Recent economic meltdown triggered worldwide search for viable options for generating employment through entrepreneurial opportunities for the youth. Not many countries succeeded although India has fared much better. I discuss the challenges faced by India soon after meltdown and the strategies that could work. While many ideas have still potential to influence the pedagogy and the content of educational programmes in the short term, some have value for longer term entrepreneurial revolution. I pay particular attention to converting grassroots innovative communities into viable entrepreneurial networks. The need for empathetic innovation eco system cannot be over-stressed. I also underline the fact that ethical standards seem to be higher among micro and small and medium enterprises. There is a need for transition from mass consumption to high degree of customisation.