100 start-ups of Rs 100 crore each by 2036: IIT-Bhubaneswar rolls out ambitious plan
IIT-Bhubaneswar also signed MoUs with 15 companies to build strategic collaborations to achieve the 100-Cube objective.
The institute will soon have an upgraded Research and Entrepreneurship Park to provide essential resources, mentorship, seed capital, and access to potential investors to the start-ups. (Representational Image) Aiming to redefine the entrepreneurial ecosystem in the region, Indian Institute of Technology (IIT) Bhubaneswar has rolled out 100-Cube Start-Up initiative under which it intends to create at least 100 start-ups worth Rs 100 crore each by 2036, Odisha’s centennial year of formation.
The institute will soon have an upgraded Research and Entrepreneurship Park to provide essential resources, mentorship, seed capital, and access to potential investors to the start-ups.
The park is set to expand from its present 20,000 square feet area to about 80,000 square feet over the next two years with the Union Ministry of Education grant of Rs 130 crore.
IIT-Bhubaneswar also signed MoUs with 15 companies to build strategic collaborations to achieve the 100-Cube objective.
“It’s the dream of Prime Minister Narendra Modi to make India a developed country. To achieve the target, the new generation should be in the role of job creator instead of job seeker. We need to enable them as wealth creators. The start-up ecosystem is touching a new high in India,” said Union Minister for Education and Skill Development and Entrepreneurship Dharmendra Pradhan after launching the initiative.
Pradhan said the number of start-ups, which was only 350 in 2014, has now touched 1.2 lakh.
“To accelerate the start-up ecosystem in Odisha and to promote entrepreneurship, IIT-Bhubaneswar has taken an ambitious project of establishing a Research and Entrepreneurship Park, which would unite all the incubation centres in and around Bhubaneswar,” said Pradhan.
In his speech at the inaugural event of the initiative, Pradhan drew parallels between the proposed park and the historic Konark temple. He emphasised that Odisha’s rich history of innovation is evident in the state’s architectural marvels and temples.
Hailing the dynamism of the youth and their potential to drive change, aligning with PM Modi’s vision of Viksit Bharat (developed India), the Union minister said the target of creating 100 start-ups worth Rs 100 crore each can be achieved.
Pradhan underlined India’s pivotal role in providing collective solutions to global challenges, leveraging the demographic dividend and prowess of institutions such as IITs, NITs, and AICTE.
“There is a remarkable increase in enrolment of girl students which indicates progress in education,” said the minister.
Addressing the challenges ahead, Pradhan stressed on the importance of streamlining processes, enhancing access to information, markets, and funds for aspiring entrepreneurs. He called for a collective effort emphasising the need for a supportive ecosystem and interconnectivity among institutions and stakeholders.
He advocated for a redefined model of education focused on research, innovation, and entrepreneurship, with a strong emphasis on student-faculty partnerships.
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