Bhubaneswar: Union Minister for Education, Skill Development & Entrepreneurship Dharmendra Pradhan on Sunday launched the 100-Cube Start-Up initiative of IIT-Bhubaneswar’s Research and Entrepreneurship Park.
This target of this ambitious programme is to create 100 start-ups with a valuation of Rs 100 crore each by the 100th anniversary of Odisha, in 2036.
The Park will provide essential resources, mentorship, seed capital and access to potential investors in order to achieve the goal.
The Park will expand from its present 20,000 square feet area to about 80,000 square feet over the next two years with the support of Rs 130 crore from Ministry of Education.
Drawing parallels with the historic Konark, the Education minister emphasised Odisha’s rich history of innovation and traced it to the 19th century, as evident in the state’s architectural marvels and temples.
Pradhan envisioned a bright future, taking heart from the dynamism of the youth and their potential to drive change, in line with PM Narendra Modi’s vision of ‘Ek Bharat Shresth Bharat.’
The minister lauded the growing start-up ecosystem in India, particularly in Odisha where 40% of start-ups are led by women. He urged collaboration and support from all stakeholders to nurture and expand this ecosystem.
As for the challenges ahead, Pradhan stressed on the importance of streamlining processes, enhancing access to information, markets, and funds for aspiring entrepreneurs.
Welcoming the dignitaries and guests, IIT-Bhubaneswar Director Prof. Shreepad Karmalkar introduced the event and the 100 Cube Initiative, terming it as a significant milestone in IIT Bhubaneswar’s journey towards establishing Odisha as a hub of entrepreneurship and nurturing the start-up culture in the country.
Dr RP Singh, Chairman, Board of Governors, IIT-Bhubaneswar highlighted the significance of innovation and research along with a balance by utilising science and technology judiciously for the betterment of society.
Among those who spoke on the occasion and lauded te initiative were TV Narendran, MD & CEO, Tata Steel; Dr Vivek Lall, Chief Executive at General Atomics Global Corporation; Dr Ashishkumar Chauhan, MD & CEO, NSE; Dr Tito Gronow, Minister, Deputy Head Mission, Finland; Dr Chintan Vaishnav, Mission Director, Atal Innovation Mission, NITI Ayog; and Madhumita Agarwal, Co-founder & CEO, Oben Electric.
IIT-Bhubaneswar signed MoUs with 15 companies to build strategic collaborations for achieving the 100 Cube objective.
Ranjit Rath, CMD, Oil India Limited, handed over grant cheques worth Rs 3.5 crore to 4 start-ups incubated by IIT-Bhubaneswar.
During the event, Pradhan also inaugurated the 1500-seater auditorium which hosted the event and laid the e-foundation for infrastructure projects worth Rs 450 crore.
Parallel technical workshops for faculty and start-ups were conducted by Faculty Heads of Research Parks of IITs, Industrialists and Venture Capitalists ahead of the 100 Cube Start-up launch ceremony.