Bhubaneswar – February 6, 2024: The Indian Institute of Technology (IIT) Bhubaneswar is set to launch its groundbreaking 100-CUBE Startup initiative on February 11 at the institute’s research and entrepreneurship park. This transformative initiative, directed by Institute Director Shreepad Karmalkar, aspires to foster the creation of 100 startups, each with a valuation of Rs 100 crore, by the 100th anniversary of Odisha’s formation in 2036.

The News:

The 100-CUBE Startup initiative aims to provide essential resources, mentorship, seed capital, and investor access to the startups, to achieve the ambitious valuation target. Bolstered by the support of the Ministry of Education, the research and entrepreneurship park is set to expand from 20,000 square feet to approximately 80,000 square feet over the next two years.

Alignment with National Education Policy

This initiative aligns closely with the mandates outlined in the National Education Policy (NEP) 2020, focusing on the cultivation of entrepreneurship and fostering support for startup incubation.

Karmalkar emphasized that the next 25 years are poised to be driven by startups, building on 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, employing a mind-to-market strategy.

Launch Event Highlights

The launch event on February 11 will include parallel technical workshops for faculty and startups, led by research park heads of IITs, industrialists, and venture capitalists. Following this, the institute plans to sign a Memoranda of Understanding (MoUs) with nearly 20 industries, 30 startups, and 30 venture capitalists to establish strategic collaborations in pursuit of the 100-CUBE objective.

Union Minister’s Involvement

Union Minister Dharmendra Pradhan will officiate the opening of the 1500-seat auditorium hosting the event. Additionally, he will lay the e-foundation for infrastructure projects valued at Rs 450 crore, marking a significant step in the institute’s commitment to fostering entrepreneurship and cultivating a startup culture in the country.

This initiative stands as a milestone in IIT Bhubaneswar’s journey towards positioning Odisha as a thriving hub of entrepreneurship, contributing to the larger narrative of nurturing the startup ecosystem in India.