established Hangzhou Gotwis Technology Co., Ltd. in China, and won the 2020 World Intelligent Driving Challenge Award.	97	MingHuan Chen	Graduated from Hubei University of Technology, Shanshui Qianxing Technology Co., Ltd. in China was established in 2019 with an annual income of 6 million.
49	JinXi Li	Graduated from Shandong University of Traditional Chinese Medicine, started the “Zhenaitang” project in 2016, with an average monthly sales of hundreds of thousands of yuan, and won the Top Ten Entrepreneurial Stars of Shandong University Students.	98	TengYu Lin	A doctoral student at Tsinghua University, achieved a breakthrough in the innovation of new graphene water purification technology, was the founder of Hongrun Qingyuan, and was selected into the 2021 Forbes China Under 30 list.

Table A2. Overview of influencing factors in different cases.

	Factor	Personal Factor								School Factor									Social Factor
	Factor	Practical Internship Experience		Degree of Professional Matching		Personal Goal Planning		Preliminary Market Research		Participation in Mass Entrepreneurship Courses		Mentor of Entrepreneurship and Innovation		School Level			Use of Mass Entrepreneurship and Innovation Platforms		Social Financing Intensity		Local Policy Support		Level of Economic Development
Case		Yes	No	Yes	No	Yes	No	Yes	No	Yes	No	Yes	No	Study Abroad	Double Class	Ordinary School	Yes	No	Yes	No	Yes	No	Municipality Directly Under the Central Government	Provincial Capital	Other
1		●		●		●		●		●			●		●		●			●	●		●
2		●		●		●		●		●			●			●	●			●	●			●
3		●		●		●		●		●			●		●		●			●	●				●
4			●	●			●	●		●			●		●		●		●		●		●
5		●		●		●			●		●	●				●	●		●		●		●
6		●		●		●		●		●		●				●	●		●		●			●
7		●			●	●		●		●			●			●		●		●	●		●
8		●		●		●		●		●			●			●	●		●		●		●
9		●		●		●		●		●			●		●		●		●		●				●
10			●	●		●		●		●		●				●	●			●	●			●
11			●	●		●		●			●		●			●		●		●	●				●
12		●		●			●	●		●			●		●		●			●	●			●
13			●	●		●			●	●			●			●	●			●	●				●
14		●			●	●		●			●		●			●		●	●		●				●
15		●			●	●		●		●			●		●		●		●		●		●
16			●		●		●	●			●		●		●			●	●		●		●
17		●		●		●		●		●		●				●	●		●		●			●
18			●	●			●	●		●			●			●	●		●		●			●
19			●	●		●		●			●		●			●		●		●	●				●
20		●			●	●		●			●		●		●			●		●	●			●
21		●			●	●		●		●			●			●	●			●	●			●
22		●		●		●		●		●		●		●				●	●		●		●
23		●			●		●		●		●		●			●		●		●	●				●
24		●			●	●		●			●	●			●		●			●	●			●
25		●			●	●		●		●			●		●		●		●		●		●
26			●		●	●			●		●		●	●				●	●		●		●
27			●		●		●	●		●			●		●		●		●		●		●
28		●			●	●		●			●		●		●		●		●		●		●
29		●		●		●		●		●			●		●		●		●		●		●
30		●			●	●		●			●		●		●		●			●	●		●
31		●		●		●		●		●			●		●		●		●		●		●
32			●	●			●		●	●			●			●		●	●		●			●
33			●		●		●	●			●	●				●		●		●	●			●
34			●		●		●		●		●		●			●		●	●		●			●
35		●		●		●		●			●		●			●		●		●	●		●
36		●		●		●		●		●			●			●	●		●		●		●
37		●		●		●		●		●			●			●	●			●	●		●
38		●		●		●		●		●			●			●	●		●		●			●
39		●		●		●		●		●		●				●	●		●		●			●
40		●		●		●		●		●			●			●	●		●		●			●
41			●		●	●		●		●			●			●	●		●		●			●
42		●			●	●		●		●			●			●	●			●	●			●
43		●			●	●		●		●		●				●	●		●		●			●
44			●		●	●		●		●		●				●	●		●		●			●
45		●		●			●		●	●		●				●	●			●	●			●
46		●		●		●			●	●		●				●	●		●		●			●
47		●		●		●		●		●		●				●	●		●		●			●
48		●		●		●		●		●		●				●	●		●		●			●
49		●		●		●		●		●		●				●	●		●		●			●
50		●		●		●		●		●		●				●	●		●		●			●
51		●		●		●		●		●		●				●	●		●		●			●
52		●		●		●		●		●		●				●	●		●		●			●
53		●		●		●		●		●		●				●	●		●		●			●
54		●		●		●		●		●		●				●	●		●		●			●
55		●		●		●		●		●		●				●	●			●	●			●
56		●			●		●		●	●			●			●	●			●	●			●
57		●		●		●			●		●		●		●			●	●		●			●
58			●		●		●	●			●	●			●		●		●		●			●
59		●		●		●			●	●		●				●	●		●		●			●
60		●		●		●			●	●		●				●	●		●		●			●
61		●		●		●			●		●		●		●			●	●		●			●
62		●		●		●			●		●		●		●			●	●		●			●
63		●		●		●		●			●		●	●				●	●		●		●
64		●		●		●		●		●			●		●			●	●		●				●
65		●		●		●		●			●		●	●				●	●		●				●
66		●		●			●	●			●		●		●			●	●		●			●
67		●		●		●			●		●		●		●			●	●		●			●
68		●			●	●		●		●		●				●	●		●		●			●
69			●	●		●		●		●		●				●	●			●	●			●
70			●		●	●		●		●		●				●	●		●		●			●
71		●		●		●		●		●		●				●				●	●			●
72		●			●	●		●		●		●				●	●			●	●			●
73		●			●	●		●			●		●			●	●			●	●			●
74		●			●	●		●			●		●		●			●		●	●		●
75		●		●			●		●		●		●			●	●		●		●			●
76		●		●			●	●		●		●			●		●		●		●			●
77		●		●		●		●		●		●			●		●			●	●			●
78		●		●		●		●			●		●	●			●		●		●			●
79			●	●			●		●		●		●		●			●	●		●			●
80		●		●		●			●	●		●			●		●		●		●			●
81			●	●		●		●			●		●		●			●	●		●			●
82		●		●			●	●			●		●			●		●		●	●				●
83		●			●		●	●		●		●				●	●		●		●			●
84			●	●			●		●		●	●			●			●		●	●		●
85			●		●	●			●		●		●		●			●		●	●		●
86		●		●		●		●			●		●			●		●		●	●			●
87		●			●	●		●		●		●				●	●			●	●				●
88			●	●		●		●			●		●			●		●	●		●				●
89		●		●		●		●		●			●			●	●		●		●			●
90		●		●		●		●		●		●				●	●		●		●			●
91		●		●		●		●		●		●			●		●		●		●		●
92			●	●		●			●		●	●				●	●		●		●			●
93			●	●		●		●			●		●	●				●		●	●			●
94		●		●		●		●			●		●			●		●	●		●				●
95		●		●		●		●			●		●			●		●	●		●			●
96		●			●	●		●			●		●			●		●	●		●			●
97		●		●		●		●			●		●			●	●		●		●			●
98			●	●		●			●	●		●			●		●		●		●		●

