Bhubaneswar: The Indian Institute of Technology (IIT) Bhubaneswar will launch its transformative 100-CUBE Startup initiative February 11 at its research and entrepreneurship park, institute director Shreepad Karmalkar said Monday in Bhubaneswar.
This initiative aims to create 100 startups, each with a valuation of Rs100 crore, by the 100th anniversary of Odisha’s formation in 2036, Karmalkar said.
He emphasized that the park would provide essential resources, mentorship, seed capital and access to potential investors to achieve this goal.
With generous support from the ministry of education, the park will expand from 20,000 square feet to about 80,000 square feet over the next two years, he added.
This initiative aligns with the mandate of the National Education Policy (NEP) 2020, focusing on fostering entrepreneurship and supporting startup incubation, he said.
Karmalkar highlighted that the next 25 years will be driven by startups, building upon India’s substantial improvement in the global innovation rank from 76 in 2014 to 40 in 2023.
The 100-CUBE Startup initiative aims to further enhance this rank by nurturing startups across gender, sector, and geography using a mind-to-market strategy, he added.
The February 11 event will feature parallel technical workshops for faculty and startups, conducted by faculty heads of research parks of IITs, industrialists and venture capitalists.
This will be followed by the signing of MoUs with nearly 20 industries, 30 startups and 30 venture capitalists to build strategic collaborations for achieving the 100-CUBE objective, he added.
Union Minister Dharmendra Pradhan will officially open the 1500-seat auditorium hosting the event and lay the e-foundation for infrastructure projects worth Rs450 crore, officials said.
Overall, the initiative marks a significant milestone in IIT Bhubaneswar’s journey towards establishing Odisha as a hub of entrepreneurship and nurturing the startup culture in the country, he added.
PTI