Few people from the top premier colleges are starting political parties. Most of them are not successful. A friend of mine explained why it is little difficult for them to do it.
Most of the highly intellectual people talk at very high level. What is the economic policy of India, what is our status on foreign relationships etc. A common man never bothers about those. Each person has their own set of problems. They have problems like water, current, roads etc., If they face those problems, and if anyone solves those, then they will start supporting him/her. It does not matter whether the person is good or bad, takes bribe or not. If he/she is going to solve their problems, then people are going to support them. That's it. How many of the highly intellectual people are going to solve their simple problems. The same reason why Manmohan Singh lost to Vijay Kumar Malhotra in South Delhi. Vijay Kumar Malhotra is a well known person there, and the people knew him since 1977 (In 1977, he was first elected as MP from South Delhi). Manmohan Singh is a highly intellectual person. But, he cannot solve their local problems, where as Vijay Kumar Malhotra can. So, they elected him.
In politics, one needs to have lot of commitment and patience. We cannot show the results in one day or one month or even one year. We have to spend decades to change the system. If it had been that much easier, many people would have changed it long time back. It is not trivial to change 30% of the Indians (to form a government at center). The commitment is lacking in the highly educated people. They should work for their vision every week continuously for years. If they work for few weeks, and then stop for few weeks, then it will not work out.
Except in the case of Loknayak Jayaprakash Narayana, there is nobody who has changed the system in less than a decade. Of course, Indira Gandhi's mistake was also a main reason in his success.
Jayaprakash Narayana (of Andhra Pradesh) started Loksatta around 12 years back. And now, it is in a situation to contest at all the places in Andhra Pradesh. It took 12 years to reach this situation.
If a handful of people wants to change the country overnight, either they have to bring a very big celebrity, or bring crores of rupees. If it had been so simple, the country would have been in much better position long time back.