At the time when investors look for the IIT tag before backing a young entrepreneur, this angel investor prefers to keep away from IITians. In an interview with Techcircle.in, Ritesh Malik, founder, Innov8, and an active angel investor, says that he is not very fond of investing in startups founded by people who have studied in the IITs and the IIMs. "One thing I've learnt is that innovation doesn't come out of IITs and IIMs, it can even come from a very small college. The failure rate is so high there," he says. According to him, just because Flipkart and Snapdeal are run by IIT alumni, "it doesn't mean IITs are the big thing to work on". He further claims that startups run by IIT alumni have burned Rs 185 crore of investors' money without showing any profits.