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Figure 1. Core qualities of Chinese students’ development.

Figure 2. Statistics on the number of college graduates from 2000 to 2021.

Figure 3. The destination distribution of 2020 undergraduate graduates after half a year.

Figure 4. Influencing-factor system of college students’ innovation and entrepreneurship.

Figure 5. Flow chart of principal component analysis.

Figure 6. Correlation index between different influencing factors and the degree of innovation and entrepreneurship risk of Chinese college students.

Table 1. The destination distribution of undergraduate graduates from 2015 to 2020 after half a year.

	2020	2019	2018	2017	2016	2015
Destination	2020	2019	2018	2017	2016	2015
Work	67.7	71.9	73.6	74.4	75.1	75.2
Start a business	1.3	1.6	1.8	1.9	2.1	2.1
Freelance work	1.7	-	-	-	-	-
Join the army	0.3	0.2	0.3	0.3	0.4	0.5
Graduate school	18.0	17.4	16.8	16.4	15.5	15.6
Prepare for postgraduate entrance examination	5.8	4.5	3.3	2.7	2.3	2.1
Waiting for employment	5.2	4.4	4.2	4.3	4.6	4.5

Note: The data in the table are from the Employment Blue Book: China Undergraduate Employment Report 2021.

Table 2. Principal component loadings matrix.

Variable	Individual Factors	Institutional Factors	Societal Factors
Practical internship experience	0.82	0.15	0.08
Degree of professional matching	0.69	0.22	0.11
Personal goal planning	0.8	0.18	0.14
Preliminary market research	0.84	0.12	0.09
Participation in mass entrepreneurship courses	0.19	0.72	0.21
Mentor of entrepreneurship and innovation	0.15	0.46	028
School level	0.23	0.59	0.17
Mass entrepreneurship and innovation platform	0.11	0.75	0.24
Social financing intensity	0.10	0.18	0.68
Local policy support	0.14	0.25	0.44
Level of economic development	0.09	0.16	0.53

Note: All significant factor loadings in Table 1 are statistically significant at the p < 0.01 or p < 0.001 level, except for weaker associations. This confirms the robustness of key determinants identified.

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